TIDMPPC
RNS Number : 3646L
President Energy PLC
13 May 2022
13 May 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Q1 Argentina Financial Results
Salta new wells update
Louisiana update
President Energy (AIM: PPC), the international energy company
announces key highlights from the independently reviewed Q1 2022
results from Argentina
Q1 Argentina Financial Results
Pursuant to the Mini-Bond issued last year and announced in
November 2021, President's Argentina subsidiary, President
Petroleum S.A ("PPSA") is obliged to file auditor reviewed results
in Argentina for each calendar quarter.
The results of PPSA for the first three months of 2022 have been
reviewed by Crowe, the President Group auditors and are today filed
with the relevant Argentine authorities. The results have been
determined under Argentine GAAP rules. Such filing does not relate
to President Group as a whole, only PPSA. The full Group audited
accounts being prepared under IFRS rules for the year ended 2021
are expected to be published in June. Note the difference in
accounting standards will produce anomalies in the various versions
of the accounts.
The Q1 Argentina Financial Report, converted from Argentine
Peso's into United States Dollars shows inter alia:
-- Turnover of US$8.7 million. President is currently projecting
turnover in Argentina for the full year in excess of US$40
million
-- The results do not include any beneficial impact from the
successful new wells in Salta. These are expected to positively
impact results from this current Q2 (see below)
-- EBITDA* and free cash generation for the quarter of US$4.5 million
-- Profit before tax for the first three months of US$5.3 million, after tax US$4.5 million
-- Average oil price received in Rio Negro of US$54 per barrel
which has since the quarter end increased by 8% and is projected to
increase further this year
Salta New Wells
The new well DP2001 has been successfully stimulated as a final
part of pre-production testing and is now on stream to the battery.
The initial results are encouraging with production estimated at
approximately 200 bopd and higher than expected gas which is being
used to partially alleviate diesel use and thereby reduce cost in
the facility.
The next well to have its final stimulation is DP2003 where
similar results are projected. The workover rig is completing the
new well PG13, with initial test results as previously stated
available at or around end of May.
The old well PE8, is, after a work over, ready to start up again
after many years and is awaiting spare parts for its pump which are
expected to be received by the end of May.
Louisiana update
Production continues to improve. The Triche well seems to have
stabilised, exceeding expectations both as to oil and gas with
Triche gross production now in excess of 300 boepd and the Simmons
well steady at 50 bopd.
Peter Levine commented:
"The recent progress in Salta is encouraging with new wells
coming on line step by step. The mission is now to exploit the
enlarged well stock including opportunistic workovers as
appropriate, commencing the secondary recovery capex programme and
managing and optimising production and opex.
"The long awaited increasing domestic prices in Argentina and
export where appropriately possible should assist in continuing our
positive momentum.
"Daniel Musri, our new CEO, has within the short time he has
been with us, rolled up his sleeves, shown a commitment to detail
by spending time in our fields and is leading by example commanding
respect from our teams, partners and customers alike. A commendable
start which bodes well. With the new Salta wells now coming on
stream Daniel's role aligns with President's objectives of
increasing average production and expanding our portfolio of
assets.
"We anticipate announcing full year results for the year 2021 in
June. Average Group production figures will be given twice yearly
on the issue of half and full term reports. The announcements to
the market of the Quarterly Financial reports in Argentina will, as
today, cover the key financial metrics published in Argentina".
Glossary
Bopd means barrels of oil per day
Boepd means barrels of oil and gas equivalent per day
EBITDA* means in the context of this report alone, earnings
before interest tax depreciation and amortisation and also
including income from foreign exchange operations
M(3) means cubic metres of oil
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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