Sharecast
    • {{ menus.user.data_crypt.email }}

webfg

{{ storiesRelated.title }}

  • {{ value.headline }}
    • Home
    • UK Shares
        UK SHARES
      • Home
      • Results
      • Broker Views
      • Director Dealings
      • IPO Centre
      • Company Diary
      • Regulatory News
      • Company A-Z
    • Market Data
        MARKET DATA
      • Overview
      • Indices
      • Currencies
      • Commodities
      • Gilts
      • ETFS
      • Bonds
    • Webfg News
    • Cryptocurrencies
    • Technical Analysis
    • Active Trader
    • Funds
        FUNDS
      • Funds Centre
      • Managers
      • News
    • Brokers
        BROKERS
      • Home
      • Forex
      • Shares
      • Binary Options
      • CFDs
      • Futures
      • Options
      • Spread Betting
    • Social trading
    • Spread Bet
        SPREAD BET
      • Learn
      • Strategies
    • Economic calendar
    • Portfolio
    • Watchlist
    •  More
      • Home
      • UK Shares
        • Home
        • Results
        • Broker Views
        • Director Dealings
        • IPO Centre
        • Company Diary
        • Regulatory News
        • Company A-Z
      • Market Data
        • Overview
        • Indices
        • Currencies
        • Commodities
        • Gilts
        • ETFS
        • Bonds
      • Webfg News
      • Cryptocurrencies
      • Technical Analysis
      • Active Trader
      • Funds
        • Funds Centre
        • Managers
        • News
      • Brokers
        • Home
        • Forex
        • Shares
        • Binary Options
        • CFDs
        • Futures
        • Options
        • Spread Betting
      • Social trading
      • Spread Bet
        • Learn
        • Strategies
      • Economic calendar
      • Portfolio
      • Watchlist

    This website is for Private Investors* only

    I am a private investor* I am not a private investor
    *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
    1. Obtains access to the information in a personal capacity;
    2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
    3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
    4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
    5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
    6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
    o
    Forgot password?
    Don’t have an account? Sign In

    Tell us more

    You are seeing these quotes based on previous browsing related to sectors such as

    Sectors
    • High
    • Medium
    • Low
    Banking
    Energy Producers
    Engineering
    Mining
    Categories
    • High
    • Medium
    • Low
    Economy
    Market Report
    Companies
    Currencies
    1. 17 Feb, 2019
    2. Home
    3. Aim Bulletin
    Josh White WebFG News
    07 Dec, 2018 10:55 07 Dec, 2018 10:55

    President Energy upbeat on latest drill results from Rio Negro

    oilfield

    President Energy

    9.11

    16:23 15/02/19
    0.11%
    0.01

    Upstream oil and gas company President Energy updated the market on its concessions in Argentina’s Rio Negro province on Friday, with positive updates from both primary and secondary targets.

    FTSE AIM All-Share

    907.59

    16:25 15/02/19
    -0.45%
    -4.07

    The AIM-traded firm holds 90% of the concessions and was the operator, with EDHIPSA holding the remaining 10%.

    At well PFE 1001, President said it had now been successfully completed and tested.

    Both the secondary - Pre Cuyo - and primary - Punta Rosada - targets successfully produced oil, and as with the predecessor well - PFO 1001- the secondary target was isolated to be kept in reserve to produce at a later date.

    The Punta Rosada, having tested at the rate of approximately 400 barrels of oil per day (bopd) with nearly nil water and “good” downhole pressure, would be on line by 10 December with a similar level of initial production expected.

    President’s board said the rate of flow was “substantially ahead” of its initial expectations, which were for 200 bopd, and would provide pay back on the well within 12 months on the basis of current oil prices and expected decline rates.

    At well PFO 1005 - the last of the current three-well sequence - drilling was said to be proceeding as planned, and was currently drilling at 2,000 metres with a target depth of 2,700 metres.

    President said a further update on progress would be made later in the month, and it maintained its pre-drill guidance of 200 bopd for the target production there.

    Finally, on the financial front, the company said the final part of the deferred consideration payable to the Rio Negro province of $1.8m had now been paid, meaning the full acquisition cost of the PF/EV concessions had been discharged.

    The deferred consideration paid by President during 2018 was $7m - all paid from the company's own funds.

    “We are pleasantly surprised at the initial flow results from PFE 1001, a well delivered on time and budget, and are now focused on the third well in the series alongside initial work on our newly acquired Rio Negro Concessions,” said President Energy chairman and group chief executive officer Peter Levine.

    “President's stringent focus on general and administrative expenditure, operational expenditure, margins and cash flow as a dollar-based business in Argentina means that it is in a strong position to benefit from increased production whilst providing downside protection against any oil price volatility or inflation.”

    Advertising

    THE MOST READ

    • Credit Bank of Moscow eurobond sale greeted by strong demand
    • Trade talks to continue next week in Washington
    • RBS declares special dividend after doubling profits
    • Plus500 stumbles on annual report 'typo'
    • Credit Bank of Moscow Eurobond sale greeted by strong demand
    SEE THE FULL LIST

    SMART BOX info

    More about you
    • High
    • Medium
    • Low

    You are seeing these quotes based on previous browsing related to sectors such as:

    • {{ item.Description }}

    You are seeing these stories as you have shown an interest in the following categories

    • {{ item.Description }}
    Advertising

    RELATED NEWS

    {{ storiesRelated.scrollNewsPercent }}% Complete

    President Energy upbeat on latest drill results from Rio Negro
    oilfield
    Credit Bank of Moscow eurobond sale greeted by strong demand
    la-russie-denonce-une-hysterie-russophobe-du-royaume-uni
    Trade talks to continue next week in Washington
    trump xi acuerdo progresa
    FTSE 250 movers: Acacia Mining sparkles, Plus500 tumbles
    lingote oro gold
    Credit Bank of Moscow Eurobond sale greeted by strong demand
    la-russie-denonce-une-hysterie-russophobe-du-royaume-uni
    Weekly review
    London close: Stocks jump on retail sales figures, US-China trade talks
    chine-la-guerre-commerciale-une-occasion-d-acheter-ailleurs
    Plus500 stumbles on annual report 'typo'
    plus500
    Broker tips: The Restaurant Group, Domino's Pizza, BT
    Pizza Dominos shop store
    Jefferies sees BT worth 340p
    bt, openreach, cable, broadband, internet
    Egdon Resources' Springs Road well 'ahead of schedule'
    ep petroleo 20180716184714
    • Home
    • About us
    • Advertising
    • Terms & Conditions
    • Privacy policy
    • Cookies
    • Review preferences
    • Contact
    Back to the top

    © 2019 WebFG and Media Limited or its affiliated companies. All rights reserved.