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Trading and Corporate Update

28 Jul 2022 07:00

RNS Number : 0013U
President Energy PLC
28 July 2022
 

 

28 July 2022

 

PRESIDENT ENERGY PLC

("President" or the "Company")

 

TRADING AND CORPORATE UPDATE

 

President Energy (AIM: PPC), the international energy company provides an update on trading and corporate matters.

 

Argentina

 

The three new wells at the Puesto Guardian Concession, Salta Province, Argentina are all on stream and each producing in the range of 125-185 barrels of oil per day. In addition, intervention work is being made on older wells at the Concession to enhance production.

 

Trading overall in Argentina remains operationally profitable with President generating good free cash flow and exporting oil to the extent possible and appropriate. Domestic oil prices continue to increase with oil prices being in our core Neuquen Basin area presently some $67 per barrel and progressively increasing step by step. The price invoiced by the Company for the export cargo sold in July was US$105.8 per barrel.

 

Being a US Dollar based business insulates President to a material degree from the high inflation unfortunately suffered in Argentina at present and careful management of Peso balances is being exercised to mitigate exposure.

 

Louisiana

 

To maintain and enhance production in Louisiana a gas lift system is currently being installed and implemented with wells expected to be fully operational again in August.

 

Non-Executive Director

 

Martin Urdapilleta, Non-Executive Director, retired at the Annual General Meeting of the Company held on 22 July 2022 in accordance with Article 110 of the Company's Articles of Association. Owing to increased business commitments within South America for Trafigura, Martin was unable to offer himself for re-election and accordingly has ceased to be a Director of the Company.

 

Notwithstanding the above, Trafigura continues as a significant shareholder in President and the parties continue to enjoy a strong and mutually beneficial trading relationship

 

 

Peter Levine, Chairman, commented:

 

"We would like to place on record our thanks to Martin for his services and professionalism towards President throughout his tenure. Our colleagues in Buenos Aires continue unabated to work closely with Martin and Trafigura in Argentina on a day-to-day basis for which we remain grateful.

 

"Operations continue to progress in Salta and the levels of realized prices achieved when we export is particularly pleasing."

 

 

 

Contact:

 

President Energy PLC

Nikita Levine, Investor Relations

+44 (0) 207 016 7950

 info@presidentpc.com

finnCap (Nominated Advisor and broker)

Christopher Raggett, Tim Harper

 

+44 (0) 207 220 0500

 

 

Tavistock (Financial PR and IR) Simon Hudson, Rebecca Hislaire, Charles Baister

+44 (0) 20 7920 3150

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.

 

 

 

 

 

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 Río 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.

 

It has also a 27.9% investment interest in Atome Energy PLC a green hydrogen and ammonia producer whose shares are traded on AIM of the London Stock Exchange.

 

With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

 

-ends-

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MSCPPUGWMUPPPUM
Date   Source Headline
24th Oct 20187:00 amRNSIssue of Equity
22nd Oct 20189:00 amRNSNew Website
22nd Oct 20187:00 amRNSDrilling update at Puesto Flores field, Argentina
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5th Oct 20185:17 pmRNSPDMR Shareholding
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26th Sep 20187:00 amRNSInterim Results for H1 2018
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28th Aug 201812:53 pmRNSPresenting at Oil Capital & Hosting Drinks Event
9th Aug 20187:00 amRNSTrading update
27th Jul 20187:00 amRNSPUESTO FLORES/ESTANCIA VIEJA CONCESSION UPDATE
11th Jul 20187:21 amRNSPosting of Corporate Video and Q&A
29th Jun 20183:00 pmRNSResult of AGM
29th Jun 201811:00 amRNSAGM GROUP UPDATE
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28th Jun 201812:35 pmRNSDirector/PDMR Shareholding
21st Jun 20187:00 amRNSDirector/PDMR Shareholding
20th Jun 20187:00 amRNSAward of Options
18th Jun 20187:00 amRNSARGENTINA UPDATE
7th Jun 20187:29 amRNSPosting of Annual Report and Notice of AGM
6th Jun 20185:19 pmRNSDirector/PDMR Shareholding
6th Jun 20187:00 amRNSFY Results for year ended 31 Dec 2017 & Q1 Update
14th May 20187:00 amRNSARGENTINA UPDATE
16th Apr 20187:25 amRNSPUESTO FLORES CONCESSION UPDATE
14th Mar 20187:00 amRNSDirector Appointments
12th Mar 20187:00 amRNSESTANCIA VIEJA SUCCESSFUL TEST RESULTS
5th Mar 20187:00 amRNSNew independent certified Argentine Reserves
28th Feb 20187:00 amRNSArgentinian Stock Exchange Secondary Listing
22nd Feb 20187:00 amRNSArgentina Trading Update
6th Feb 20183:51 pmRNSHolding(s) in Company
2nd Feb 20185:16 pmRNSHolding(s) in Company
12th Jan 20187:00 amRNSOperational Update
2nd Jan 20187:00 amRNSSale of Non-Operated Asset in Louisiana
15th Dec 20177:00 amRNSOperational Update
12th Dec 20177:00 amRNSLegislative approval of Extension Agreement
27th Nov 20177:00 amRNSPresident agrees Argentine Commercial Bank Loan
20th Nov 20172:02 pmRNSResult of Open Offer and Loan Conversion
16th Nov 20177:00 amRNSOperational Update
3rd Nov 20177:00 amRNSSalta Exploration Assets, Argentina Update
30th Oct 201711:54 amRNSHolding(s) in Company
30th Oct 20177:00 amRNSOpen Offer Announcement
23rd Oct 20174:53 pmRNSDirector/PDMR Shareholding
20th Oct 20177:00 amRNSProposed placing and open offer
17th Oct 20177:00 amRNSFirst Sale of oil from Puesto Flores Field
9th Oct 20177:00 amRNSOperational Update
29th Sep 20177:00 amRNSInterim Results
25th Sep 20173:54 pmRNSTR-1 Notification of Major Shareholdings
21st Sep 20175:55 pmRNSAcquisition of Assets in Argentina - Replacement
21st Sep 20177:00 amRNSAcquisition of Producing Assets in Argentina

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