President Energy PLC Corporate and Commercial Update (0583P)
16 Junio 2022 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 0583P
President Energy PLC
16 June 2022
16 June 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Corporate and Commercial Update
President Energy (AIM: PPC), the international energy company
announces a corporate and commercial update
Highlights:
-- President Argentina credit rating reaffirmed at Investment Grade A -
-- Further Argentine bond issue of US$3.585 million at 3.89% p.a. interest rate
-- Success for new well PG 13-1 at Puesto Guardian Concession, Argentina
-- Argentina new law allowing oil producers to transfer dollar funds abroad under conditions
-- Update on annual report and accounts
New Bond Issue
President Argentina has issued a further tranche of US$3.585
million in bonds to the local market to fund further working
capital and capital expenditure. The interest rate is 3.89% with a
25-month repayment period and an initial 16 capital repayment month
holiday.
In parallel with the issue, Fix SCR, the Argentina affiliate of
Fitch, the worldwide credit agency, has re-affirmed the credit
rating of President Argentina's bonds at Investment Grade A-.
Puesto Guardian Concession, Salta, Argentina, Update
The new well PG13-1 is now successfully in production and
currently producing over 200 bopd. The old well PE-8, which has not
flowed oil for many years, has been worked over and is also now in
production with a much more modest 10 bopd, but every little
helps.
Realised prices for domestic sale of President's Salta crude
continue to increase with prices currently US$66 per barrel, an
increase of 12% from the start of the year .
New Law
President notes the new decree that has been issued by the
Argentine government allowing access for oil and gas companies to
the currency markets in order to transfer United States Dollars
abroad under certain conditions, including relevant amounts being
proportionate to incremental production year on year.
Whilst President welcomes any change of law allowing
repatriation monies to the UK, the Company is considering the full
terms and conditions relating to this new legislation and will
advise the market in due course if, and/or to the extent that, the
relaxation covered by this new decree is applicable and can be
utilised.
Annual Report and Accounts
The announcement of the Annual Report and Accounts for year-end
2021 will be issued before the end of this month together with an
update of current trading with the Annual General Meeting expected
to take place in July.
Glossary
Bopd means: barrels of oil per day
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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END
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