TIDMPPC
RNS Number : 0286U
President Energy PLC
31 March 2021
31 March 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operational update
President Energy (AIM: PPC), the energy company with a diverse
portfolio of production and exploration assets focused primarily in
South America, provides an operational update
Highlights
-- New well LB-1002, Las Bases field, Rio Negro, Argentina
projected to spud later today in line with expectations
-- All previously announced drilling schedules in Rio Negro are on track
-- The new oil treatment plant due to start operations on
schedule by end of June and is on budget
-- In Salta, Argentina, advanced discussions are in progress re
commissioning the 3D seismic for Canada Grande and Puesto Guardian
with green lighting projected by end April
-- Salta drilling discussions and preparations ongoing. Still
projected to commence work during H2 2021
-- Paraguay farm out discussions intensify and is on last leg,
with advanced discussions ongoing with the contemplated farminee on
well locations, timing and logistics. Signing now projected by both
parties at or around end April
-- Atome multiple project streams in process at varying degrees of maturity
Drilling programme Rio Negro
The new well LB-1002 at the Las Bases field, Rio Negro,
Argentina is expected to spud later today, on schedule with
projected budget and timing in line with pre-drill estimates.
The follow-on wells in Rio Negro as identified in the Company's
previous announcement of 9 March 2021 are also on track to be
drilled on schedule.
In parallel to the drilling programme a workover programme is in
progress to remediate certain wells. This is proceeding on
schedule.
Treatment plant
Engineering works are progressing on schedule and on budget.
Commencement of operations is projected by end June in accordance
with expectations.
Salta
At the Company's Puesto Guardian Concession, Salta Province
Argentina, President is in advanced third party discussions with
regard to green lighting the 3D seismic acquisition scheduled to
start in H2. It is expected a decision will be made as to a
contractor at or around the end of April with site inspections and
surveys having already taken place. As previously announced the 3D
survey is expected to indicate new high impact production drilling
opportunities in the previously prolific fields of Canada Grande
and Puesto Guardian within the larger concession. The seismic will
extend in total to over 100 square kilometres.
Planning is progressing and third party discussions continue to
gain traction in relation the contemplated Salta drilling programme
projected to commence during H2 2021.
Paraguay farm-in
It is considered by both President and the contemplated farminee
that the negotiations are on the last leg and that signing of both
farm-out and operating agreements are now mutually projected to
take place at or around end April. The agreements will be
conditional agreements that will be subject to consent of the
relevant Ministry. Whilst this may be a matter of time, ultimately,
taking into account the identity of the party no material issue is
contemplated in this regard.
To expedite matters parties are now engaged in discussions with
regard to initial well location, timing and logistics.
President has now a high degree of confidence that the farm-in
will proceed, with drilling to take place in 2022. Currently
Paraguay is in the midst of a major and savage Covid-19 crisis with
all critical care beds full and this will be an important factor in
timing and logistics taking into account all services need to be
brought into the country. Accordingly 2022 has to be realistically
the year for drilling.
Atome
This is very much a live project and multiple work streams are
on going with regard to various leads and are at various stages of
maturity, in some instances non-disclosure agreements have been
executed and information exchanged. Further updates will be given
as appropriate.
Peter Levine, Chairman, commented
"I do not have a soapbox but given recent personal experience
felt that the observations below are necessary. I trust that
readers will appreciate the sincerity of the message I give.
"Covid-19 is a human tragedy the world over and I am aware that
the UK has not been insulated from the troubles associated with it.
The loss of life is tragic. However, with over 30 million vaccines
now administered in the UK and the economy reopening problems that
continue in other parts of the world can seem distant. In South
America and beyond the fight is far from over.
"I have spent the last two months travelling around our
operations in South America overseeing our exciting work programme
and advancing a material investment in our Paraguay assets. During
that time I have seen first hand the devastation wrought by the
global pandemic and the significant sacrifices required to keep
businesses operational during such difficult times. Having myself
been hospitalised for two weeks, although thankfully now well on
the way to recovery, I am grateful for the skill and dedication
shown by the medical professionals in Paraguay and across the
globe.
"I have never been one to sit behind a desk to manage my
business and am willing to put myself in harm's way for the benefit
of our stakeholders so say none of this to gain sympathy. I make
these observations so that people might understand the dedication
shown by our hardworking employees in the face of such adversity.
It is this dedication that has led to us delivering all of the
progress noted in this and previous announcements. It is progress
that seems to go unnoticed.
"Well, not to me. So, I take this opportunity to say a public
"thank you" to each and every one of our people and contractors in
the field and at home. Your sacrifices should not go unnoticed.
"I will end this stream of necessary consciousness on the
positive note commensurate with our people's commendable work. Day
by day our Company gets stronger and we are ready to do all we can
to grow President organically and by strategic initiative. I am
confident that 2021 will be seen by its end as a year of
progress"
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor)
Christopher Raggett, Charlie Beeson +44 (0) 207 220 0500
Shore Capital (Corporate Broker)
Jerry Keen, Antonio Bossi +44 (0) 207 408 4090
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
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
UPDBRGDXGBXDGBG
(END) Dow Jones Newswires
March 31, 2021 02:00 ET (06:00 GMT)
Molecular Energies (LSE:MEN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Molecular Energies (LSE:MEN)
Historical Stock Chart
From Mar 2023 to Mar 2024