President Energy PLC Argentina Update (6012Z)
26 Enero 2022 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 6012Z
President Energy PLC
26 January 2022
26 January 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Argentina update
President Energy (AIM: PPC), the international energy company,
provides an update on its interests in Salta, Argentina.
Mattoras and Ocultar
President is pleased to announce that the non producing
exploration areas of Matorras and Ocultar (together "the Blocks")
have, with the consent of the Province of Salta, been relinquished
and the work commitments transferred to the producing Puesto
Guardian Concession.
The transfer of the work commitments to Puesto Guardian
totalling in value US$2.61m, is approximately the cost of one
production well in addition to the current three well programme.
Accordingly, this means that the Company has exchanged non-drilling
exploration dollar commitments for a further production well which
it fully intends to drill in a known producing area, thereby
generating royalties for the Province and revenue for the Company
whilst permitting the Province to re-market the exploration
Blocks.
President expresses its sincere appreciation of the support of
the Salta Province and its authorities in its endeavours both in
relation to the current US$11 million three well drilling
programme, the single most large capital investment in oil and gas
production in Salta for many years, and the matters referred to in
this announcement.
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.
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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