President Energy PLC (LON:PPC) told investors it has already banked proceeds from its first delivery of oil from the group’s Puesto Flores field.
Last month, the Argentina-focussed junior oiler acquired the field, as well as the neighbouring Estancia Vieja field.
READ: President Energy inks rig deal for Argentina well workovers
Some US$1.5mln was received for the first shipment, which was transported by pipeline to the offtake customer, the company said in a statement.
"President Energy is focused on profits and positive cash flow,” said chief executive Peter Levine.
“This announcement reflects that focus and demonstrates that our newly acquired assets are, from the get-go, delivering solid cash flow".