26 Jan 2022 07:00
26 January 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Argentina update
President Energy (AIM: PPC), the international energy company, provides an update on its interests in Salta, Argentina.
Mattoras and Ocultar
President is pleased to announce that the non producing exploration areas of Matorras and Ocultar (together "the Blocks") have, with the consent of the Province of Salta, been relinquished and the work commitments transferred to the producing Puesto Guardian Concession.
The transfer of the work commitments to Puesto Guardian totalling in value US$2.61m, is approximately the cost of one production well in addition to the current three well programme. Accordingly, this means that the Company has exchanged non-drilling exploration dollar commitments for a further production well which it fully intends to drill in a known producing area, thereby generating royalties for the Province and revenue for the Company whilst permitting the Province to re-market the exploration Blocks.
President expresses its sincere appreciation of the support of the Salta Province and its authorities in its endeavours both in relation to the current US$11 million three well drilling programme, the single most large capital investment in oil and gas production in Salta for many years, and the matters referred to in this announcement.
Contact:
President Energy PLC Nikita Levine, Investor Relations
| +44 (0) 207 016 7950 info@presidentpc.com |
finnCap (Nominated Advisor and broker) Christopher Raggett, Tim Harper
| +44 (0) 207 220 0500
|
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Río Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.