Aankondiging • Apr 27
Molecular Energies Announces Last Day of Dealing on AIM Molecular Energies plc provided an update on the matters described in the circular to shareholders dated 28 March 2024 and further information on shareholder communication following cancellation of the admission of the Company's ordinary shares to trading on AIM ("Cancellation"). Cancellation will take place at 7.00 a.m. on 29 April 2024. The final day of dealings in the Company's shares on AIM is 26 April 2024. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Market cap is less than US$10m (€2.53m market cap, or US$2.70m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Jan 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Market cap is less than US$10m (€4.48m market cap, or US$4.88m). Aankondiging • Jan 24
Molecular Energies PLC has completed a Follow-on Equity Offering in the amount of £0.648488 million. Molecular Energies PLC has completed a Follow-on Equity Offering in the amount of £0.648488 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,852,824
Price\Range: £0.35
Transaction Features: Subsequent Direct Listing Aankondiging • Dec 14
Molecular Energies plc Announces Paraguay Drilling Update Molecular Energies provided an update relating to the progress on the preparation for drilling of its high impact Paraguay exploration well. The repaired blow out preventor has, after a lengthy procedure, successfully passed through both Brazilian and Paraguayan customs and is now at the drilling site in the Paraguayan Chaco being assembled and thereafter mounted, hydraulic lines run, and function tested. Subject to satisfactory testing and navigating the void period over Christmas it is projected that continuous drilling will start shortly after the forthcoming holiday period. Service companies have been put on notice and will accordingly be mobilising to site. A further announcement will be made on spudding. Reported Earnings • Oct 01
First half 2023 earnings released: EPS: US$0.035 (vs US$0.32 in 1H 2022) First half 2023 results: EPS: US$0.035 (down from US$0.32 in 1H 2022). Revenue: US$14.7m (down 9.3% from 1H 2022). Net income: US$364.0k (down 89% from 1H 2022). Profit margin: 2.5% (down from 21% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Sep 07
PLLG Investments Limited agreed to acquire President Petroleum S.A. from Molecular Energies PLC (AIM:MEN) for $40 million. PLLG Investments Limited agreed to acquire President Petroleum S.A. from Molecular Energies PLC (AIM:MEN) for $40 million on September 5, 2023. The total consideration includes $2 million cash payment on the date falling 12 months from completion of the sale, PLLG Investments Limited to procure the repayment of $13 million debt and interest owed by President Petroleum S.A. to Molecular Energies PLC and contingent consideration of up to 20% of the net free cashflow of President Petroleum S.A over the next 5 years. The entire deal value is up to the sum of $40 million in aggregate and subject to certain conditions. The deal is subject to approval of the shareholders in a general meeting and consequently the Circular contains a notice of general meeting to be held at 3pm on September 21, at The RAG Army & Navy Club, 36 Pall Mall, London, SW1Y 5JN (the "General Meeting"). Christopher Raggett of finnCap Ltd acted as financial advisor to Molecular Energies PLC (AIM:MEN). Aankondiging • Aug 31
M Molecular Energies plc Provides an Update Relating to the Paraguay Exploration Well M Molecular Energies provided an update relating to the Paraguay exploration well. The preparation for commencement of drilling of the Paraguay exploration well on the Tapir x1 site has continued. The present status is as follows: The mobilization to site has been completed. The site camp for 60 persons including medical and catering facilities has been assembled. The rig up is approximately 50% complete with the mast scheduled to be erected at or around the end of next week. There are now 50 workers on site including Moleculars Drilling Manager, Company Manager, HSE Supervisor and Logistics Supervisor. The Blowout Preventor is undergoing final testing and certification before being shipped to the site from Brazil. Currently expected to be delivered and installed week commencing 11 September. Long lead services, including logging while drilling, fishing and performance drilling tools as well as casing running equipment are now on site. Halliburton has begun moving chemicals for drilling fluids and cementing. Continuous work is being conducted to monitor the approximately 150km of unpaved dirt roads to the remote location and this will continue throughout the drilling and demobilization period. Commencement of drilling is now scheduled to take place at some stage in the second half of September. Aankondiging • Jul 15
An unknown buyer acquired a 2.23% stake in ATOME Energy PLC from Molecular Energies PLC for £0.8 million. An unknown buyer acquired a 2.23% stake in ATOME Energy PLC from Molecular Energies PLC for £0.8 million on July 14, 2023. finnCap Ltd acted as financial advisor to Molecular Energies PLC.
