President Energy Net Argentine Proved And Probable Reserves Increased

5th Mar 2018 13:26

LONDON (Alliance News) - President Energy PLC said Monday its aggregate net Argentine proved and probable resources have been increased, with the Neuquen basin reserves now comprising almost a third of its resources.

President shares were up 5.0% at 10.13 pence per share on Monday.

The AIM-listed, Argentina-focussed upstream oil and gas company said that the Puesto Flores and Estancia Vieja onshore licence block's net proved resources have been increased by over 30% to 4.5 million barrels of oil equivalent from 3.2 million barrels when acquired.

Total net Argentine proved reserves remain steady at 14.7 million barrels of oil equivalent, of which the Neuquen basin's higher value reserves of 4.5 million barrels now comprise over 30%, up from 20% previously.

The Neuquen basin's net proved and probable reserves have been increased by 66% from 4.82 million barrels to 8.0 million barrels.

Aggregate net Argentine proved and probable reserves have been increased to 26.6 million barrels, of which the Neuquen basin reserves now comprise over 30%, up from less than 15% previously, with Puesto Guardian's contribution to the total reduced.

"The latest reserve figures underline the increasing value and diversity in our Argentine assets and act as a clear signpost for organic growth to come in 2018 and beyond," President Energy Chairman and Chief Executive Peter Levine said.

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