President Energy's shares rise after Puesto Guardian Concession update

Upstream oil and gas company President Energy's shares are up almost 5% after it said current production from the Puesto Guardian Concession is now running at a steady rate in excess of 800 bopd.

In an update on its Argentina operations, President Energy also said DP1001 was performing stronger than expected.

DP1001 was steadily free-flowing without pump on continued testing at rates in excess of 350 bopd, which was contributing to the concession production of more than 800 bopd.

The company reiterated that whilst natural decline from these initial rates should be reasonably expected, the current flow rates from this previously producing well were greater than pre-workover expectations.

President Energy also noted continued adverse weather meant the workover rig was now expected to start the shut-in well frac campaign next week.

Chairman Peter Levine said the latest production data, especially for DP1001, was encouraging with regard to concession potential and the shareholder value of the company's newly increased hydrocarbon reserves at the Puesto Guardian Concession.

"Even before we commence our frac programme on shut-in wells the rate of 800 bopd currently being achieved is a substantial step towards our target of 1,200 bopd by end September 2017." said Levine in a statement.

At 13:10 GMT, shares in AIM-listed President Energy were up 4.65% to 7.09p each.