An unknown buyer completed the acquisition of a 2.23% stake in ATOME Energy PLC from Molecular Energies PLC on July 14, 2023. Aankondiging • Jun 29
Molecular Energies PLC, Annual General Meeting, Jul 25, 2023 Molecular Energies PLC, Annual General Meeting, Jul 25, 2023, at 12:00 Coordinated Universal Time. Location: Carrwood Park, Selby Road, Leeds LS15 4LG Leeds United Kingdom New Risk • Jun 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$10m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$10m free cash flow). Minor Risk Market cap is less than US$100m (€14.7m market cap, or US$16.1m). Reported Earnings • Jun 29
Full year 2022 earnings released: US$1.02 loss per share (vs US$0.45 profit in FY 2021) Full year 2022 results: US$1.02 loss per share (down from US$0.45 profit in FY 2021). Revenue: US$33.2m (down 2.7% from FY 2021). Net loss: US$10.5m (down 329% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • May 11
Molecular Energies PLC Provides an Update on its Paraguay Exploration Activities Molecular Energies PLC provided an update on its Paraguay exploration activities. Paraguay drilling: The preparations for the drilling of the exploration well in the Pirity Concession, Chaco, Paraguay continue. As part of the due diligence testing of the drilling rig, Molecular has insisted that the drilling contractor make certain modifications and repairs to the blow-out preventor. These are being carried out at the contractor's own cost. Due to the complex nature of the blow-out preventor and the requirements for it to be fit for the purpose in this particular exploratory well, it is now anticipated that spudding of the well will take place at or around the end of the first week in July. As previously announced, it is anticipated that the well will take 40 days from the date of spud to reach its target depth. The well will target the Delray complex of prospects, estimated by the Company to contain in aggregate over 260 mmbbls of P50 unrisked resources. Aankondiging • Feb 03
Molecular Energies PLC Provides an Update on the Drilling Rig for its Paraguay Operations Molecular Energies PLC provided an update on the drilling rig for its Paraguay operations. Further to the announcement of 9 January 2023 the relevant drilling rig has been successfully procured and the drilling contract with President Energy Paraguay S. A now signed. As flagged previously the rig will now undergo necessary repairs and checks due to the rig having being cold stacked for a prolonged period. The agreements for ancillary drilling services are now being signed with the objective of commencing drilling as soon as possible. Due to the significant delays completely outside of MEN's control the estimated time for commencement of drilling is in May 2023. The company restate that such delays were directly due to the complex financial insolvency of the previous owners of the rig which necessitated dealing with multiple parties. The drilling time projected to reach target depth is estimated to be 40 days from the time of commencement. Aankondiging • Dec 08
Molecular Energies PLC Provides Update on Progress of Plans for Drilling of its Paraguay Exploration Well Molecular Energies PLC provided an update on the progress of the plans for the drilling of its Paraguay exploration well. Paraguay Exploration: As announced previously, the spud date for the drilling of the high impact Paraguay exploration well is dependent upon the procuring by the designated drilling contractor (DDC) of the drilling rig currently in Paraguay. The delay in procurement by the DDC is due to the numerous consents and approvals needed by the current owner of the rig whose parent is emerging from bankruptcy. The Company understands that positive progress may now be made which subject to receipt of final permissions and approvals, will allow the rig to be procured by the DDC and contracted by the Company for the drilling during this month. Whilst the DDC and the Company have inspected the rig to the extent they can, repairs and checks on the rig are required to be made by the DDC due to it being stacked for a prolonged period of time which will involve the blow out preventer being serviced. In relation to oil field services such as mud, solids control, cement etc. these have all been lined up and all casing is in the field and available. The button can be pressed to fix mobilisation dates when visibility on the rig becomes crystal clear. In this regard, all services are coming from Brazil, Argentina and Bolivia and have to travel over 1,000km each way to the remote drilling location so there will be a time lag between commencement of moving and readiness to drill. Taking all this into account, subject as above, and managing expectations, it is prudent to now estimate the start of drilling in the latter part of the first quarter of 2023 with mobilisation commencing in the first part of that quarter. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Alex Moody-Stuart was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Nov 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Alex Moody-Stuart was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Aankondiging • Oct 20
Molecular Energies plc Provides Operational Update in Respect of Its Puesto Flores Field, Argentina and East Lake Verret Field, Louisiana Molecular Energies PLC provided an operational update in respect of its Puesto Flores Field, Argentina and East Lake Verret Field, Louisiana. Rio Negro: The Puesto Flores facility has fully restarted after the temporary disruption with all work successfully completed. It is now working up towards full production levels which is expected by the end of this weekend. For the avoidance of doubt, the disruption has not affected the previous expectations of the Argentine business being operationally profitable in the relevant quarter. Louisiana: After a delay in barge availability, work is in progress at the wells with full production, at this high margin, positive cash generative business, also expected by the end of the weekend. Aankondiging • Aug 11
President Energy Provides an HSE Update on its Assets in Puesto Flores Concession, Rio Negro Province, Argentina President Energy provides an HSE update on its assets in Puesto Flores Concession, Rio Negro Province, Argentina. At 10:25 a.m. on 10 August 2022, President's battery in its Puesto Flores facility, Rio Negro experienced a fire breakout, limited to the area containing the separator units, which was controlled and extinguished immediately. Full HSE protocols were activated, and there were no injuries to personnel. Despite minor damage, the tank and storage areas were not affected. President immediately launched an investigation to identify the causes of the incident with the intention to restart the plant without delay. Reported Earnings • Jun 29
Full year 2021 earnings released: EPS: US$0.002 (vs US$0.007 loss in FY 2020) Full year 2021 results: EPS: US$0.002 (up from US$0.007 loss in FY 2020). Revenue: US$34.1m (up 23% from FY 2020). Net income: US$4.58m (up US$15.9m from FY 2020). Profit margin: 13% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Combined production and costs Oil equivalent production: 0.903 MMboe (0.993 MMboe in FY 2020) Average production cost/Boe: US$24.43 (US$21.81/Boe in FY 2020) Over the next year, revenue is forecast to grow 35%, compared to a 35% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Aankondiging • Jun 29
