TIDMPPC
RNS Number : 9725H
President Energy PLC
06 August 2019
6 August 2019
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
H1 2019 Un-Audited Group Management Reporting and Operational
Update
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, provides highlights of the H1 2019
Un-Audited Group Management Reports and a trading update.
H1 2019 Un-Audited Group Management Report Highlights:
-- Sales c. US$23.5 million (7% up on H1 2018) notwithstanding
lower average sales prices compared to the same period last
year.
-- Adjusted EBITDA* of c. US$8 million.
-- Bank debt reduced from US$10.15 million at start of period to
US$4.82 million at today's date.
-- Average net Group production for the period was c. 2,500
boepd (8% up on full year average for 2018), notwithstanding
previously announced operational outages and shut-ins in Argentina
and Louisiana.
-- With an increasingly better second half in prospect over the
latter part of H1, President is on track for a projected Group
adjusted EBITDA for the full year of some US$20 million.
-- Target average production guidance for H2 will be announced
at the same time as the announcement of the H1 results which should
reflect the expected increase from the latter part of H1 as the
benefit of the operational work being undertaken and planned
referred to below starts to impact as well as the gradual bringing
in of the ready to produce shut in production referred to in the
second bullet point of the Operational Update below.
-- Interim results are expected to be announced towards end of September.
Operational Update:
-- The workover programme is still continuing. A detailed review
of the results of the programme so far will be given in
September.
-- In addition to existing production, President has an
estimated net 1,100 boepd now tested, proven and ready to produce,
subject to surface facilities being completed, save in the case of
the Triche well in Louisiana which is just subject to an ongoing
workover. The completion of those facilities will start to be
effected, step by step in H2 and Louisiana production should start
to be back on line by September.
-- Further, additional hydrocarbon production is expected in due
course from sub-surface programmes which in the normal course of
planning are being re-evaluated and assessed in the light of
knowledge gained this year from the Workover programme and
follow-on detailed sub-surface analysis. Concrete details of such
are expected to be announced at the same time as the Workover
review in the first part of September.
Peter Levine, Chairman, commented:
"President has delivered positive results in H1, notwithstanding
the headwinds as previously announced which should now, step by
step, be receding in the rear-view mirror.
"In the space of only some 20 months President has enjoyed a
period of transformative progress including the successful
integration of four valuable acquisitions, a strategic pan-regional
pipeline, the bringing on of new production, generation of positive
cash flow and attaining good margins. Despite this, President's
share price, uncoupled from such progress, has dropped some 35% in
value during that time.
"President, remains confident as to its future prospects and
success as an energy business and is examining initiatives to
deliver value for shareholders."
Note:
*Earnings before interest, tax, depreciation, amortisation and
impairment and adjusted to exclude non-recurring items.
Dr Martin Gee, PhD in Geophysics (Oxon), BSc (First Class hons)
in Earth Sciences (Cardiff) who meets the criteria for qualified
persons under the AIM guidance note for mining and gas companies,
has reviewed and approved the technical information contained in
this announcement.
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
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 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
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