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Paraguay update
President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets focused primarily in Argentina announces an update on developments in Rio Negro.
Highlights
• New treatment plant to be built in Rio Negro with a projected completion of August 2021
• Will eliminate third party treatment costs with total savings estimated at US$2.5 million per year
• $5 million aggregate cost of project funded by favourable new Peso based medium term loan provided by Banco Hipotecario
• Of the US$3.7 million bank loan outstanding at the half year, US$2.2 million has already been repaid
• Paraguay farm out negotiations materially advanced
22 December 2020 | 07:48am
StockMarketWire.com - Argentina-focused oil company President Energy said it expected to complete a $5 million treatment plant next year that would eliminate third-party treatment costs.
The company said the plant, to be built in Rio Negro province, was expected to be up in August and save it about $2.5 million per year.
Construction of the project would funded by a favourable peso-based medium term loan provided by Banco Hipotecario.
President Energy also announced that negotiations for a stake sale of its assets in Paraguay with a reputable national oil company were materially advanced .
The next step in talks would be to negotiate and agree on legal documentation, with drafts already in circulation.