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
  -0.10 -2.34% 4.175 0.00 0.00 4.275 3.95 4.275 137,696 16:30:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

President Energy PLC H1 Group Management Reporting & Operational Update

06/08/2019 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9725H

President Energy PLC

06 August 2019

6 August 2019

PRESIDENT ENERGY PLC

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

H1 2019 Un-Audited Group Management Reporting and Operational 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 highlights of the H1 2019 Un-Audited Group Management Reports and a trading update.

H1 2019 Un-Audited Group Management Report Highlights:

-- Sales c. US$23.5 million (7% up on H1 2018) notwithstanding lower average sales prices compared to the same period last year.

   --     Adjusted EBITDA* of c. US$8 million. 

-- Bank debt reduced from US$10.15 million at start of period to US$4.82 million at today's date.

-- Average net Group production for the period was c. 2,500 boepd (8% up on full year average for 2018), notwithstanding previously announced operational outages and shut-ins in Argentina and Louisiana.

-- With an increasingly better second half in prospect over the latter part of H1, President is on track for a projected Group adjusted EBITDA for the full year of some US$20 million.

-- Target average production guidance for H2 will be announced at the same time as the announcement of the H1 results which should reflect the expected increase from the latter part of H1 as the benefit of the operational work being undertaken and planned referred to below starts to impact as well as the gradual bringing in of the ready to produce shut in production referred to in the second bullet point of the Operational Update below.

   --     Interim results are expected to be announced towards end of September. 

Operational Update:

-- The workover programme is still continuing. A detailed review of the results of the programme so far will be given in September.

-- In addition to existing production, President has an estimated net 1,100 boepd now tested, proven and ready to produce, subject to surface facilities being completed, save in the case of the Triche well in Louisiana which is just subject to an ongoing workover. The completion of those facilities will start to be effected, step by step in H2 and Louisiana production should start to be back on line by September.

-- Further, additional hydrocarbon production is expected in due course from sub-surface programmes which in the normal course of planning are being re-evaluated and assessed in the light of knowledge gained this year from the Workover programme and follow-on detailed sub-surface analysis. Concrete details of such are expected to be announced at the same time as the Workover review in the first part of September.

Peter Levine, Chairman, commented:

"President has delivered positive results in H1, notwithstanding the headwinds as previously announced which should now, step by step, be receding in the rear-view mirror.

"In the space of only some 20 months President has enjoyed a period of transformative progress including the successful integration of four valuable acquisitions, a strategic pan-regional pipeline, the bringing on of new production, generation of positive cash flow and attaining good margins. Despite this, President's share price, uncoupled from such progress, has dropped some 35% in value during that time.

"President, remains confident as to its future prospects and success as an energy business and is examining initiatives to deliver value for shareholders."

Note:

*Earnings before interest, tax, depreciation, amortisation and impairment and adjusted to exclude non-recurring items.

Dr Martin Gee, PhD in Geophysics (Oxon), BSc (First Class hons) in Earth Sciences (Cardiff) who meets the criteria for qualified persons under the AIM guidance note for mining and gas companies, has reviewed and approved the technical information contained in this announcement.

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 (Joint Broker) 
  Hugh Rich, Grant Baker                  +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 announcement contains inside information for the purposes of article 7 of Regulation 596/2014

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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