President Energy reports solid progress in Argentina

South America-focussed exploration and production company President Energy said on Wednesday that the new LB-1002 well on Las Bases field in Rio Negro, Argentina, was projected to spud later in the day, in line with its expectations.

The AIM-traded firm said drilling schedules in Rio Negro remained on track, adding that the new oil treatment plant was on schedulke to start operations by the end of June, and was on budget.

In Salta, Argentina, advanced discussions were in progress on commissioning the 3D seismic for Canada Grande and Puesto Guardian, with a go-ahead projected by the end of April.

Salta drilling discussions and preparations were ongoing, with work still projected to start during the second half of 2021.

Paraguay farm out discussions were said to be “intensifying” and in their final stages, with advanced talks ongoing with the contemplated farminee on well locations, timing and logistics.

Signing was now expected by both parties around the end of April.

At its alternative energy subsidiary Atome, multiple project streams were in progress at “varying degrees” of maturity, the board said.

“Day by day our company gets stronger and we are ready to do all we can to grow President organically and by strategic initiative,” said chairman Peter Levine.

“I am confident that 2021 will be seen by its end as a year of progress.”

At 1234 BST, shares in President Energy were up 2.62% at 2.16p.