President Energy PLC Paraguay Farm-Out Update (5513K)
03 Septiembre 2021 - 01:00AM
UK Regulatory
TIDMPPC
RNS Number : 5513K
President Energy PLC
03 September 2021
3 September 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Paraguay Farm-Out Progresses
President Energy (AIM: PPC), the energy company with a diverse
portfolio of production and exploration assets focused primarily in
Argentina provides an update in relation to the farm-out agreement
in relation to the Pirity Concession, Paraguay.
On 8 June 2021, it was announced that a conditional farm-out
agreement had been executed and that completion of the agreement
was conditional on the approval by the relevant regulatory
authorities in Paraguay to the transfer of interests contemplated
under the said agreements and also the prolongation of the
concession terms for a defined period of time.
President confirms that this latter condition has now been
satisfied and the term of the exploration concession will now
expire on 12 September 2023. If a discovery is made in the
meantime, application can be made to convert the relevant area into
an exploitation licence.
Steps to satisfy the remaining condition continue with the
objective of full satisfaction of the conditions by the end of
September 2021.
At the same time, the expiration time for Hernandarias
exploration Concession has been extended to 22 November 2023.
Peter Levine, Chairman, commented
"We continue to proceed step by step.
"Whilst the necessary regulatory approval is yet to be
satisfied, we consider this is only a matter of time before
approval is granted given the provenance of the proposed
Farminee."
President Energy PLC
Rob Shepherd, Group FD
Nikita Levine, Investor Relations +44 (0) 207 016 7950
finnCap (Nominated Advisor and Broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
Contact:
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.
Atome 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.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFFIALIFIIL
(END) Dow Jones Newswires
September 03, 2021 02:00 ET (06:00 GMT)
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024