logo-loader

President Energy taking advantage of Argentina’s oil subsidies

Published: 18:45 15 Dec 2015 AEDT

Peter Levine, chairman of President Energy (LON:PPC), says the company will continue to take advantage of the fact that energy companies in Argentina still receive US$70 for each barrel of exported oil.

Brent crude prices have fallen below US$40 a barrel worldwide, but the state controls the price of oil exports in Argentina in order to guarantee domestic supply.

This morning, President told investors that its ongoing two well work over programme in the country has so far given “very encouraging” results.

Production testing, at intermediate steps in the programme, achieved a two-day rate of 175 barrels of oil per day and the company highlighted the result as being “substantially in excess of expectations”.

On those test days, overall group production reached in excess of 700 boepd, which is a new daily record for the company.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 12 minutes ago