President Energy PLC AGM GROUP UPDATE
29 June 2018 - 8:00PM
RNS Non-Regulatory
TIDMPPC
President Energy PLC
29 June 2018
29 June 2018
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
AGM GROUP UPDATE
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, will be providing the following
update at the Annual General Meeting of the Company due to be held
at 11.00 a.m. UK time today.
Key points:
Company Update
President is in a strong trading and financial position with
excellent growth prospects. All producing fields are operating
profitably, positive cash flow is increasing, margins continue to
be robust and there is a busy time ahead this year with new wells
and workovers. Combine that with encouraging interest being shown
in our significant exploration assets and the ability to make the
right acquisitions should they present themselves and the outlook
for the rest of the year and 2019 is positive.
Puesto Flores, Argentina
-- Current gross production remains approximately 2,100 bopd
with as yet three workovers of producing wells having been
completed.
-- Workover of the injector well has now been successfully
completed which will reduce costs of water disposal and the fourth
workover of a production well is now in progress with three more
lined up after it.
Estancia Vieja , Argentina
-- Testing of gas wells at Estancia Vieja is expected to
commence tomorrow and will run over approximately two months.
-- A further announcement in relation to initial testing results
will be made in about one month's time.
-- Given the lack of available LNG capacity to sufficiently
handle the projected increased gas production from this field, the
gas will instead be used initially to power the Estancia Vieja
field which will provide a saving of approximately US$30k per month
with plans progressing to utilise the gas to power the whole of the
Puesto Flores field at a bottom line saving in excess of US$120k
per month at that field thereby making in total a positive
difference to President's bottom line profit of US$2 million per
year.
-- Once the testing is completed the optimum way of
commercialising excess gas over and above that being used for
internal purposes will be determined.
Puesto Guardian and Louisiana
-- Puesto Guardian and Louisiana fields continue to produce in
line with previous announcements at some 500bopd and 325 boepd
respectively.
Exploration assets
-- Farm out processes continue in relation to exploration assets
in both Argentina and Paraguay. Encouraging interest is being shown
in these assets with NDA's having been signed and data rooms being
entered.
Peter Levine, Chairman of President, commented:
"President is a profitable oil and gas operating company with
room for significant organic growth and the determination and
capability to materially expand with the right acquisitions and
through exciting large-scale exploration prospects."
Glossary
bopd - barrels of oil per day
boepd - barrels of oil equivalent per day
Victor Linari, Master in Geology and Geophysics and Member of
Society of Exploration Geophysicists, who meets the criteria of
qualified persons under the AIM guidance note for mining and oil
and gas companies, has reviewed and approved the technical
information contained in this announcement.
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,
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, 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 Energy's third 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 information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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