TIDMPPC

RNS Number : 1235K

President Energy PLC

05 July 2017

5 July 2017

PRESIDENT ENERGY PLC

("President", "the Company" or "President Energy")

Argentina Oil Sales Update

Record Sales in June

President Energy (AIM: PPC), the upstream oil and gas company, is pleased to provide an update on its oil sales from its Puesto Guardian Concession, Argentina.

June proved to be a record month for oil sales from operations in the Concession, generating invoiced revenue for President in excess of US$1.2 million for the 30 day period (after taking into account tax credits and deducting payment of royalties but before opex).

In addition, the Group continues to benefit from its newly expanded Louisiana production assets which in a usual month contribute over $200k of free cash even at the present, comparatively low, oil prices.

Peter Levine, Chairman and Chief Executive, commented:

"Whilst there is a long way to go to deliver fully on the potential of our portfolio, the sales level for June is another step on President's path to growth of free cash generation underpinned by the Group's significant independently audited proven and probable reserves of over 20 million barrels of oil equivalent.

"With our Argentine production currently insulated against Brent/WTI oil price day to day volatility we continue to concentrate on margins and profitability whilst monitoring costs."

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

Contact:

 
 President Energy PLC 
  Peter Levine, Chairman               +44 (0) 207 016 7950 
  Miles Biggins, COO                   +44 (0) 207 016 7950 
 Peel Hunt LLP (Nominated 
  Advisor & Joint Broker) 
  Richard Crichton, Ross Allister      +44 (0) 207 418 8900 
 BMO Capital Markets (Joint 
  Broker) 
  Jeremy Low, Neil Haycock            +44 (0) 207 236 
  and Tom Rider                        1010 
 Vigo Communications 
  Chris McMahon 
  Patrick D'Ancona                   +44 (0) 207 830 9700

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 05, 2017 02:00 ET (06:00 GMT)

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