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.
Argentina: President Energy announces Rio Negro 2021 drilling update
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Malcy s Blog: Oil price, Cairn, GKP, President And finally…
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Investor Presentation President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets currently focused primarily in South America announces an unaudited 2020 trading review and a 2021 outlook. 2020 Trading · Turnover of approximately US$28 million, a reduction of 32% year on year driven primarily by average oil price realisations falling 33% to US$37 per barrel · Average net Group production up 12% year on year to over 2,700 boepd · December average net Group production of circa 3,300 boepd demonstrating the early impact of the new wells drilled in late Q4 · Over US$10 million of free cash generation from operations (after workovers) and treasury income
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.