President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets focused primarily in Argentina provides an update in relation to the farm-out agreement in relation to the Pirity Concession, Paraguay.
On 8 June 2021, it was announced that a conditional farm-out agreement had been executed and that completion of the agreement was conditional on the approval by the relevant regulatory authorities in Paraguay to the transfer of interests contemplated under the said agreements and also the prolongation of the concession terms for a defined period of time.
President confirms that this latter condition has now been satisfied and the term of the exploration concession will now expire on 12 September 2023. If a discovery is made in the meantime, application can be made to convert the relevant area into an exploitation licence.
Steps to satisfy the remaining condition continue with the objective of full satisfaction of the conditions by the end of September 2021.
At the same time, the expiration time for Hernandarias exploration Concession has been extended to 22 November 2023.
Peter Levine, Chairman, commented
“We continue to proceed step by step.
“Whilst the necessary regulatory approval is yet to be satisfied, we consider this is only a matter of time before approval is granted given the provenance of the proposed Farminee.”
President Energy PLC
Rob Shepherd, Group FD
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets capable of delivering positive cash flows and shareholder returns. With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
Atome is the green hydrogen and ammonia subsidiary of President Energy PLC with intended operations in the Americas and Europe and a targeted separate listing on the London Stock Exchange market later in 2021.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014.
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