President Energy PLC Completion of Paraguay Farm-out (5118T)
25 Noviembre 2021 - 12:59AM
UK Regulatory
TIDMPPC
RNS Number : 5118T
President Energy PLC
25 November 2021
25 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Completion of Paraguay Farm-out of Pirity Concession
CPC Corporation, Taiwan and President now in J oint Venture in
Paraguay
President Energy (AIM: PPC), the energy company announces the
completion of its farm-out of the Pirity Concession, Paraguay.
President is pleased to confirm that the farm-out to CPC
Corporation, Taiwan ("CPC") , the state -owned energy company of
Taiwan as inter alia referred to in the Company announcements of 8
June and 3 September 2021 , has now fully completed, on the terms
referred to in the announcements, after satisfaction of all
applicable conditions.
CPC and President, through their subsidiary companies, now have
an equal 50/50 interest in the Pirity Concession, Paraguay with
President continuing as operator under an international form of
Joint Operating Agreement.
Both CPC and President look forward to the drilling of the
exploration well at the Delray Complex within the Concession. The
Company estimates that this complex has 230 million barrels of
Pmean unrisked original oil in place. The location of the
exploration well within the complex has been identified and
planning has begun for the drilling of the well in H1 2022 after
the end of the rainy season.
The well to be drilled is in a different part of the Concession,
with completely differing sub-surface features and structure to the
two wells drilled by President in 2014. Whilst all exploration
drilling is prudently and necessarily weighted heavily to the
downside in terms of success, Delray with its complex of prospects
is the stand-out exploration location to be drilled in the
Concession geologically as well as in relation to the size of the
container aka the prize.
A brief presentation of the Delray prospects dated 8 June 2021
can be found within the Investor Presentation section of
President's web site at www.presidentenergyplc.com
Peter Levine, Chairman of the Company commented:
"We are very pleased to have CPC as a partner in our oil
business in Paraguay and look forward to working with them
"It is obvious that all exploration carries a health warning
with material risks to the downside. However, the learnings from
our previous wells in an entirely different structure within the
Concession together with subsequent sub-surface studies at Delray
points to the fact that the forthcoming exploration well and size
of the prize is a compelling well to drill
"The Taiwanese authorities have acted honourably and
transparently throughout our discussions which were intersected and
understandably lengthened by the COVID epidemic. It is clear CPC
have significant in-house expertise and that their involvement in
this project has been carefully and thoroughly considered from a
technical point of view. Their expertise will be mutually
beneficial going forward
"Taiwan has long established links with Paraguay and is a great
and valued friend of the country. We look forward to playing our
part in strengthening those relations further by this newly
established venture and also look forward to possibilities of
expanding our relationship with CPC as opportunities may present
themselves".
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.
Atome Energy is the green hydrogen and ammonia subsidiary of
President Energy PLC with intended operations in the Americas and
Europe and a targeted separate listing on the London Stock Exchange
market later in 2021.
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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