President Energy pleased with first-half results from Argentina

President Energy reported first-half results from its operations in Argentina on Friday, reporting turnover of more than $18m for the six-month period.

The AIM-traded firm said it was currently projecting turnover in Argentina for the full year to exceed $40m.

It said the results did not include any beneficial impact from the successful new wells in Salta, which were expected to have a positive impact in the second half.

Profit before tax in the period totalled $8.1m, while the average oil reference price in Rio Negro for domestic sales in the half-year was $58.89 per barrel.

Currently, the reference price for domestic sales in Argentina was $65 per barrel.

During the period, President exported part of its production on three occasions, with that partial export continuing into the third quarter.

“These results in Argentina, achieved with the majority of oil sold at domestic prices, demonstrate the health and robust nature of President's operations,” said chair Peter Levine.

“With the impact of the increased production in Salta we are now engaged to optimised results in the second period of this year as well as the other activities of President and its evolving nature of the group as previously announced including its 28% interest in Atome, its new alternative energy subgroup Green House Capital, and the steps towards lithium previously announced.”

President said it would announce its full half-year accounts under UK standards before the end of September.

At 1222 BST, shares in President Energy were up 0.83% at 1.21p.

Reporting by Josh White at Sharecast.com.