28 Jan 2020 15:58
28 January 2020
PRESIDENT ENERGY PLC
("President" or the "Company")
CGC Share Subscription
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, confirms that further to the announcement of 20 November 2019 Compania General De Combustibles S.A. ("CGC") has completed the first quarterly instalment of its share subscription programme.
CGC has invested a further sum of US$300,000, approximately £228,606.26 at an exchange rate of GBP 1:3123 USD being the spot rate on the day prior to 25 January 2020, the effective date of the investment ("the Additional Subscription Amount"). To satisfy the Additional Subscription Amount, President has issued to CGC 5,644,599 new ordinary shares of 1p each in the capital of the Company (the "Additional Subscription Shares") to CGC at a subscription price of 4.05p pence per Additional Subscription Share, being the closing mid-market price per Ordinary Share on 24 January 2020.
Application has been made for the 5,644,599 Additional Subscription Shares to be admitted to trading on AIM and dealings are expected to commence on 30 January 2020 ("Admission").
The Additional Subscription Shares will rank pari passu with the existing ordinary shares in the capital of the Company. Following Admission, the Company's issued share capital will consist of 1,216,925,264 Ordinary Shares. Accordingly, the figure of 1,216,925,264 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
Contact:
President Energy PLC Peter Levine, Chairman Rob Shepherd, Group FD
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+44 (0) 207 016 7950
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finnCap (Nominated Advisor) Christopher Raggett, Scott Mathieson | +44 (0) 207 220 0500 |
Whitman Howard (Broker) Hugh Rich, Grant Barker
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+44 (0) 207 659 1234 |
Tavistock (Financial PR) Nick Elwes, Simon Hudson | +44 (0) 207 920 3150 |
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 contract, Rio Negro Province as well as 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.
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support, including the IFC, part of the World Bank Group, an in-country management team as well as a Board whose interests are aligned to those of its shareholders, President Energy gives UK investors access to the Argentinian growth story combined with world class standards of corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014