(Alliance News) - President Energy PLC shares jumped on Friday said it expects its Argentina arm to generate USD40 million in revenue during 2022.
Shares in the Leeds-based oil & gas company focused on Latin America were up 11% at 1.33 pence each in London on Friday morning.
President Energy reported that its Argentina arm generated revenue in excess of USD18 million in the six months to June 30 and pretax profit of USD8.1 million.
It added that the average oil reference price in Rio Negro for domestic sales is USD58.89 per barrel, whilst in Argentina it is USD65 per barrel.
Looking ahead, President Energy expects its Argentina arm to generate USD40 million in revenue for 2022. In 2021, President Energy reported revenue of USD34.1 million and pretax profit of USD5.7 million, compared to a loss of GBP10.3 million in 2020.
It also said that the impact of its three new wells in Salta, which the company opened in July, will be seen in second half of 2022.
The full interim accounts according to UK standards are expected to be announced before the end of September, President Energy added.
Chair Peter Levine said: "With the impact of the increased production in Salta we are now engaged to optimized results in the second period of this year as well as the other activities of President and its evolving nature of the Group as previously announced including its 28% interest in Atome, its new Alternative Energy sub-group Green House Capital and the steps towards Lithium previously announced."
By Sophie Rose; sophierose@alliancenews.com
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