26 May 2021 | 09:28am
StockMarketWire.com - Oil company President Energy said a new gas well in Argentina had been been completed and had displayed excellent pressure.
The EV-1002 gas well was now in production alongside the new EV-1001 well.
Aggregate current production from the new wells together with the new well LB-1002 was expected to be approximately in line with pre-drill projections of around 170,000 cubic meters per day.
A combined cost for the three wells was in line with budget at around $4 million, President Energy said.
At 9:28am: [LON:PPC] President Energy Plc share price was 0p at 1.63p
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12 April 2021 | 09:30am
StockMarketWire.com - Oil company President Energy said electric and mud logs had confirmed pre-drill expectations of gas pay at well in Argentina.
Gas pay from the LB-1002 well at the Las Bases field in Rio Negro Province was confirmed in the Centenario formation with good permeability and porosity.
The drilling rig was now moving off location to the next well, EV-1001 at the Estancia Vieja field, which would take five-to-six days, with spudding currently projected in around 10 days.
LB-1002 would now be completed with a coiled tubing unit, with production slated to commence by the end of April.
22 February 2021 | 07:52am
StockMarketWire.com - Argentina-focused oil company President Energy said it would post a drop in annual earnings and revenue, as lower crude prices offset a rise in output.
Revenue for the year through December was seen falling 32% to around $28 million, driven primarily by average oil price realisations falling 33% to $37 per barrel.
Adjusted earnings before interest, tax, depreciation and amortization would be around $3 million, down from the $11.6 million reported by the in 2019.
Average net production rose 12% to over 2,700 barrels of oil per day.
In December, output had climbed to about 3,300 boepd demonstrating the early impact of the new wells drilled late in the fourth quarter.
22 February 2021 | 12:05pm
StockMarketWire.com - The FTSE 100 made a partial recovery on Monday despite investors continuing to fret about inflation risks. By midday the index had recovered around half of its initial losses to trade 0.45% lower at 6,594.41.
Some support to sentiment was provided by mounting evidence of the efficacy of vaccines ahead of the UK reopening plan set to be announced later.
Security group G4S slumped 9.8% to 242.6p after private equity firm GardaWorld said it wouldn t raise its 235p offer for the company, cooling hopes of a bidding war.
G4S had rejected GardaWorld s offer in favour of 245p bid from Allied Universal.