17 Oct 2017 07:00
17 October 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Receipt of payment from first delivery of oil from Puesto Flores Field, Rio Negro Province, Neuquén Basin, Argentina
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, is pleased to announce that it has already banked the proceeds from its first delivery of oil from the Puesto Flores Field, the acquisition of which, together with the neighbouring Estancia Vieja Field, was announced on 21 September 2017.
The proceeds received of US$1.5 million represent the revenue from the first shipment of oil under President's operatorship of the Puesto Flores Field. The oil was transported by pipeline to the off-taker, an Argentine refiner and trader.
Peter Levine, Chairman and Chief Executive, commented:
"President Energy is focused on profits and positive cash flow. This announcement reflects that focus and demonstrates that our newly acquired assets are, from the get-go, delivering solid cash flow".
Contact:
President Energy PLC Peter Levine, Chairman, Chief Executive Bruce Martin, Chief Financial Officer |
+44 (0) 207 016 7950
|
finnCap (Nominated Advisor & Joint Broker) Christopher Raggett, Scott Mathieson, Emily Morris
|
+44 (0) 207 220 0573 |
BMO Capital Markets (Joint Broker) Jeremy Low, Neil Haycock, Tom Rider
|
+44 (0) 207 236 1010
|
Camarco Financial PR Billy Clegg, Georgia Edmonds, Mercedes Valenzuela-Goldman |
+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 16 MMboe and 2P reserves of more than 25 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 Energy's second largest shareholder is the IFC, part of the World Bank Group and 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 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