29 Mar 2016 07:00
29 March 2016
PRESIDENT ENERGY PLC
("President" or "the Company")
ARGENTINA UPDATE and DIRECTOR APPOINTMENT
Operations at Puesto Guardian
The four well workover programme has commenced. The workovers are on currently producing wells being three at the Puesto Guardian field and one at Dos Puntitas. The Company should be able to announce results of the workovers by the end of April.
Present trading in Argentina is operationally profitable, with planning and negotiations continuing in respect the proposed H2 Drilling Programme projected to comprise an initial 6 wells.
Directors
President is pleased to announce the appointment of Jorge Dario Bongiovanni as a non-executive director of the Company.
Jorge, aged 65, an Argentine citizen, has some 39 years' experience in the oil and gas industry. After University in both Argentina and the United States of America, Jorge commenced work as a Production Engineer in Argentina, rising up the ranks to lead the initial upstream exploration and production operations for Repsol in South America, before going on to work for Petrobras in senior positions.
Jorge joined IFC in 2007, part of the World Bank Group, and was Principal Petroleum Engineer from 2010-14 based out of IFC's headquarters in Washington DC. After retirement from full-time employment in 2014, Jorge continued to provide consultancy services to IFC for a further two years until recently.
No further information relating to Jorge is required to be disclosed under Rule 17 or Schedule 2 paragraph (g) of the AIM Rules for Companies.
President is sad to note the untimely passing away of Mike Cochran, a former director of the Company and sends its sincere condolences to his family.
Peter Levine, Chairman, commented:
"Jorge brings to the Board both substantial technical and South American experience as well as knowledge and understanding of President's assets on that Continent. We look forward to his contribution."
"On a personal note, Mike Cochran was a great man and friend. He will be sadly missed.''
Contact:
President Energy PLC Peter Levine, Chairman Miles Biggins, COO
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+44 (0) 207 016 7950 +44 (0) 207 016 7950
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Peel Hunt LLP Richard Crichton, Ross Allister
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+44 (0) 207 418 8900 |
RBC Capital Markets Matthew Coakes, Daniel Conti
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+44 (0) 207 653 4000 |
Bell Pottinger Gavin Davis, Henry Lerwill and Charles Stewart |
+44 (0) 203 772 2500
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