7 Oct 2020 07:00
7 October 2020
PRESIDENT ENERGY PLC
("President" or the "Company")
Change of Auditor
President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets, is pleased to announce that following the conclusion of a tender process overseen by the Company's audit committee, the Company has appointed Crowe U.K. LLP ("Crowe") as the Company's independent auditor.
The Company's previous auditor, Deloitte LLP ("Deloitte"), has confirmed to the Company that it is not aware of any circumstances connected with its cessation as auditor that it considers should be brought to the attention of the Board, creditors or shareholders of the Company.
Rob Shepherd, Finance Director, commented:
"On behalf of the board of directors as well as the finance team at President, I'd like to thank Deloitte for the work they have done with us over the years, both in the UK and in Argentina, always robust but very fair. Deloitte had completed 10 years in the role, and reflecting that our current audit partner was required to rotate after his five year term and the Company should consider listed company tender requirements, it was the right time to review our audit requirements going forwards. We're delighted that, following a competitive process, Crowe have been selected and we look forward to working with their team."
Contact:
President Energy PLC Rob Shepherd, Group FD Nikita Levine, Investor Relations
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+44 (0) 207 016 7950
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finnCap (Nominated Advisor) Christopher Raggett, Charlie Beeson
| +44 (0) 207 220 0500 |
Shore Capital (Corporate Broker) Jerry Keen, Antonio Bossi | +44 (0) 207 408 4090 |
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 exploration contract, all of which are situated in the Rio 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.
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 international commodity trader and logistics company Trafigura, 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 Argentina energy growth story combined with world class standards of corporate governance, environmental and social responsibility.