President Announces CGC Share Subscription

Source: www.gulfoilandgas.com 7/28/2021, Location: South America

President Energy, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina , confirms that further to the announcement of 20 November 2019 Compania General De Combustibles S.A. ("CGC") has completed the final quarterly instalment of its share subscription programme.

CGC has invested a further sum of US$165,000.00 approximately £119,947.66 at an exchange rate of GBP1.3756 : 1 USD being the spot rate on the day prior to 24 July 2021 , the effective date of the investment ("the Additional Subscription Amount"). To satisfy the Additional Subscription Amount, President has issued to CGC 5,851,105 new ordinary shares of 1p each in the capital of the Company (the "Additional Subscription Shares") to CGC at a subscription price of 2.05 pence per Additional Subscription Share, being the closing mid-market price per Ordinary Share on 23 July 2021 .

Application has been made for the 5,851,105 Additional Subscription Shares to be admitted to trading on AIM and dealings are expected to commence on 2 August 2021 ("Admission").

The Additional Subscription Shares will rank pari passu with the existing ordinary shares in the capital of the Company. Following Admission, the Company's issued share capital will consist of 2,041,074,484 Ordinary Shares. Accordingly, the figure of 2,041,074,484 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.


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