13th Aug 2019 13:39
(Alliance News) - President Energy PLC on Tuesday said ongoing political and currency developments in Argentina will have little to no impact on operations and finances.
The Argentina peso has slumped after a shock win in an Argentine presidential primary election by populist centre-left candidate Alberto Fernandez over incumbent Mauricio Macri.
"President emphasises it is a US dollar based business and that trading continues as normal," said President.
"Accordingly, the company does not envisage any material adverse impact on its business or prospects from the fall in the value of the peso nor does it see any actual or contingent threats to its assets as a result of any potential political changes."
The currency decline, the company said, has had a "minimal" effect on its cash position at worst.
Chair Peter Levine added: "We continue to mind our own successful business in Argentina. Having been in this country through two presidencies, we have managed any political volatility and therefore remain focused and determined."
President has a number of assets in Argentina, including the Puesto Flores/Estancia Vieja field, the Puesto Guardian project, and two other exploration sites in Salta province.
Shares were 8.8% lower on Tuesday in London at a price of 5.66 pence each.
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