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President Energy advances projects in Argentina and Paraguay, eyes new renewables business

"The new energy initiative is reflective of our times and it is a responsible direction to take with a view to future energy," said Peter Levine.

President Energy PLC - President Energy advances projects in Argentina and Paraguay, eyes new renewables business

President Energy PLC (LON:PPC) told investors that a workover programme has now begun in Argentina.

A six well programme is now underway and the company has entered into a drill contract for two new wells later this year.

The company added that the drill programme remains on budget and on schedule to start before the end of September.

Elsewhere, the company notes that talks with a national oil company regarding a farm-in to the Pirity concession, in Paraguay, have now resumed following prior hiatus amidst the coronavirus (COVID-19) pandemic.

President added that it is currently anticipated that definitive agreements would be concluded before the end of this current year, which would allow for drilling in 2021.

Additionally, the company noted that it is considering investments in renewable energy and related technology businesses which have no material oil or gas component, via a new alternative energy subsidiary.

President said it is participating in several data rooms, confidentially, though there is no guarantee that entry into suitable projects will be effected.

"In our traditional business, progress continues on a multi-layered basis to achieve growth and long term profitability,” said Peter Levine, President chief executive.

"The new energy initiative is reflective of our times and it is a responsible direction to take with a view to future energy.

"Let us see what develops without making any promises at this stage, all the time remaining focused on our core hydrocarbon businesses and delivery of the ongoing workover and drilling projects.”

Quick facts: President Energy PLC

Price: 1.5111 GBX

AIM:PPC
Market: AIM
Market Cap: £30.58 m
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