TIDMPPC
RNS Number : 1092D
President Energy PLC
01 March 2022
1 March 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Operational update
Production success in Argentina and Louisiana
Management update
President Energy (AIM: PPC), the international energy company
provides an operational and managemen t update
Operational update
Puesto Guardian Concession, Salta, Argentina
The Company is pleased to announce that the first two wells
drilled in Salta in the current programme have been in successful
commercial production for over one week.
Well DP 2001, currently successfully commercially producing in
the first phase of testing will within the next 10 days undergo
planned stimulation in two parts under the second phase of the
production testing programme. Whilst each well behaves differently
there is no present evidence to expect post stimulation anything
materially contrary to the stated well performance expectations in
this well of approximately 250 bopd.
Well DP 2003 is in an earlier stage of first phase of production
testing although it is already clearly commercial.
As such testing will continue for a period of time to optimise
production and assess reservoir capabilities, the drilling rig has
moved to and is in the process of setting up at well PG 13-1 at the
Puesto Guardian field within the Salta Concession, some 45 km away
from the Dos Puntitas field. This well is planned to be a side
track from an existing well location. Work is currently projected
to commence this week with timing for the drilling rig work
approximately 21 days.
The benefit of the recent increased production is already being
felt in Salta where realised domestic prices are currently
approximately US$60 per barrel.
South Louisiana, USA
The workover at the Triche well has now been successfully
completed and President is pleased to advise that both this well
and the Simmons well are back on normal production as from 25
February.
The Triche well is still settling down producing 180 bopd gross
with 60 boepd of gas. The Simmons well is estimated to be producing
50 bopd gross.
Management update
The Company is pleased to announce that it has recruited Daniel
Musri, an Argentine national, to the position of CEO of President
Argentina. Whilst it is a non-main board position, Daniel has
overall responsibility for President's operations in that country.
Daniel, who joins us from Vista Oil and Gas, the Mexico/Argentina
public oil and gas company, is a reservoir engineer by training
and, prior to Vista, worked for 10 years as Vice President for
Schlumberger in their Production Management arm, and before that
for 18 years at the large Argentine oil and gas company Perez
Companc, rising from junior reservoir engineer to asset manager.
Daniel has been tasked with reviewing all operations within
President's Argentinian business with a view to improving the
returns from these operations and ensuring targets that are set are
met with the appropriate accountability for results.
Jordan Coleman, our hard working COO for Latam will continue to
work with Daniel during the transition. His future focus will
centre on our Paraguay exploration project, overseeing the business
in the United States as well as providing such continuing support
for Daniel as may be necessary.
Peter Levine, Chairman, commented:
"President has many things to look forward to in 2022 from a
very robust trading, shareholder and strategic relationship base.
The production news today announced are welcome additions to Group
cash flow
"The future for President must be driven by a dynamic, motivated
and incentivised operations and management team able to capitalise
on these attributes to expand the Group materially, particular in
different geographies. Daniel's appointment is a part of this
strategy and we welcome him to the Group
"I look forward to informing you of further developments over
the coming months."
Glossary
Bopd means barrels of oil per day
Boepd means barrels of oil equivalent per day (oil and gas)
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
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, and
Angostura exploration contract, all of which are situated in the
Río Negro Province 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.
It has also a 27.9% investment interest in Atome Energy PLC a
green hydrogen and ammonia producer whose shares are traded on AIM
of the London Stock Exchange.
With a strong strategic and institutional base of support,
including the international commodity trader and logistics company
Trafigura, an in-country management team as well as the Chairman
whose interests as the largest shareholder are aligned to those of
its shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
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