President Energy profits boosted by higher revenues and lower expenses

Oil and gas outfit President Energy saw third-quarter profits rise as revenues increase and costs decrease over the three months ended 30 September.

President Energy saw underlying operating profits rise 82% quarter-on-quarter to $4.6m, even after administrative expenses and workovers but before depreciation increased.

The Argentina-focused oil and gas producer was boosted by a 21% quarter-on-quarter revenue jump to $13.1m. Adjusted EBITDA doubled to $5.7m.

Well operating costs per barrel fell more than 20% to $27.18.

President Energy told investors that its fourth and final quarter would likely benefit from a current three-well drilling campaign in Puesto Flores, aimed at delivering an initial 600 barrels of oil per day to field production.

The AIM-listed firm revealed it was also expecting to complete its acquisition of two new fields in Rio Negro by the beginning of December.

Chairman Peter Levine, said: "The last quarter's management reported results are a further demonstration of President's growing trading and financial position and prospects."

"We are now focused on the challenge of further improving on these as we progress through the final quarter of 2018."

As of 1105 BST, President Energy shares had shot up 9.73% to 8.89p.