Gulf Oil and Gas accountACCOUNT

President Energy Provides Update on Argentina Operations

Source: www.gulfoilandgas.com 2/22/2018, Location: South America

Share |
President Energy, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, is pleased to announce that it has recorded record results in January with each of our concessions making good returns and contributing profits.

The Company’s Argentine assets generated US$1.3 million after all Opex, G&A and finance costs. Positive cash generation was higher than this at over US$1.8 million due to continued utilisation of tax credits which are estimated to continue through 2018. President expects to pay no corporation tax this year due to the utilisation of tax losses carried forward.

Sales prices achieved were an average of US$63.50 per barrel for Puesto Flores and US$53.70 per barrel for Puesto Guardian. Both prices are estimated to be at approximately the same level for the current month.

In relation to Puesto Guardian, the concession is now making a significant contribution to the overall profitable results in Argentina and this contribution should increase as the complex work being performed progresses through Q1. In relation to President's Neuquén Basin assets, work has now commenced to test the long shut-in Estancia Vieja field.

Peter Levine, Chairman and CEO, commented:

"We are making excellent progress and 2018 has started really well. Every Concession in Argentina is contributing to these results and combined with the US$200k per month free cash generation from Louisiana, the Company is in its strongest ever position.

Financials and Investment News in Argentina >>

United Arab Emirates >>  8/14/2018 - Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced that the issue of its new Sukuk has been completed...
United Kingdom >>  8/13/2018 - Petrofac has secured US$300 million of new bank facilities with existing relationship banks. These new committed facilities, which will mature in 2020...

Iran >>  8/6/2018 - Iran plans to implement a new financial rescue package on Monday to try and halt the rial’s decline, coinciding with the re-imposition of severe U.S. ...
Iran >>  8/5/2018 - Saudi Arabia has agreed to admit an Iranian diplomat to head an office representing Iranian interests in the kingdom, the official Iranian news agency...

Brazil >>  8/3/2018 - Petrobras reported net income of R$ 17 billion in the first half of 2018. The positive result was mainly influenced by the increase in international o...
Azerbaijan >>  8/1/2018 - The EU Member States agreed on European Commission proposal to invest €48.4 million in several key European energy infrastructure projects using funds...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Argentina Oil & Gas 1 >>  2 | 3 | 4 |

More News

 

Oil & Gas Companies in Argentina >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.