President Energy Plc, Annual General Meeting, Jul 22, 2022 President Energy Plc, Annual General Meeting, Jul 22, 2022, at 10:00 Coordinated Universal Time. Location: Army and Navy Club, 36-39 Pall Mall London United Kingdom Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Alex Moody-Stuart was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 20
President Energy Plc Provides an Update on Operational and Strategy Matters President Energy Plc provided an update on operational and strategy matters. Drilling - Wells DP2001/2003 - The new wells DP2001 and 2003 remain in the process of various stages of testing. As has been stated previously both oil wells have demonstrated they produce commercially. With long life wells such as in the Puesto Guardian Concession, time is being necessarily spent to understand downhole conditions and reservoir characteristics in order to optimise production. This process remains ongoing. The wells have carbonate reservoirs which over time can inhibit flow through accumulation of residues of these same carbonates caused by pressure changes in the reservoir. Therefore, it is important to run laboratory tests to determine the right type of treatment and/or acid stimulation as well as pump size in order to ensure optimum steady state well-flow. During this time both these wells will be in sequence flowed and shut in as part of this process. Accordingly, whilst this is taking more time than originally considered, the fundamental point is that both wells are oil producers and are already making solid contributions to Salta oil production. Wells PG 13-1 - This well is a side-track of the old, formerly producing well, shut-in due to an irretrievable fish (packer) in the well. The original well has been shut-in for at least 11 years. The side-track coming out of the original casing through a whip stock has been successfully drilled to a target depth of 3,513 metres, landing in the same reservoir level approximately 30 metres from the original well position. It was then cemented. Logging while drilling and mud-logs showed similar positive hydrocarbon bearing characteristics to those in the original PG13 well which was drilled in the 1980's. The target producing reservoir is very good quality sandstone having proved to have good porosity and permeability. PG13-1 is being completed with a casing liner to protect the formation and eventually may be stimulated depending on circumstances. The drilling rig is now being released and the work of clean out and completion will be made by the workover rig. It is anticipated that this will take some 3 weeks before results from the well can be identified. For the reasons stated above, there is a level of confidence running through from management to the long serving field operatives that PG13-1 will prove to be a sound commercially producing oil well which will, all being well, be on stream before the end of May. By that time all three new wells should be optimally producing. Well PE-8 - This old well in the Pozo Escondido field in the Puesto Guardian Concession and adjacent to the producing PE-7 well was shut-in many years ago following an unsuccessful frac stimulation which screened out prior to President taking over the field operation. Since the frac, the Company has bled off oil to surface from time to time with pressure at the wellhead. Taking advantage of the workover rig being in the Concession, the well has now been worked over and cleaned of accumulated sand, Swab results showed oil and gas production. The well is now being placed on production also for May. WATER FLOODING PROJECT RIO NEGRO - This important project has been planned in detail and discussions with the relevant province are expected shortly whereupon, subject to the Province of Rio Negro approval, commencement of the initial work can be programmed. At the same time the management team, has implemented cost saving initiatives to improve margins in parallel with a fresh look at the principal fields in Rio Negro through external consultants. Whilst this work, as with the water flooding secondary recovery programme will take time for the effects seen, it is believed that all of these efforts will be rewarded in the future and are in the medium to long term interests of the Rio Negro Concessions. Preparatory work for the drilling of the exploration well continues with President's partner, OPIC, the subsidiary of CPC Corporation of Taiwan. The drilling location has now been confirmed as Tapir 1, within the Delray Complex of prospects to the southwest of the previously considered locations of Delray Main. Tapir has a Company internal estimated PMean unrisked recoverable oil in place of 96 MMbbls, with the Delray Complex having a total of 306 MMbbls PMean unrisked recoverable oil in place. The well targets mainly the Lecho and Volcanic reservoirs and is located on a central structural high with a clear four-way dip structure shown by 3D seismic acquired by President as part of its original exploration campaign. Tapir is considered to have a more favourable location than the original Delray Main site relative to the source rock generative area and charge migration pathway. The principal exploration risks being migration from source and thus charge. A further independent sub-surface study commissioned by President in March 2022 placed a 17% chance of success on the Tapir prospect. Of course this means also a high chance of failure and this correctly reflects the grounded attitude which investors must adopt in relation to exploration. The updated projected time to spud the well is now beginning of Fourth Quarter 2022. The delay to the original timetable has been the result of needing to coordinate all logistics, consents and approvals and the projected time to repair and recondition the preferred drilling rig required. On the positive side, with macro events materially affecting the cost of hydrocarbon fuel in Paraguay, a country currently totally reliant for its liquid fuel on imports of finished product by barge through 1,000km of river system from the River Plate, the economics in the event of success have significantly improved the value of the prize and concomitantly the risk/reward ratio. Aankondiging • Feb 08
President Energy Plc Provides Salta Operations Update President Energy Plc provided an update on its Salta operations. Well DP-2001: The first of the wells drilled in the current programme at the Dos Puntitas field, Puesto Guardian Concession is now in production and flowing the first commercial oil from a new well in the Concession for the first time in the last 12 years. It is early days and the Company is in the process of testing to assess optimum steady state levels and performance. The positive news is that the well is successfully cleaning up and producing 90% oil with little water. Further announcements will be made after the well has been stabilised. Well DP-2003: The second well in the programme is being tested with results expected to be able to be announced by the end of this week. Secondary recovery project Puesto Flores Concession, Rio Negro: One of the important objectives in Rio Negro is to mitigate natural production declines in mature fields as well as sweeping as much oil as possible to enhance total recovery factors in a profitable way. The Company has previously announced a successful pilot waterflood programme in a small part of the field. President has now received a detailed plan from independent experts which is optimistic that a successful secondary recovery campaign to fulfil those key objectives can be achieved. This comprises of both utilising existing wells and drilling new injector wells. This is not an overnight process nor will there be instantaneous results as with all waterflooding. The Company will now proceed to obtain all necessary consents and make preparations to roll out the project on a step by step basis in the Puesto Flores field. The field work and injection subject to consents is projected to start mid this year with results of the first section of injections likely to be seen in twelve months. It is necessary to review progress and pressure response at each stage. Aankondiging • Jan 26
