President Energy PLC Further update on Argentina (9014K)
02 Septiembre 2019 - 5:12AM
UK Regulatory
TIDMPPC
RNS Number : 9014K
President Energy PLC
02 September 2019
2 September 2019
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
Further update on Argentina
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, provides a further update on recent
events in Argentina.
The Government of Argentina on Sunday 1 September announced
certain currency controls aimed at reducing market volatility and
containing the impact of fluctuations of financial flows on the
real economy as well as, inter alia, at assuring the normal working
of the economy.
The measures, targeting capital flight, do not restrict trade
nor are they expected in any material way to adversely affect
President's ability to service and repay it's inter group debts in
the normal course of business. These measures are therefore not
anticipated to have any material adverse effect on President's
business which continues in the normal way.
As for the recent Decree regarding oil prices, the Company
anticipates that there will be in the near future a certain and
welcome level of walking back from the full extent of such measures
resulting in no small part from the strong, vociferous and almost
unprecedented reaction of producers and Provinces alike which have
included serial court applications including to the Supreme Court
itself. Further details of any beneficial development are awaited
possibly as early as later this week and will be communicated to
shareholders as soon as they are available.
Peter Levine, Chairman, commented,
"There is no denying the macro situation in Argentina is
challenging and volatile and everyone who believes in the medium to
long term prosperity of this Country from all sides of the
political spectrum hopes for a more stable position once the
uncertainty of the impeding elections is resolved.
"Irrespective of this we note the understandable concerns of our
shareholders, hence the need to keep the market updated as we have
done, are now doing and will continue to do. We do so from a
position on the ground as indeed I am and have been at all times
over this recent period.
"Notwithstanding this, as stated above, the measures announced
on Sunday are not expected in any way to materially affect
President's operations or its ability to conduct it's business as
currently planned. Indeed, both the leading Presidential candidates
have stated that the health and future of the hydrocarbon industry
including continued investment is of strategic importance to the
economy of Argentina.
"Shareholders should be assured that in these undoubtedly
challenging times affecting the macro economy we remain calm, razor
focused and confident in the future. With a well managed business,
concentrating on cash flow and margins we prefer to and will see
each challenge both as something to solve without delay and
importantly as an opportunity."
Contact:
President Energy PLC +44 (0) 207 016 7950
Peter Levine, Chairman
Rob Shepherd, Group FD
finnCap (Nominated Advisor) +44 (0) 207 220 0500
Christopher Raggett, Scott Mathieson
Whitman Howard (Broker) +44 (0) 207 659 1234
Hugh Rich, Grant Barker
Tavistock (Financial PR) +44 (0) 207 920 3150
Nick Elwes, Simon Hudson
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
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END
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