27 Nov 2018 07:00
27 November 2018
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
Drilling update at Puesto Flores field, Rio Negro Province, Argentina
Spudding of third development well
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides an update on its current drilling programme at the Puesto Flores/Estancia Vieja Concession in Rio Negro Province, Argentina (President 90% and operator - Edhipsa 10%).
The PFO 1005 development well at the Puesto Flores field, being the last of the recent three well sequence, has now been spudded. With a provisional target depth of 2,700 metres, it is estimated that the well will be drilled in approximately 21 days.
The recently drilled PFE 1001 well is expected to be completed with a work over rig and be on stream by the end of next week.
Contact:
President Energy PLC Peter Levine, Chairman, Chief Executive Rob Shepherd, Group FD
|
+44 (0) 207 016 7950
|
finnCap (Nominated Advisor & Joint Broker) Christopher Raggett, Scott Mathieson
|
+44 (0) 207 220 0573 |
BMO Capital Markets (Joint Broker) Jeremy Low, Tom Rider
|
+44 (0) 207 236 1010
|
Camarco Financial PR Billy Clegg, Jane Glover, Violet Wilson |
+44 (0) 203 757 4980 |
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 currently has independently assessed 1P reserves in excess of 15 MMboe and 2P reserves of more than 27 MMboe.
The Company has operated interests in the Puesto Flores and Estancia Vieja Concession, Rio Negro Province, in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. The Company is focused on growing production in the near term in 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.
President is 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) and an in-country management team, President Energy gives UK investors rare 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