President Energy expecting $3m from Argentine sales in November

Upstream oil and gas company President Energy updated the market on its operations at its Puesto Flores Field in Rio Negro Province, Argentina on Thursday, reporting that it is expecting more than $3m net cash proceeds from its Argentine oil sales in November.

The AIM-traded firm said the fully-funded workover programme at Puesto Flores had now started, and was increased to four firm wells.

Further wells were to be considered next year, it added.

Pay-back of the $2.2m capital expenditure was now projected to be less than 12 months at the conservative October oil price level of $55 per barrel, the board added.

“With record net cash proceeds from Argentine sales receivable in November and the commencement of an increased firm workover programme at Puesto Flores Field, we are looking ahead and focused on continuing the trajectory of profitable growth in the new year whilst maintaining the core emphasis on margins,” said chairman Peter Levine.