13th May 2022 09:22
President Energy PLC - Leeds-based oil & gas company focused on Latin America - Says Argentine subsidiary's pretax profit for the first three months of 2022 is USD5.3 million. Revenue is USD8.7 million, and President projects revenue in Argentina for the full year will be USD40 million. President doesn't provide comparisons. A mini-bond issued in November means it now has to report the results for subsidiary President Petroleum SA on a quarterly basis. Average oil price received in Rio Negro of USD54 per barrel. Since the quarter end, this has increased by 8% and is projected to increase further this year.
Notes the first-quarter financial results do not include impact of new Salta wells. Says new Salta well DP2001 shows encouraging results, with production estimated at approximately 200 barrels of oil per day.
Chair Peter Levine says: "The recent progress in Salta is encouraging with new wells coming on line step by step. The mission is now to exploit the enlarged well stock including opportunistic workovers as appropriate, commencing the secondary recovery [capital expenditure] programme and managing and optimising production and [operating expenditure]."
Current stock price: Up 3.7% at 1.63 pence each on Friday
12-month change: down 11%
By Xindi Wei; [email protected]
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