President completes a successful drilling and workover programme in Rio Negro, Argentina, signifying increased production. A new compressor was commissioned at the Las Bases field which also enables more gas to be delivered from the Company’s Estancia Vieja gas wells.
In June, the international commodity trader Trafigura agreed to substantially increase its stake in President resulting in a net debt reduction of over least US$16 million in the calendar year.
President commission 16km pipeline between Puesto Prado and Las Bases facilities. This enables greater volume of gas to flow through the Company’s 70km pipeline to market. Additionally, a new large scale compressor and opening of shut-in wells in Estancia Vieja with the view to boost net oil and gas production in 2020.
Acquisition of the producing exploration contract covering the 384 km² area known as Angostura in the Rio Negro province, Argentina. Situated directly to the west of President’s Las Bases Concession. Angostura currently produces both oil and gas and has a connection to the Company’s regional pipeline.
Reunification of an area between Puesto Flores and Estancia Vieja spanning approximately 70 km² known as Loma de Kauffman. Creating a reunified Concession totalling some 240 km².
December 2018, the Company acquired 90% interest and operatorship in the Puesto Prado and Las Bases blocks in the Rio Negro province including its own 66km 8″ diameter steel gas pipeline running from Estancia Vieja field to President’s own tie-in to the regional gas transport pipeline allowing gas to be transported and sold to market.
In September 2017, the Company acquired 90% interests and operatorship in the producing Puesto Flores as well as the Estancia Vieja blocks in the Rio Negro province.
In July 2014, the Company acquired the remaining 50% interest and operatorship in the Puesto Guardian concession.
President entered Paraguay in September 2012 by farming into the underexplored Pirity block.
At the time, the Company was focused on its portfolio of interests in Australia and the United States, first entering Argentina in June 2011 through the acquisition of a 50% non-operated interest in the producing Puesto Guardian concession, in the province of Salta.
The Company changed its name to President Petroleum Company PLC when Peter Levine acquired a controlling interest in November 2009.
The Company was originally founded as Meridian Petroleum Resources PLC in 2004.