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President Energy provides update on Argentina operations

Published by , Deputy Editor
Oilfield Technology,

President Energy the upstream oil and gas company focused primarily in Argentina, reports recorded record results in January with each concession making good returns and contributing profits.

The Company’s Argentine assets generated US$1.3 million after all Opex, G&A and finance costs. Positive cash generation was higher than this at over US$1.8 million due to continued utilisation of tax credits which are estimated to continue through 2018. President expects to pay no corporation tax this year due to the utilisation of tax losses carried forward.

Sales prices achieved were an average of US$63.50/bbl for Puesto Flores and US$53.70/bbl for Puesto Guardian. Both prices are estimated to be at approximately the same level for the current month.

In relation to Puesto Guardian, the concession is now making a significant contribution to the overall profitable results in Argentina and this contribution should increase as the complex work being performed progresses through Q1. In relation to President's Neuquén Basin assets, work has now commenced to test the long shut-in Estancia Vieja field.

Peter Levine, Chairman and CEO, commented:

"We are making excellent progress and 2018 has started really well. Every Concession in Argentina is contributing to these results and combined with the US$200 000 per month free cash generation from Louisiana, the Company is in its strongest ever position.

"Whilst the Puesto Flores field has performed substantially better than expected and Puesto Guardian is making good money, we believe we can achieve more in all our areas of interest and we are continuing to apply ourselves in that regard."

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