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President Energy PLC - Leeds-based oil & gas company focused on Latin America - Opens three new wells at the Puesto Guardian Concession, Salta Province, Argentina, which are each producing in the range of 125 to 185 barrels of oil per day. Adds that oil prices continue to climb, with oil prices in its Neuquen Basin area at around $67 per barrel. The price of its export cargo sold in July was $105.8 per barrel. ‘Being a US dollar based business insulates President to a material degree from the high inflation unfortunately suffered in Argentina at present,’ the company adds.
Says that it is currently installing a gas lift system in its Louisiana-based wells to maintain and enhance production; wells are expected to be fully operational again in August.
Adds that Non-Executive Director Martin Urdapilleta retired at its annual general meeting held on July 2022, due to increased business commitments in South America for Trafigura Pte Ltd. Urdapilleta is a general manager of Trafigura. ‘Trafigura continues as a significant shareholder in President and the parties continue to enjoy a strong and mutually beneficial trading relationship,’ President says.
Chair Peter Levine comments: ‘We would like to place on record our thanks to Martin for his services and professionalism towards president throughout his tenure. Our colleagues in Buenos Aires continue unabated to work closely with Martin and Trafigura in Argentina on a day-to-day basis for which we remain grateful.’
Current stock price: 1.33 pence
12-month change: down 22%
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