President Energy plc Provides an Update on Its Interests in Salta, Argentina President Energy Plc announced that the non producing exploration areas of Matorras and Ocultar (together "the Blocks") have, with the consent of the Province of Salta, been relinquished and the work commitments transferred to the producing Puesto Guardian Concession. The transfer of the work commitments to Puesto Guardian totaling in value USD 2.61m, is approximately the cost of one production well in addition to the current three well programme. Accordingly, this means that the Company has exchanged non-drilling exploration dollar commitments for a further production well which it fully intends to drill in a known producing area, thereby generating royalties for the Province and revenue for the Company whilst permitting the Province to re-market the exploration Blocks. Aankondiging • Jan 25
President Energy Provides an Update on Its Operations in Salta and Paraguay President Energy provided an update on its operations in Salta and Paraguay. The new well DP-2001 at the Puesto Guardian, Salta, Argentina, has now been successfully tested with oil to surface from the two expected formation intervals that are also flowing in other parts of the Dos Puntitas field. The well will be placed on stream in approximately one week using the same jet pump as the other wells. Steady state production rates will be advised in due course. Further analysis of all the DP-2003 logs now obtained from the second well drilled in the sequence including latterly obtained through casing, have shown interesting possibilities including in the deeper interval drilled below the original target depth. Whilst it serves no purpose to speculate at this stage as the Company only has electric and mud log analysis with petrophysical review, the workover rig currently finishing DP-2001 will be mobilised this coming week to DP-2003 to conduct flow tests. During that time the drilling rig will be temporarily laid down in an adjacent location in the field. If those tests suggest a further well at the DP-2003 location is appropriate then a further well from that well pad will be drilled as DP-2002. The workover rig will be moved off for this purpose as it is not possible to drill from the same pad and have the well completed at the same time due to area constraints. In such case after drilling the well DP-2002, the workover rig will come back on to site and complete the DP-2003 and test and complete DP-2002. After that well, there is a further well to drill at the Puesto Guardian Concession in the Puesto Guardian field itself, 45 kms away from the Dos puntitas wells which will in that case be the fourth well in the sequence. The well will be near the former producing well PG-13 which was originally drilled by the state company YPF 40 years ago. It produced successfully until it was suspended 10 years ago due to a difficult fish in the hole (failed packer), which could not at that stage re retrieved. Whilst there is no question that the high production levels over the years have depleted the reservoir of oil and the pressure, there was clearly still oil in the structure and that is the target as well as newfound production with modern logging and completion techniques. Target initial production rate is 30 m3/day. In the event that after consideration of the testing of DP-2003 it is deemed that there is no benefit from drilling a well from the same pad, i.e. such that they will be draining the same part of the structure and effectively "thieving" from each other, then the drilling rig will move off that pad and workover rig will immediately complete DP-2003. The drilling rig will then move to drill the new well in the Puesto Guardian field. The Company is cautiously optimistic that the Puesto Guardian field well will be the fourth well sequence to this drilling campaign and not the third but in managing expectations it is appropriate to repeat it is down to the testing. Patience is therefore required and the facts will out in due course. President announced that its partners in the new exploration well to be drilled, OPIC Paraguay, the wholly owned subsidiary of the Taiwanese state owned energy company, CPC, have approved the budget and work programme for 2022 as laid out by President and accordingly initial cash calls have now been made to initialise the project. President's Paraguayan subsidiary is the operator of the venture. Aankondiging • Jan 14
President Energy Provides Review of Its Activities in 2021 and an Updates on Its Operations in Salta and Louisiana President Energy, the international energy company, provided a review of its activities in 2021 and an update on its operations in Salta and Louisiana. In 2021, the Company made very material progress in both its core business and strategic assets and President expects that this will be reflected in the Company's results for the year ended 31 December 2021 when published; as with previous years, we expect to provide brief preliminary and unaudited highlights to the market in late February. In addition to its own improved year on year financial performance, President added material value for its shareholders through its corporate activity. The spin off and subsequent IPO of Atome Energy PLC ("Atome") on the AIM market of the London Stock Exchange under the ticker ATOM:LN generated USD 23 million of additional and tangible benefit to its shareholders (comprising the shares in Atome distributed directly to President's shareholders and the residual 27.9% interest in Atome retained by the Company itself). Five new wells drilled in Argentina, in both Rio Negro and Salta, with the Salta drilling programme still ongoing. A new oil treatment plant designed, engineered, constructed and completed in Rio Negro now delivering material savings of opex of over USD 4 per barrel. President continued to export its oil from Argentina and the prices currently being obtained for the Company's oil in Salta have reached levels not previously seen by President. Whilst the total Group production showed no growth in the year due to natural declines and the Louisiana wells shut ins for most of year, the financial performance for the year is expected to show a significant improvement on the previous year with materially increased operational profits, adjusted EBITDA and free cash generation. Group oil production in Argentina promises to materially increase in First Quarter 2022 augmented by the drilling of wells in Salta. The Group's Argentine subsidiary issued a mini dollar corporate bond in Argentina of USD 9 million, rated