President Energy (PPC), the international energy company provides an update and information regarding
Production Sales.
President is pleased to report the following positive production sales news:
- The first material sales of oil from Louisiana for many months are taking place with one barge load planned of between 5000-5500 barrels of oil expected shipped this week with proceeds received as usual 20 days from the end of the month. The price of Louisiana crude as well as that of gas remain robust. With low opex and the continued use of ample tax losses, President anticipates significant net cash generation in the context of its Louisiana operations;
- President has received approval from the regulatory authorities in Argentina to export approximately 19,000 barrels of oil being part of its Argentine production this month at or around international prices;
- Long-awaited signals have been communicated to the market from the Argentine national oil production company YPF as well as from the Government that after many months domestic oil prices in Argentina will start to increase from April with already an announcement on Monday that prices at the pump will increase by 10%. President expects more of a gradual increase reducing the material gap to world pricing. As such the progressive step by step signs are welcomed and will have a positive effect.
President looks forward to the furture beneficial impact of these developments.
Peter Levine, Chairman, commented:
"In Argentina, positive steps to raise in effect the net proceeds of our crude is welcome as is further export of our product
"It is also satisfying to have Louisiana returning to make good bottom line contributions to Group."
