President Energy PLC New Offtake Arrangements (6365G)
25 Julio 2019 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 6365G
President Energy PLC
25 July 2019
25 July 2019
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
New Offtake Arrangements
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, announces the entry into new
offtake arrangements with Trafigura Argentina S.A, part of the
Trafigura group of companies, the multinational commodity
trader.
Under the arrangements, President is selling Trafigura certain
of its production from its assets in the Rio Negro Province on
certain industry standard terms. Separately, Trafigura has agreed
to make an advance to President repayable on commercial terms.
Such arrangements have created the added financial flexibility
to pay off the US$3.6 million outstanding balance of the US$4
million high interest debt (12.5% plus 6 months US$ LIBOR per
annum) owed to Bank Hipotecario which was taken out at the time of
the acquisition of the Las Bases and Puesto Prado assets in late
2018. This now leaves President with only US$4.8 million Bank debt
bearing a lower interest rate of 7.5% plus 6 months US$ LIBOR per
annum. This amount is scheduled to reduce to US$3.7 million by the
end of 2019, and to only US$1.2 million by end 2020 at which time
the only other anticipated debt owing by the Group will be such
monies as are then outstanding to IYA, a company beneficially owned
by Peter Levine. The Bank debt is scheduled to be fully repaid by
June the following year.
At the same time President has repaid and retired US$1.5 million
of debt bearing an interest rate of 12.5% plus 6 months US$ LIBOR
owed to IYA, a Company beneficially owned by Peter Levine.
Peter Levine M.A (Oxon), Chairman commented:
"We are very pleased to engage with Trafigura and view them as
an important strategic commercial partner in the future growth of
President.
"The retiring of higher cost debt is part of the Company's
financial strategy and we are pleased to have been able to progress
this in advance of expectations."
Contact:
President Energy PLC
Peter Levine, Chairman
Rob Shepherd, Group FD +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Scott Mathieson +44 (0) 207 220 0500
Panmure Gordon (Joint Broker)
Charles Lesser, Dominic Morley +44 (0) 207 886 2500
Whitman Howard (Joint Broker)
Hugh Rich, Grant Baker +44 (0) 207 659 1234
Tavistock (Financial PR)
Nick Elwes, Simon Hudson +44 (0) 207 920 3150
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,
Estancia Vieja, Puesto Prado and Las Bases Concessions, Rio Negro
Province as well as 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.
The Group is also 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, including the IFC,
part of the World Bank Group, an in-country management team as well
as a Board whose interests are aligned to those of its
shareholders, 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 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
MSCLLFIDDVISFIA
(END) Dow Jones Newswires
July 25, 2019 02:00 ET (06:00 GMT)
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024