President Energy PLC Drilling update (5372I)
November 27 2018 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 5372I
President Energy PLC
27 November 2018
27 November 2018
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
Drilling update at Puesto Flores field, Rio Negro Province,
Argentina
Spudding of third development well
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, provides an update on its current
drilling programme at the Puesto Flores/Estancia Vieja Concession
in Rio Negro Province, Argentina (President 90% and operator -
Edhipsa 10%).
The PFO 1005 development well at the Puesto Flores field, being
the last of the recent three well sequence, has now been spudded.
With a provisional target depth of 2,700 metres, it is estimated
that the well will be drilled in approximately 21 days.
The recently drilled PFE 1001 well is expected to be completed
with a work over rig and be on stream by the end of next week.
Contact:
President Energy PLC
Peter Levine, Chairman, Chief Executive
Rob Shepherd, Group FD +44 (0) 207 016 7950
finnCap (Nominated Advisor & Joint
Broker)
Christopher Raggett, Scott Mathieson +44 (0) 207 220 0573
BMO Capital Markets (Joint Broker)
Jeremy Low, Tom Rider +44 (0) 207 236 1010
Camarco Financial PR
Billy Clegg, Jane Glover, Violet Wilson +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 15 MMboe and 2P reserves of more
than 27 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 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 (including the IFC, part of
the World Bank) 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 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.
END
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