President Energy has reported encouraging signs from its South American activity, with Argentinian oil sales exceeding $70 per barrel.
The company said realised price for President’s production in June was US$71 with a similar figure expected for July production. Current daily aggregate production from Argentina is running between 380-400 barrels of oil per day (bopd).
A Preliminary review of the first raw data processed from its asset in Paraguay’s Hernandarias block is cautiously encouraging, according to the firm Final analysis will be available in approximately two months.
In Louisiana, President has acquired net incremental production of approximately 100 boepd of which approximately 45% is oil with effect from August.
The increased production includes higher effective working interests in one well in each of President’s two fields and more than offsets the decline rate incurred in the company’s East White Lake field.
A new production well at that field is due to spud during the course of this month and targeted to come on stream by the end of August.
President’s chairman Peter Levine, said: “Operations in the key significant assets of Argentina and Paraguay are proceeding encouragingly and on plan.
“Louisiana’s small incremental production that has been achieved at good value to shareholders is a helpful addition to the group’s production that is currently delivering in excess of 675 boepd, an increase of 60% since the modest level at the start of the year.”