TIDMPPC

RNS Number : 7502E

President Energy PLC

15 March 2022

15 March 2022

PRESIDENT ENERGY PLC

("President" or the "Company")

Positive production Sales news

President Energy (AIM: PPC), the international energy company provides an update and information regarding Production Sales.

President is pleased to report the following positive production sales news:

-- The first material sales of oil from Louisiana for many months are taking place with one barge load planned of between 5000-5500 barrels of oil expected shipped this week with proceeds received as usual 20 days from the end of the month. The price of Louisiana crude as well as that of gas remain robust. With low opex and the continued use of ample tax losses, President anticipates significant net cash generation in the context of its Louisiana operations;

-- President has received approval from the regulatory authorities in Argentina to export approximately 19,000 barrels of oil being part of its Argentine production this month at or around international prices;

-- Long-awaited signals have been communicated to the market from the Argentine national oil production company YPF as well as from the Government that after many months domestic oil prices in Argentina will start to increase from April with already an announcement on Monday that prices at the pump will increase by 10%. President expects more of a gradual increase reducing the material gap to world pricing. As such the progressive step by step signs are welcomed and will have a positive effect.

President looks forward to the furture beneficial impact of these developments.

Peter Levine, Chairman, commented:

"In Argentina, positive steps to raise in effect the net proceeds of our crude is welcome as is further export of our product

"It is also satisfying to have Louisiana returning to make good bottom line contributions to Group."

Contact:

 
President Energy PLC                 +44 (0) 207 016 
 Nikita Levine, Investor Relations    7950 
                                      info@presidentpc.com 
finnCap (Nominated Advisor and 
 broker)                             +44 (0) 207 220 
 Christopher Raggett, Tim Harper      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.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFZLLFLXLEBBX

(END) Dow Jones Newswires

March 15, 2022 03:00 ET (07:00 GMT)

Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Molecular Energies.
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Molecular Energies.