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President Energy posts uptick in Argentine reserves
Upstream oil and gas company President Energy announced the results of the latest Argentine yearly reserves certified as at 31 December on Monday, conducted by JR Consultores led by Juan Rosbaco, a leading Argentine reserves auditor.
The AIM-traded firm said its Puesto Flores / Estancia Vieja, Neuquén Basin net 1P reserves increased more than 30% to 4.5MMboe from the equivalent of net 3.2MMboe when the assets were acquired.
Net Argentine aggregate 1P reserves remained steady at 14.7MMboe, of which the Neuquén Basin higher value reserves of 4.5MMboe now comprised over 30%, up from 20% previously.
Neuquén Basin net 2P reserves increased by 66% from the equivalent of 4.82MMboe to 8MMboe.
Net Argentine aggregate 2P reserves increased to 26.6MMboe, of which the Neuquén Basin reserves now comprised over 30%, up from less than 15% previously, with the Puesto Guardián contribution to the total accordingly reducing.
President said its 2018 capital expenditure programme capital was expected to further increase its Neuquén Basin reserves.
"The latest reserve figures underline the increasing value and diversity in our Argentine assets and act as a clear signpost for organic growth to come in 2018 and beyond," said president and CEO Peter Levine.
"We have had a successful start to the year in Argentina and as the year progresses we expect to see material progress not only in earnings but also in reserves."