investment grade A- by the Argentine associate of the international rating agency Fitch. Three times oversubscribed, it carried an interest rate of only 1.34% per annum, a rate the Company believes is unmatched by President's peer Group both outside as well as inside Argentina. As announced in the year, the long-awaited farm out of the Paraguay exploration asset was both agreed and completed on favorable terms with CPC Corporation, the State owned energy company of Taiwan with President remaining operator and the asset being held jointly 50/50 between the parties. Consequently, shareholders are now able to look forward to a high impact exploration well being drilled later this year targeting management estimates of 230 million barrels of unrisked oil in place. As stated above, Atome, President's former green hydrogen and ammonia subsidiary was successfully spun out of Group and was admitted to trading on AIM as a separate independent company with an initial market capital of approximately USD 35 million. President qualifying shareholders received a distribution by way of dividend in specie totaling some USD 13 million in value being the equivalent yield of some 20% with President still retaining 27.9% of Atome post IPO. It is pertinent to point out that Atome was prudently valued at zero in the Company's accounts as recently as at the end of 2020. The accounts of President for year end 2021 will therefore reflect a substantial benefit to the profit and loss account as a result of this corporate strategy. Operational update:, Following the last update there have been certain previously unforeseen operational delays relating to the well DP-2003 including a decision made, now successfully effected despite tough well bore conditions, to drill deeper than previously announced after review of a interesting gas spike shown in the mud logs at the point of the original target depth. The independent review of the electric logs that the Company has in its hands strongly supports the prognosis that this will be a successful well and capable of producing at least, if not better than, pre-drill expectations of 250 barrels of oil per day. Casing has now been carefully and successfully run to the new target depth of 3,266 metres and cementing is currently taking place. The well will then be completed after DP-2001. In the meantime, the workover rig has arrived from Neuquén and is today commencing completion work on DP-2001, being the first well drilled in the sequence. Subject to success, it is currently expected that this well will be flowing oil 14-21 days thereafter. The workover rig will then move to complete DP-2003. In Louisiana, whilst delays in the workover is frustrating to shareholders and management alike, they are all part of working in deep wells and are no-ones fault. The permission from the State to re-complete the well is hoped to be received soon relating to plugging back and perforating a section higher up the hole. Work is expected to commence as expeditiously as possible thereafter and the Company will give an update at or around the end of this month. Aankondiging • Dec 11
President Energy plc Provides an Update on Oil and Gas Operations in Argentina President Energy provided an update on its oil and gas operations in Argentina. Salta drilling Drilling of the DP-2003 well at the Dos Puntitas field, Puesto Guardian Concession (President 100%) has now commenced with a projected drilling time of 23 working days (excluding logging and casing times). Budget for the well is $3.5 million with a target depth of 3,270 metres and initial production level of 40 m3/d. Detailed petrophysical analysis of the electric logs from the newly drilled DP-2001 well support the pre-drill oil production estimate of 40m3/d. In the meantime, the preparations for the mobilisation of the workover rig to Salta to complete the new wells continue with expected arrival in January in order to commence operations in that month. Export of oil from Argentina: In the light of continued robust international oil prices President expects to sell a substantial part of their January production by way of export, generating higher realisation prices with an increment of 20% to bottom line profitability for the relevant month. Whilst not anticipated every month it is hoped that the equivalent of up to a third of President's entire Rio Negro 2022 production can be sold in that way subject to the differential in pricing remaining constant. Aankondiging • Nov 22
President Energy Announces Operations and Corporate Update President Energy, the energy company with a diverse portfolio of energy assets provides an update on its oil and gas operations in Argentina and Louisiana Workover of two gas wells in Rio Negro, Argentina completed with aggregate current incremental production 40,000 m3/d of gas (230boepd). New oil well in Salta drilling ahead at 2,500 metres depth with target depth of 3,300 metres expected to be reached in next seven days. Workover of Triche well in Louisiana continuing. Paraguay farm out still expected to complete at or around end November. The previously announced two gas well workovers in the Company's blocks in Rio Negro Province have now been completed. Incremental gas production has been achieved currently running at the rate of an additional 40,000 m3/d or 230 boped which reflects the pre-work agggregate estimate. Costs of the two workovers are estimated at US$• in aggregate. Drilling of the first of the three firm new wells has reached a depth of 2,500 metres. On the current rate of progress target depth of approximately 3,300 metres should be achieved in the next 7 days. The workover of the Triche well continues on plan. It is projected that in the event of success the workover will result in both the Triche and Simmons wells being placed back on production during the first week of December. The previously announced farm out of the Pirity Concession remains on track to be completed at the end of the month. A more comprehensive announcement in relation to this transaction is expected to be made on or about 30 November . Reported Earnings • Oct 03
First half 2021 earnings released: US$0.002 loss per share (vs US$0.003 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$17.1m (up 25% from 1H 2020). Net loss: US$3.38m (loss narrowed 16% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 25
Full year 2020 earnings released: US$0.007 loss per share (vs US$0.079 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$27.8m (down 32% from FY 2019). Net loss: US$11.3m (loss narrowed 87% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 16 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 15
President Energy plc Announces Operations Update President Energy provides an operational update in relation to its oil and gas activities in Argentina and Paraguay. The development of the new oil treatment plant at Puesto Flores Field, Rio Negro Province, Argentina, is now in operation and is expected to be fully commissioned by the end of this month on budget. This is notwithstanding various unforeseen difficulties encountered including issues with Covid affected contractors and work restrictions, the weather, and corrosion encountered in certain tanks not shown up by the due diligence surveys previously made. Despite all of this, President is delivering the cost saving project with only a short delay and in any event on budget.
