President Energy PLC First Sale of oil from Puesto Flores Field (7389T)
October 17 2017 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 7389T
President Energy PLC
17 October 2017
17 October 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Receipt of payment from first delivery of oil from Puesto Flores
Field, Rio Negro Province, Neuquén Basin, Argentina
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, is pleased to announce that it has
already banked the proceeds from its first delivery of oil from the
Puesto Flores Field, the acquisition of which, together with the
neighbouring Estancia Vieja Field, was announced on 21 September
2017.
The proceeds received of US$1.5 million represent the revenue
from the first shipment of oil under President's operatorship of
the Puesto Flores Field. The oil was transported by pipeline to the
off-taker, an Argentine refiner and trader.
Peter Levine, Chairman and Chief Executive, commented:
"President Energy is focused on profits and positive cash flow.
This announcement reflects that focus and demonstrates that our
newly acquired assets are, from the get-go, delivering solid cash
flow".
Contact:
President Energy PLC
Peter Levine, Chairman, Chief
Executive
Bruce Martin, Chief Financial
Officer +44 (0) 207 016 7950
finnCap (Nominated Advisor
& Joint Broker)
Christopher Raggett, Scott
Mathieson, Emily Morris +44 (0) 207 220 0573
BMO Capital Markets (Joint
Broker)
Jeremy Low, Neil Haycock, +44 (0) 207 236
Tom Rider 1010
Camarco Financial PR
Billy Clegg, Georgia Edmonds,
Mercedes Valenzuela-Goldman +44 (0) 203 757 4980
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 currently has independently
assessed 1P reserves in excess of 16 MMboe and 2P reserves of more
than 25 MMboe.
The Company has operated interests in the Puesto Flores and
Estancia Vieja Concession, Rio Negro Province, in the Neuquén Basin
of Argentina and in the Puesto Guardian Concession, in the Noroeste
Basin in NW Argentina. The Company is focused on growing production
in the near term in 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.
President Energy's second largest shareholder is the IFC, part
of the World Bank Group and is actively pursuing value accretive
acquisitions of high quality production and development assets in
Argentina capable of delivering positive cash flows and shareholder
returns. With a strong institutional base of support and an
in-country management team, President Energy gives UK investors
rare access to the Argentinian 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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