12:00 Fri 29 Jun 2018
President Energy PLC - AGM GROUP UPDATE
("President", "the Company" or "
AGM GROUP UPDATE
Key points:
Company Update
President is in a strong trading and financial position with excellent growth prospects. All producing fields are operating profitably, positive cash flow is increasing, margins continue to be robust and there is a busy time ahead this year with new wells and workovers. Combine that with encouraging interest being shown in our significant exploration assets and the ability to make the right acquisitions should they present themselves and the outlook for the rest of the year and 2019 is positive.
Puesto Flores,
· Current gross production remains approximately 2,100 bopd with as yet three workovers of producing wells having been completed.
· Workover of the injector well has now been successfully completed which will reduce costs of water disposal and the fourth workover of a production well is now in progress with three more lined up after it.
Estancia Vieja ,
· Testing of gas wells at Estancia Vieja is expected to commence tomorrow and will run over approximately two months.
· A further announcement in relation to initial testing results will be made in about one month's time.
· Given the lack of available LNG capacity to sufficiently handle the projected increased gas production from this field, the gas will instead be used initially to power the Estancia Vieja field which will provide a saving of approximately
· Once the testing is completed the optimum way of commercialising excess gas over and above that being used for internal purposes will be determined.
Puesto Guardian and
· Puesto Guardian and
Exploration assets
· Farm out processes continue in relation to exploration assets in both
"President is a profitable oil and 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."
Glossary
bopd - barrels of oil per day
boepd - barrels of oil equivalent per day
Contact:
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+44 (0) 207 016 7950
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finnCap (Nominated Advisor & Joint Broker)
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+44 (0) 207 220 0573 |
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+44 (0) 207 236 1010
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Camarco Financial PR |
+44 (0) 203 757 4980 |
Notes to Editors
The Company has operated interests in the Puesto Flores and Estancia Vieja Concession,
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