In full operation, together with the new water disposal facilities already in commission, the savings per barrel of oil from that previously paid to the third party are some USD 4 per barrel. A meaningful addition to the bottom line. The first of the three new oil wells to be drilled at the Dos Puntitas field, Puesto Guardian, Salta Province is now scheduled to spud in the first two weeks of October, with wells two and three being drilled back to back thereafter in Fourth Quarter 2021. Advanced discussions are in progress with regard to the drilling rig and also long lead items with the objective of commencing drilling operations on time. In this regard, investors are reminded that both the rig, long lead items and service companies have to travel some 1,700km from the Neuquén Basin, approximately the distance from London to Moscow as there is little in the way of oil services in Salta. In respect to the rig, discussions include retaining the rig in field so as to make it available for any drilling in the first part of 2022. In the light of the time necessary to obtain environmental consents for the acquisition of 100km2 of new 3D seismic over the formerly prolific but currently inactive Canada Grande field, and local annual rainy season, the commencement of such work has been pushed back to the end of First Quarter 2022 so as to avoid delays which may occur. After review of the old 202km2 3D seismic acquired over the Pozo Escondido field at Puesto Guardian, it has been decided to reprocess this data with a view to identifying drillable prospects. The reprocessing and review are expected to be available in the first part of Fourth Quarter 2021 allowing for decisions to be made at that time regarding further drilling at that field. The previously announced regulatory approval process necessary in relation to the farm out of Pirity Concession is progressing positively and it is targeted that the approval process will be satisfactorily dealt with by end September 2021. In the meantime, discussions with long lead item providers as well as rig contractors are progressing in line with expectations with a view to drilling in H1 2022 as previously informed to the market. Aankondiging • May 27
President Energy Plc Provides Operational Update President Energy provided an update with regard to operational activities and corporate matters. EV-1001 and EV-1002: The new well EV-1002 has been successfully completed and tested after perforation of an 8.5 metre interval in the Vaca Muerta reservoir. During testing, the well flowed at over 100,000 m3/d (3.53 MMsft/d or 580 bopd) with an 8mm choke and an excellent well-head pressure of 1,750 psi. President is now considering the overall prospectivity in the same fault block as supporting a possible further drilling campaign for later this year or the first part of 2022. The very high wellhead pressure compared to the other EV wells requires work on balancing the production from that field so as to optimise all wells of varying pressure being online at the same time. This work is currently in progress, the issue was anticipated and in fact is a good problem to have. Unlike EV-1002, which has original pressure in a virtually undrained fault block, EV-1001 is located in a producing block and therefore a more pressure depleted area. Due to this and reservoir quality, the well was both perforated and fracced, so it is taking longer to clean up. To assist in the clean-up of the near well bore, a treatment with CO2 is anticipated to take place in the next 21 days. Combined with LB-1002, the first well in the three well drilling programme, the aggregate current production from these three newly drilled wells is expected to achieve in due course 170,000m3/d (6 MMsft/d or 1,000 boepd) which is in any event in line with expectations and translates into the equivalent of around 6,000 MMBtu a day. The current spot gas prices in Argentina continue to increase and are currently USD 6.5 per MMBtu. Aankondiging • Apr 27
President Energy Plc has completed a Follow-on Equity Offering in the amount of £0.119228 million. President Energy Plc has completed a Follow-on Equity Offering in the amount of £0.119228 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,299,034
Price\Range: £0.0225
Transaction Features: Subsequent Direct Listing Aankondiging • Mar 10
President Energy plc Provides Drilling Update President Energy provides an update on its drilling programme in Rio Negro Province, Argentina. President announces that it has the drilling rig under contract with Quintana Well Pro for its new wells to be drilled in Rio Negro province. Well site preparations have commenced and the Company expects to commence drilling on schedule by the end of March 2021. Planning has evolved since the 'H1 2021 Drilling Update' made on 20 January 2021. All of the wells are of the slim hole type and located near existing facilities so that they can be placed on production with no material delay or cost. The first well to be drilled will be LB-1002 in the Las Bases field as previously announced. It is a gas well targeting the Centenario formation with a target depth of 1,300 metres, time to drill is estimated at 10 days and a projected cost of USD 1.4 million. As indicated in the previous announcement, President projects 40,000 m3/d (1.4 MMsft/d or circa 230 boepd) initial production. The original projected depth of the well has been extended to take in further deeper potential pay zones in the formation shown in the seismic data. Extensive logs will be taken to improve understanding of the formation and its produceability. The second and third gas wells will now be at the Estancia Vieja field. These are twins of old wells that have suffered casing collapses, but prior to which showed proven gas production. The wells EV-1001 twinning the old well EV x-1 (which produced in December until the collapse) and EV-1002 twinning the old well EV-4 have each a target depth of 1850 metres, an estimated drilling time of 12 days and a cost of USD 1.6 million. The Company projects initial production from each of these wells at 60,000 m3/d (2.1 MMsft/d or circa 350 boepd). As so far President has produced from only one well in the Centenario formation namely the old but newly perforated well LBx1, the interposing of the Estancia Vieja wells should allow consideration of the logs and initial production testing of LB-1002 with a view to determining the nature of follow-on wells at Las Bases. It is expected that the above three firm wells will be completed and in production during May 2020. The timing of any follow-on wells at Las Bases will be provided once these wells, as per the above, have been determined. In parallel to the above work, again as previously announced, in the next few days the new well LB-1001, drilled and completed in Fourth Quarter 2020, will be subject to a workover to perforate and produce from the original main target interval in that well, being the Intra- Loma Mantosa formation. It is anticipated that initial production from that interval of some 26 metres total net thickness will be 80,000 m3/d (2.8 MMsft/d or 470 boepd). This interval should provide longer life and less water production than the lower much thinner section which had very good initial production but is currently being produced with a high percentage of water. As anticipated, spot gas prices in Argentina, even still in the summer months, have shown increases with a level of USD 2.5 per MMBtu currently and rising. President now projects spot gas prices possibly reaching USD 3.5 per MMBtu in the five winter months commencing in May. Aankondiging • Feb 03
