Argentina focused President Energy has banked the first proceeds following the delivery of oil from the Puesto Flores Field.
The AIM listed firm announced the acquisition of the field and its neighbour the Estancia Vieja on September 21.
The proceeds received of $1.5 million represent the revenue from the first shipment of oil under President’s operatorship of the Puesto Flores Field.
The oil was transported by pipeline to the off-taker, an Argentine refiner and trader.
Peter Levine, chairman and chief executive of President, said: “President Energy is focused on profits and positive cash flow.
“This announcement reflects that focus and demonstrates that our newly acquired assets are, from the get-go, delivering solid cash flow.”
Puesto Flores and Estancia Vieja is an onshore licence block in the prolific Neuquen Basin, of Rio Negro Province.