President Energy Plc provided an update covering its forthcoming new well programmes at the Puesto Flores/Estancia Vieja Concession in Rio Negro Province, Argentina. The company can confirm that the previously indicated new three development well drilling programme at the Puesto Flores field will commence by the end of September with the rig contracted, long lead items ordered, approvals, consents and permits obtained, and specialist sub-contractors being chosen. The cost of the wells will be paid out of cash flow. The wells all target proven undeveloped reserves, are designated in planned order of drilling PFO 1001, PFE 1001 and PFO 1005 and are aimed at increasing gross field production by 600 bopd in aggregate on the base case.  Each well is planned to be vertical with a depth of between 2,300 and 2,700 meters. Once drilled, the wells will be completed with a workover rig. It is expected the wells will deliver a rapid payback and it is currently projected that all three wells should be completed and on stream by the end of this year. The company has already received nine drilling permits for locations in Puesto Flores and it is expected that new development wells together with two exploration wells will be drilled at that Concession in 2019. The work next year will be complemented by new development drilling in Puesto Guardian, Argentina and exploration drilling in Paraguay. The company's current normalized net production is approximately 2,700 boepd of which some 95% is oil with the balance being from the gas contribution coming from Louisiana. The successful workover programme at Puesto Flores is nearing its end with one well still to complete. It is anticipated that by the end of the year net production will be enhanced by oil from the new wells to be drilled at Puesto Flores. The currently shut in gas production capability of certain wells in the Estancia Vieja field would further add in excess of 500 boepd additional initial production if/when placed on line. Testing of certain wells there is still in progress. As previously announced President is working on ways to utilise such gas internally and to monetise any excess by early 2019.

The group provided earnings guidance for the first half and second half of 2018. The first half 2018 results are anticipated to show a strong financial position with record high production in June.

The second half of the year expected to see further material improvement on the first six months of 2018.