29th Jun 2018 13:54
LONDON (Alliance News) - President Energy PLC on Friday expressed a positive attitude for the rest of the year as it develops its production and exploration assets in Argentina.
Prior to its annual general meeting, the oil & gas company said all of its producing fields are operating profitably, and it expects a busy time ahead this year with new wells and workovers.
For the year to-date, President Energy said production remains at 2,100 barrels of oil per day, as the company completed the workover of the injector well, which is expected to cut costs of water disposal. During the first quarter of 2018, oil production stood at 2,018 barrels daily.
In Argentina, Puesto Guardian and Louisiana fields continue to produce 500 and 325 barrels of oil per day, respectively, it said.
At Estancia Vieja, also located in Argentina, the company plans to start testing gas wells from Saturday. The campaign is expected to run for about two months.
President Energy said it will use the gas from the wells to power the Estancia Vieja field as it lacks capacity to handle the increased gas production. The company expects this decision to provide about USD30,000 of saving monthly.
Looking forward, the company said it continues the farm-out process in relation to exploration assets in both Argentina and Paraguay.
"President is a profitable oil & gas operating company with room for significant organic growth and the determination and capability to materially expand with the right acquisitions and through exciting large-scale exploration prospects," said Chairman Peter Levine.
President Energy shares were down 2.2% on Friday afternoon at 9.05 pence.
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