President Energy Group 2P hydrocarbon reserves now in excess of 20 MMBoe
Wednesday, Mar 15, 2017
President Energy (AIM: PPC), the oil and gas exploration company, provides the following reserves update on its Puesto Guardian Concession, Salta Province, Argentina.Highlights:
- Argentine 1P Oil Reserves increase by 9% to 12 MMBoe of which 11.5 MMBbls is oil
- Argentine 2P Reserves increase by 10% to 19.9 MMBoe of which 19.1 million barrels (MMBbls) is oil with the balance gas
- President Energy Group 2P Reserves now total over 20 million barrels of oil equivalent (MMBoe), including the Company’s producing Louisiana interests
President Energy’s Hydrocarbon Reserves at its Puesto Guardian Concession, Salta, Argentina have been independently certified and audited by VYP Consultants, a Reserves Auditor regulated by and registered with the Argentine Federal Secretary of Energy. The audit, conducted under SEC and World Petroleum Congress regulatory principles, will be submitted to and filed with the Secretary of Energy as part of President Energy’s annual operating obligations.
The increase in reserves reflects the impact of successful frac and stimulation campaigns on previously non-producing carbonate zones in the Cretaceous Formations which we are looking to replicate and enhance in this year’s programme.
Peter Levine, Chairman, commented:
“The Company’s 2P Hydrocarbon Reserves are comparable to companies whose market capitalisation is a multiple of President’s. Whilst five separate fields in the Concession have each their characteristics, with the 2017 workover programme the key factor is to increase the production to reserves ratio. The audit nevertheless highlights the potential of Puesto Guardian and its asset value is clear with the results demonstrating the continued ability of President to replace reserves even with the projected increase in production this year.”
For more information, please visit: http://www.presidentenergyplc.com