28 February 2018
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Process commenced for President Energy's Argentinian Stock Exchange secondary listing
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, is pleased to announce that it has commenced the relevant processes to obtain a secondary listing of the Company's shares on The Bolsa de Comercio de Buenos Aires (BCBA)- the Argentinian Stock Exchange. The secondary listing is expected to take place towards the end of Q2 2018. It is intended that the primary listing of the Company will remain the AIM market of the London Stock Exchange.
Background to and reasons for the listing
President Energy's proposed secondary listing on the Argentinian Stock Exchange aims to increase the Company's international profile and improve liquidity by facilitating the growing investment demand in Argentina which has been supported by capital returns back into Argentina and international capital flows into Argentina. The MERVAL, the most important index of the Buenos Aires Stock Exchange, was up 72% in 2017.
Peter Levine, Chairman and CEO, commented:
"We have begun the process of becoming an Argentinian listed Company as a complement to our main listing in London.
"We are committed to significantly expanding our business in Argentina and are very positive about the Country's prospects.
"The proposed secondary listing will not only expand liquidity but importantly will expose President to a rapidly emerging, growing and vibrant audience consisting of both institutional and private investors domiciled at the epicentre of the Group's operations who are increasingly looking for companies which have world class standard of governance, environmental and social awareness combined with profitability, cash generation and excellent prospects".
President Energy PLC
Peter Levine, Chairman, Chief Executive
Bruce Martin, Chief Financial Officer
+44 (0) 207 016 7950
finnCap (Nominated Advisor & Joint Broker)
Christopher Raggett, Scott Mathieson, Andrew Burdis
+44 (0) 207 220 0573
BMO Capital Markets (Joint Broker)
Jeremy Low, Neil Haycock, Tom Rider
+44 (0) 207 236 1010
Camarco Financial PR
Billy Clegg, Owen Roberts, Mercedes Valenzuela-Goldman
+44 (0) 203 757 4980
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets. The Company currently has independently assessed 1P reserves over 15 MMboe and 2P reserves of more than 25 MMboe.
The Company has operated interests in the Puesto Flores and Estancia Vieja Concession, Rio Negro Province, in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. The Company is focused on growing production in the near term in Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
President Energy's second largest shareholder is the IFC, part of the World Bank Group and is actively pursuing value accretive acquisitions of high quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support and an in-country management team, President Energy gives UK investors rare access to the Argentinian growth story combined with world class standards of corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014