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President Energy: Q3 2018 Unaudited Group Management Reporting Highlights

Posted by OilVoice Press - OilVoice

29-Oct-2018


Q3 2018 unaudited Group Management Reporting Highlights

Significant progress continues

President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides highlights from the unaudited Group management reports for Q3 2018 and a comparison with the second quarter of this year.

Highlights

  • Turnover increased by 21% over Q2 2018 to US$13.1m (Q2 2018 - US$10.8m)
  • Adjusted EBITDA* increased by 101% over Q2 2018 to US$5.7m (Q2 2018 - US$2.8m) and continues to run at approximately US$2m per month with total for the first three quarters now approaching US$12m
  • Group operational profit after administration expenses and workovers but before depreciation increased by 82% over Q2 to US$4.6m (Q2 2018 - US$2.5m)
  • Group free cash generation from core operations before G&A increased by 59% over Q2 2018 to US$6.8m (Q2 2018 - US$4.3m)
  • Group well operating costs per barrel reduced by 20% over Q2 2018 to US$27.18 (Q2 2018 - US$33.93)

The Group is pleased to report that its internal unaudited management accounts for Q3 2018 show further significant financial improvement. The Group has demonstrated positive progress across all key performance indicators when compared with Q2.

Furthermore these healthy results demonstrate that the Company has not been materially adversely affected by the recent macro economic turbulence in Argentina, which turbulence has at the present time shown some indications of stabilising.

The Company is on a strong upward trajectory. The last quarter of this year should benefit from the current three well drilling campaign in Puesto Flores which is targeted to add an initial 600bopd to field production, equivalent to an increase of some 30% on existing levels from that field. The Company is also expecting to complete the acquisition of two new fields in Rio Negro in Argentina by the beginning of December which should give incremental production of the Group from January 2019 as well as providing a valuable strategic pipeline for offtake of the Company's gas.

Peter Levine, Chairman and Chief Executive commented:

"The last quarters management reported results are a further demonstration of President's growing trading and financial position and prospects.” 

“We are now focused on the challenge of further improving on these as we progress through the final quarter of 2018."

 

*Adjusted EBITDA calculated on the same basis as shown in the Interim Accounts to 30 June 2018



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