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President Energy PLC - Leeds-based oil & gas company focused on Latin America - Swings to a pretax profit of $5.7 million in 2021, from a loss of £10.3 million the previous year. Revenue rises 23% to $34.1 million from $27.8 million as a result of a recovery in commodity prices in Argentina and the US, company explains. Net production averages at 2,473 barrels of oil equivalent per day in the year, down from 2,714boepd a year prior. However, average product price rises to $40.7 per barrel of oil equivalent from $30.0 per boe the previous year.
In regard to its current trading, company notes small month-on-month increases in oil prices in Argentina, with prices in the Salta province up 12% since the start of the year. Adds that, of the new wells drilled in Salta, all three were successful oil producers.
Current stock price: 1.51 pence, up 0.7% in London on Tuesday
12-month change: down 10%
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