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President Energy PLC (PPC)

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Thursday 22 February, 2018

President Energy PLC

Argentina Trading Update

RNS Number : 5862F
President Energy PLC
22 February 2018
 

22 February 2018

 

PRESIDENT ENERGY PLC

("President", "President Energy" or the "Company")

ARGENTINA TRADING UPDATE

 

Record Results in January

 

 

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 recorded record results in January with each of our concessions making good returns and contributing profits.

 

The Company's Argentine assets generated US$1.3 million after all Opex, G&A and finance costs. Positive cash generation was higher than this at over US$1.8 million due to continued utilisation of tax credits which are estimated to continue through 2018. President expects to pay no corporation tax this year due to the utilisation of tax losses carried forward.

 

Sales prices achieved were an average of US$63.50 per barrel for Puesto Flores and US$53.70 per barrel for Puesto Guardian. Both prices are estimated to be at approximately the same level for the current month.

 

In relation to Puesto Guardian, the concession is now making a significant contribution to the overall profitable results in Argentina and this contribution should increase as the complex work being performed progresses through Q1. In relation to President's Neuquén Basin assets, work has now commenced to test the long shut-in Estancia Vieja field.

 

Peter Levine, Chairman and CEO, commented:

 

"We are making excellent progress and 2018 has started really well. Every Concession in Argentina is contributing to these results and combined with the US$200k per month free cash generation from Louisiana, the Company is in its strongest ever position.

 

"Whilst the Puesto Flores field has performed substantially better than expected and Puesto Guardian is making good money, we believe we can achieve more in all our areas of interest and we are continuing to apply ourselves in that regard."

 

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, Andrew Burdis

 

 

+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, Owen Roberts, 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

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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