10 Jul 2013 07:00
10 July 2013
PRESIDENT ENERGY PLC
("President Energy" or "the Company")
OPERATIONAL UPDATE
President (AIM: PPC), the oil and gas exploration and production company focused on Paraguay with producing assets in Argentina and Louisiana, today provides an update on its operations.
Operations continue to go extremely well across the portfolio.
·; In Paraguay the seismic acquisition operation has been successfully completed one month ahead of schedule (780 square kilometres of 3D seismic and 100 kilometres of 2D seismic). Initial results appear most encouraging, already showing very prospective drilling targets.
·; The Louisiana assets are currently producing approximately 300 boepd, a record level of production that is generating circa $600,000 per month of net operating cash flow after US tax.
·; In Argentina the first stimulated well continues to perform with good levels of production and work on the clean up on the next two stimulated wells is on-going. We look forward to updating the market on the flow rates of each of the remaining two wells in due course.
Commenting on today's announcement, Peter Levine, Chairman said:
"Operations across the portfolio are progressing ahead of schedule and showing positive results. In particular, the initial results of the seismic survey in Paraguay are extremely promising, showing exciting prospective drilling targets.
"Whilst it is impossible to ignore the share price, this is not reflective of operational matters and is diametrically opposed to the company's progress and prospects."
For further information contact:
President Energy PLC
John Hamilton, CEO +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Jefferies Hoare Govett
Simon Hardy, Max Jones +44 (0) 207 029 8316
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme, Henry Lerwill