Share Name Share Symbol Market Type Share ISIN Share Description
President Energy Plc NEX:PPC.GB NEX Ordinary Share GB00B3DDP128
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 4.25 0.00 0.00 4.25 4.25 4.25 654,191 10:16:56
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

President Energy PLC Company Update

13/08/2019 1:27pm

RNS Non-Regulatory


TIDMPPC

President Energy PLC

13 August 2019

13 August 2019

PRESIDENT ENERGY PLC

("President", "the Company" or "the Group")

Company Update

President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides a brief Company Update.

President notes the results of the recent Primary Election Results in Argentina and the subsequent fall in the value of the Argentinian peso.

President emphasises that it is a dollar based business and that trading continues as normal. Accordingly, the Company does not envisage any material adverse impact on its business or prospects from the fall in the value of the peso nor does it see any actual or contingent threats to its assets as a result of any potential political changes.

President plans and mitigates in its day to day business against currency volatility and, as set out in the 2018 Annual Accounts that were released on 23 May, 2019, cash losses during the full 12 month period were less than US$ 100,000 on turnover in Argentina in excess of US$ 40 million (less than 0.3%). Yesterday's currency decline has had at worst a neutral effect on President's cash position due to virtually all of its cash being held in US dollars at the time.

Indeed, as a cash generative, profitable business, President views any volatility as a potential market opportunity.

Peter Levine, Chairman, commented:

"We continue to mind our own successful business in Argentina.

Having been in this Country through two Presidencies, we have managed any political volatility and therefore remain focused and determined."

Contact:

 
 
   President Energy PLC 
   Peter Levine, Chairman 
   Rob Shepherd, Group FD                   +44 (0) 207 016 7950 
 finnCap (Nominated Advisor) 
  Christopher Raggett, Scott Mathieson    +44 (0) 207 220 0500 
 
   Whitman Howard (Broker) 
   Hugh Rich, Grant Barker                  +44 (0) 207 659 1234 
 Tavistock (Financial PR) 
  Nick Elwes, Simon Hudson                +44 (0) 207 920 3150 
 

Notes to Editors

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.

The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, Rio Negro Province as well as in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support, including the IFC, part of the World Bank Group, an in-country management team as well as a Board whose interests are aligned to those of its shareholders, President Energy gives UK investors rare access to the Argentinian growth story combined with world class standards of corporate governance, environmental and social responsibility.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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August 13, 2019 08:27 ET (12:27 GMT)

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