President Energy PLC Company Update
13 Agosto 2019 - 7:27AM
RNS Non-Regulatory
TIDMPPC
President Energy PLC
13 August 2019
13 August 2019
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
Company 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 a brief Company
Update.
President notes the results of the recent Primary Election
Results in Argentina and the subsequent fall in the value of the
Argentinian peso.
President emphasises that it is a dollar based business and that
trading continues as normal. Accordingly, the Company does not
envisage any material adverse impact on its business or prospects
from the fall in the value of the peso nor does it see any actual
or contingent threats to its assets as a result of any potential
political changes.
President plans and mitigates in its day to day business against
currency volatility and, as set out in the 2018 Annual Accounts
that were released on 23 May, 2019, cash losses during the full 12
month period were less than US$ 100,000 on turnover in Argentina in
excess of US$ 40 million (less than 0.3%). Yesterday's currency
decline has had at worst a neutral effect on President's cash
position due to virtually all of its cash being held in US dollars
at the time.
Indeed, as a cash generative, profitable business, President
views any volatility as a potential market opportunity.
Peter Levine, Chairman, commented:
"We continue to mind our own successful business in
Argentina.
Having been in this Country through two Presidencies, we have
managed any political volatility and therefore remain focused and
determined."
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 (Broker)
Hugh Rich, Grant Barker +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 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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