TIDMPPC

RNS Number : 1068T

President Energy PLC

22 November 2021

GENERAL TEXT AMENDMENT

The following amendments have been made to the Operations and Corporate Update announcement released on 22 November 2021 at 7am under RNS No 0413T.

Some minor grammatical errors were corrected and the figure for the estimated cost of two gas well workovers in Argentina has been inserted as US$500k.

All other details remain unchanged.

The full amended text is shown below.

22 November 2021

PRESIDENT ENERGY PLC

("President" or the "Company")

Operations and corporate update

President Energy (AIM: PPC), the energy company with a diverse portfolio of energy assets provides an update on its oil and gas operations in Argentina and Louisiana

Highlights

-- Workover of two gas wells in Rio Negro, Argentina completed with aggregate current incremental production 40,000 m(3) /d of gas (230boepd)

-- New oil well in Salta drilling ahead at 2,500 metres depth with target depth of 3,300 metres expected to be reached in next seven days

   --       Workover of Triche well in Louisiana continuing 
   --       Paraguay farm out still expected to complete at or around end November

Rio Negro, Argentina Workovers

The previously announced two gas well workovers in the Company's blocks in Rio Negro Province have now been completed.

Incremental gas production has been achieved currently running at the rate of an additional 40,000 m(3) /d or 230 boepd which reflects the pre-work aggregate estimate. Costs of the two workovers are estimated at US$500k in aggregate.

Salta drilling

Drilling of the first of the three firm new wells has reached a depth of 2,500 metres. On the current rate of progress target depth of approximately 3,300 metres should be achieved in the next 7 days.

Louisiana

The workover of the Triche well continues on plan. It is projected that in the event of success the workover will result in both the Triche and Simmons wells being placed back on production during the first week of December.

Paraguay

The previously announced farm out of the Pirity Concession remains on track to be completed at the end of the month.

A more comprehensive announcement in relation to this transaction is expected to be made on or about 30 November.

Peter Levine, Chairman, commented on the core hydrocarbons business

"While there is certainly a lot of excitement surrounding the forthcoming flotation of the Company's subsidiary Atome Energy PLC just as exciting is the important work that the team continues to deliver on the ground in Argentina, the United States and Paraguay.

"Thus I am pleased to report that the progress continues and I remain grateful to my colleagues for their diligence and continued honest endeavour in keeping on point and focused on our objectives within the hydrocarbon businesses. Thanks to them our plans remain on track and our production is increasing".

Glossary

Boepd means barrels of oil and gas equivalent

M(3) /d means million of cubic metres of gas 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 Rio 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.

The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets capable of delivering positive cash flows and shareholder returns. 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.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014

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END

UPDUUSWRAKUAURA

(END) Dow Jones Newswires

November 22, 2021 03:53 ET (08:53 GMT)

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