5 Jul 2017 07:00
5 July 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Argentina Oil Sales Update
Record Sales in June
President Energy (AIM: PPC), the upstream oil and gas company, is pleased to provide an update on its oil sales from its Puesto Guardian Concession, Argentina.
June proved to be a record month for oil sales from operations in the Concession, generating invoiced revenue for President in excess of US$1.2 million for the 30 day period (after taking into account tax credits and deducting payment of royalties but before opex).
In addition, the Group continues to benefit from its newly expanded Louisiana production assets which in a usual month contribute over $200k of free cash even at the present, comparatively low, oil prices.
Peter Levine, Chairman and Chief Executive, commented:
"Whilst there is a long way to go to deliver fully on the potential of our portfolio, the sales level for June is another step on President's path to growth of free cash generation underpinned by the Group's significant independently audited proven and probable reserves of over 20 million barrels of oil equivalent.
"With our Argentine production currently insulated against Brent/WTI oil price day to day volatility we continue to concentrate on margins and profitability whilst monitoring costs."
This announcement is inside information for the purposes of article 7 of Regulation 596/2014
Contact:
President Energy PLC Peter Levine, Chairman Miles Biggins, COO |
+44 (0) 207 016 7950 +44 (0) 207 016 7950
|
Peel Hunt LLP (Nominated Advisor & Joint Broker) Richard Crichton, Ross Allister
|
+44 (0) 207 418 8900 |
BMO Capital Markets (Joint Broker) Jeremy Low, Neil Haycock and Tom Rider
| +44 (0) 207 236 1010
|
Vigo Communications Chris McMahon Patrick D'Ancona | +44 (0) 207 830 9700 |