12 December 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Legislative approval of Extension Agreement for Puesto Flores Field, Rio Negro Province, Neuquén Basin, Argentina
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 the Rio Negro Provincial Legislature has approved the 10 year Extension Agreement for the Puesto Flores and Estancia Vieja Concession in that Province in Argentina.
President looks forward to working with the Rio Negro Province and Ediphsa, the Provincial Energy Company, being the 10% participant in the Concession.
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, Emily Morris
+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, Georgia Edmonds, 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 in excess of 16 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