In its latest interim results, President Energy revealed the firm’s MVP – its Louisiana interests.
The firm confirmed its US interests, including its stake in Eagle Crest, “continue to provide the group with solid production and cash flow”.
The positive cash flow saw President Energy double its reserves in Argentina and assume operatorship of its Puesto Guardian interests.
Revenue for the first six months of the year was slightly up from last year’s numbers, totalling $5.8million. Gross profit held steady at $1.9million. Cash balances as of June sat at $23million.
Chairman Peter Levine said: “2014 to date has been a busy year with the commencement of President’s exploration campaign in Paraguay. The Jacaranda well results give us optimism for our continued exploration campaign.
“Away from Paraguay we have continued to enjoy steady cash flow from our assets in Argentina and Louisiana. The prospects for these assets have been further enhanced by the increase in our interest in the Puesto Guardian concession, bringing both additional revenue and operational control, and through the on-going improvements and recent exploration success in Louisiana.”
The firm’s production for the first half of the year tallied up to 389 boepd.
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