President Energy Plc Provides Operational Update President Energy Plc provided a Group update on the treatment plant development and its beneficial impact on opex. The development of the treatment plant in Puesto Flores referred to in the Company's announcement of 22 December 2020 has commenced and to date is on time and on budget. The first stage of the development, which President has now fast tracked, is projected to be completed by the end of June whereupon oil will be capable of being delivered by truck to refineries direct from the core Puesto Flores/Estancia Vieja fields without going through third-party pipelines, treatment and water disposal facilities. On completion of the first stage, savings and value-added benefits are estimated for oil so delivered to be approximately USD 4 per barrel representing a reduction of some 20% of opex and sales cost per barrel. Whilst Trafigura remains President's offtaker, the completion of the first stage will also allow for the flexibility to supply certain quantities of oil to smaller more local refineries. The proximity to the fields of these mini refineries will result in lower transport costs. The second stage of the project involving an updated pipeline delivery system is currently projected for the end of August. Discussions with the relevant third party currently treating President's oil continue with regard to tie in facilities circumventing their plant thereby on completion of the second stage giving President optionality to deliver oil by truck or through its pipeline system. Aankondiging • Jan 20
President Energy Plc Provides First Half 2021 Drilling Update President Energy Plc provided a group update. President has a firm programme to drill four new slim hole gas wells in the Las Bases and Estancia Vieja Concessions in Rio Negro Province commencing during March. The wells are projected to be completed and on production in time for the commencement of the winter gas prices that start in May 2021. Spot gas sale prices then are projected to rise to in excess of USD 3 MMBtu compared to the present spot price of around USD 2.3 MMBtu. Three of these wells will target the Centenario formation in the Las Bases Concession and are expected to cost circa USD 1.3 million each with a drilling time of approximately 14 days per well. This price includes a mini hydraulic stimulation subject to results of logging. The Centenario is the same formation as addressed by the recent successful workover of the formerly producing Las Bases well LBx-1 which is currently free flowing 33,000 m3/d (1.15 MMsft/d or 194 boepd) without having been hydraulicly stimulated. Success case initial production rates per well are 40,000 m3/d (1.4 MMsft/d or 235 boepd). The other well will be in the Estancia Vieja field and will twin the well EVx-1. This well may be drilled first in the sequence depending upon logistics. EVx-1 was producing 50,000 m3/d (1.75 Mmsft/d or 294 boepd) after a workover at the end of last year but suffered a casing collapse at the start of this year. Such collapse is an occupational risk when working over and producing from older wells. Accordingly, the twin is intended to both recover and enhance this production level with a targeted initial production of 60,000 m3/d (2.1 Mmsft/d or 353 boepd) and prolong the life of gas recovery of the reservoir. The cost of such well is estimated to be USD 1.5 million with an estimated drilling time of 21 days. The company, in discussions with the Salta Province, is currently considering drilling two or three vertical oil wells in the currently producing Dos Puntitas field within Puesto Guardian in second half 2021. In order to save time, locations have been identified internally and applications to drill in progress. initial production for each of these wells is estimated at 45-50 m3/d (300 boepd) with a drilling time of 35 days per well. It is anticipated that a further announcement will be made at or around the end of April 2021, once a final decision has been made and the Company has more precise details available as to costs and time scheduling. Consideration is also being given to complement the contemplated drilling by acquiring 3D seismic data over the formerly producing Canada Grande and currently producing Puesto Guardian fields later this year as well as some additional 2D data in the Ocultar exploration block. The seismic grid has already been determined. The next step is to commence a tender process for contractors and complete financial modelling for review. Aankondiging • Dec 10
President Energy Plc Announces Production Update President Energy Plc announced production update in relation to its activities across the Group. Aggregate group net production has now reached 4,000 boepd with virtually an even split between oil and gas. This is a current daily production rate and demonstrates the level that President, on present evidence, considers the wells can deliver. As such this rate varies day by day as wells go on and off-line. The average rate over time is a more valuable representation of the production and these figure will be published at appropriate times. Nevertheless the general increase in production, with no material increase in opex, will have a beneficial effect on the costs per barrel and the bottom line of the Company taking into account the base opex cost in the fields has already been largely covered by core production. President is now considering the most expedient long term production levels for optimum field and reservoir management. Such consideration will, that is, take into account the fluctuation between Argentina's domestic summer and winter gas pricing and the ability to constrain or increase each well's production depending on all prevailing circumstances. Aankondiging • Nov 26
