President Energy (PPC), 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 already banked the proceeds from its first delivery of oil from the Puesto Flores Field, the acquisition of which, together with the neighbouring Estancia Vieja Field, was announced on 21 September 2017.
The proceeds received of US$1.5 million represent the revenue from the first shipment of oil under
President’s operatorship of the Puesto Flores Field. The oil was transported by pipeline to the offtaker,
an Argentine refiner and trader.
Peter Levine, Chairman and Chief Executive, commented:
“President Energy is focused on profits and positive cash flow. This announcement reflects that focus
and demonstrates that our newly acquired assets are, from the get-go, delivering solid cash flow".
