President Energy PLC Operations and Corporate Update (0413T)
22 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 0413T
President Energy PLC
22 November 2021
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 boped which
reflects the pre-work agggregate estimate. Costs of the two
workovers are estimated at US$-- 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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