President Energy Announces Testing Success at the Old Shut-in Well, LB-1, Las Bases field, Rio Negro, Argentina President Energy announced testing success at the old shut-in well, LB-1, Las Bases field, Rio Negro, Argentina. Las Bases LB-1: On 26 October the company announced that, as a result of the success of the newly drilled LB-1001 at the Las Bases field, Rio Negro Province, there was potential for a workover, perforation and testing of the shut-in well LB-1 to initiate, in the words of the announcement new previously untapped gas production. LB-1 was drilled originally by Chevron and was a prolific producer of gas from deeper sections which subsequently watered out. It has been shut-in for several years, however, the results of LB-1001 highlighted the potential of gas production from a shallower, younger Cretaceous sand interval known as the Centenario at a depth of approximately 950 metres. No commercial production by President or its predecessors in title has ever been seriously attempted from this interval which had in effect been bypassed and ignored. Accordingly, no reserves have ever been booked by President in respect of this interval despite the fact the Centenario Formation is prevalent at these shallow depths in the Las Bases, Puesto Prado and Estancia Vieja fields. It is this sand body of approximately 7 metres (23 feet) which has now been tested. After perforation and an acid treatment to the interval the well flowed freely and continuously to surface through choke sizes varying from 4mm to 16mm with little or no water. On termination of the testing, pressure built up to original pressure within one hour suggesting inter-alia good reservoir production qualities. It is considered that, on production, this interval without further stimulation will initially flow, steady state, at approximately 21,000 M3/d (120 boepd). It is expected that this would increase materially with a hydraulic or further acid artificial stimulation due to what could be a tighter form of reservoir rock in this interval. In this regard, the rock properties and dynamic reservoir data will now be analysed and reviewed during the initial stages of production. A positive and important feature is the fact that on the logs there does not seem to be an identifiable oil /water contact nearby. Work has now commenced on subsurface mapping of this interval across President's licence acreage. Whilst it is premature to say more, it is already clear that this result is a potential play opener at least in the Las Bases field and in any event it will make a positive addition to President's end of year reserves. The cost of the workover is estimated on budget at a modest USD 350,000 and the well will be placed on production before year end. Aankondiging • Nov 16
President Energy Announces Testing Success At New Exploration Well Evn-X1 President Energy provided an update in relation to the testing of the exploration well EVN-x1 near the main Estancia Vieja field, Rio Negro Province, Argentina, the logging of which was referred to in the announcement made on 27 October 2020. the logging of the exploration well EVN-x1 confirmed pay in two clean sand intervals, the lower being oil, the upper being gas prone. Completion of the well and preliminary testing of the lower of these intervals has now been completed. The testing, lasting some 36 hours using the workover rig has been successful with 36 degree API light oil plus associated gas continuously free flowing to surface, without the need to swab or pump, through various choke sizes ranging from a small 2mm up to 8mm. Testing with large size chokes eg to 16mm was not necessary as the results were both apparent and obvious. The results demonstrated that there is currently good energy in the relevant formation with both gas lift and a deeper water drive. This is the first time that any hydrocarbons have been produced from the previously undrilled Estancia Vieja North structure and marks a successful end to the two well Fourth Quarter drilling campaign in Rio Negro, Argentina, both of which wells have been drilled and completed on time, on budget and have delivered in line with pre-drill projections including this current well which, as flagged, was an exploration well with the concomitant geological and drilling risks now successfully navigated. The preliminary testing indicated that initial production levels can be expected in line with P50 pre-drill success expectations of over 200 bopd plus associated gas from this lower interval. As a clean sand with excellent porosity and estimated high vertical permeability, whilst it is expected that water will be produced as well as oil, water disposal will not be a problem. The well is near the main Estancia Vieja pipelines and facilities which will be used for evacuating both the oil and gas. The workover rig is now being moved to the next location within President's fields and it is anticipated that the well will be placed on production in the next 14 days. Due to the success in this lower interval, the upper gas-prone interval in the well will be kept back to be tested and placed into production at a later date. Initial production projections in respect of this upper interval remain at 60,000 m3/d (353 boepd). Evaluation of this new structure will now commence and will continue through the new year as more production and pressure data becomes available. Accordingly, encouraging as these preliminary results are, this is a new unproduced structure with no direct analogues and it is therefore appropriate to take at this stage a conservative and step by step approach. Reported Earnings • Oct 26
First half earnings released Over the last 12 months the company has reported total losses of US$91.0m, with earnings decreasing by US$93.8m from the prior year. Total revenue was US$31.2m over the last 12 months, down 36% from the prior year. Aankondiging • Oct 14
President Energy Provides an Update in Relation to Its Drilling Operations At the Estancia Vieja and Las Bases Fields, Rio Negro, Argentina President Energy provides an update in relation to its drilling operations at the Estancia Vieja and Las Bases fields, Rio Negro, Argentina. The exploration well EVN-x1 at the Estancia Vieja field, Rio Negro Province, has now been spudded. As previously announced, the intended target is an undrilled and undrained structure within the larger Estancia Vieja field where the P50 success case for this well is oil of 40m3/d (250 bopd) and gas of 60,000m3/d (350 boepd) and where the structure as a whole could contain between 5-14 Mmbbls of oil in place and between 11-26 Bcf of gas. In the event of success, it would open the possibility of some 6 follow on wells of which 5 would likely target gas and the other oil. There are no current reserves booked for any part of this structure. The cost of the well is estimated at USD 2.5 million with approximately 28 days to drill down to the 2,000 metres target depth. A further announcement will be made once target depth is reached and logging of the well has taken place, estimated to be by the end of November. A workover rig has now been moved to the newly drilled well LB-1001 at the Las Bases field in order to complete the well ready for testing and then production. A further announcement in relation to this well is expected to be made before the end of October. In respect of the workover programme, a summary of the work and results will be provided at the end of the year. Aankondiging • Jul 31
President Energy Plc has completed a Follow-on Equity Offering in the amount of £0.129098 million. President Energy Plc has completed a Follow-on Equity Offering in the amount of £0.129098 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,073,856
Price\Range: £0.01825 