25th Mar 2019 11:44
LONDON (Alliance News) - President Energy PLC will be able to fund work in 2019 and 2020 from its own cash flow, it said Monday, as it looks to increase output by 50% for each of the next two years.
In 2019, President wants to complete "at least" 10 well workovers at the various assets in has in Argentina, and then from July finish seven new production or appraisal wells.
The year after, the firm then wants eight new wells to be drilled.
President will also develop an oil treatment plant at the Puesto Prado site, upgrade a new gas plant at Las Bases, and build new power supply and pipeline infrastructure.
The overall work will cost around USD50 million up to the end of 2020, which can be funded without the need for any borrowing or other financing. It hopes production to climb 50% in each of the two years.
President recently raised USD4.6 million, early in March, in a share placing. The exit rate of production at the end of 2018 was 3,000 barrels of oil equivalent per day, ahead of the 3,000 barrel target.
Shares were 0.6% higher Monday at a price of 7.24 pence each.
Related Shares:
PPC.L