Yes, several offtakers want our gas.

We are getting market prices for our gas. Prices are always lower in summer (Oct-Mar), in the region of USD 1.50 MMBtu, rising to over USD 3 in the winter months starting end April‎. Our low opex means we are as well placed as possible in terms of margins. 

No, oil is still core to us.

After a disappointing Q2/Q3 with oil prices and production down for reasons we have previously disclosed, our priority was to stop the declines and build back up efficiently. We chose workovers on shut-in wells and one or two producing wells to address the problem of over reliance on only a few high producers.

It’s starting to pay off, production in Rio Negro has been built back up to a level not seen since March this year.

No, the good thing is that Puesto Prado and Estancia Vieja ‎are contributing as well thereby spreading the production amongst a greater number of wells.

None planned but we don’t rule it out. Definitely next year though.

Planning for Q1 2020, commencing in Estancia Vieja.

Firstly, the temporary restriction on realisable oil prices will start to be lifted from November. This will certainly help. Secondly, on completion of the 16 km pipeline by opening up shut in gas wells and materially increasing volumes of gas sold. Thirdly, by workovers and new drilling. 

All of them are mature but in relation to new structures outside of the structures currently drilled and being produced, our sub surface teams have identified certain ones which if verified will be drilled next year.

Yes, next year once oil prices stabilise.

The set-backs of this year have pushed this back to next year. However the farm out process is continuing and only last week two new parties, well funded, gained entry to the data room.

The company has never consistently produced do much or had such an asset set with potential. The facts are in the public domain, you could say not even hiding in clear sight. Investors must make their own mind up . The price is a factor of supply and demand and recently has been a self fulfilling spiral.

‎100% secure in our view- grabbing our assets will not happen. Lessons have been learned. The incoming President has used this phrase.

We can in repayment of inter co debt both capital and interest. As there are extensive amounts owed to Group, transfer out therefore is not an issue in the next few years. Nor were such repayments of debt an issue during the last period of Peronist rule.

It was announced last night that prices have started to lift. From today President will receive 5% more for its oil and it is widely considered that the prices will increase in stages from now until end of year by which time the decree will have been fully lifted and prices receivable for oil returned to normal. Good news‎ and a positive signpost to the future.

‎Too early to say. All appreciate that, given the negative energy balance in Argentina, the health of the domestic energy sector and continued respect for investors vital and continued restrictions will materially degrade. The incoming government have stated they want to stimulate investment not deter.

It was announced last night that prices have started to lift. From today President will receive 5% more for its oil and it is widely considered that the prices will increase in stages from now until end of year by which time the decree will have been fully lifted and prices receivable for oil returned to normal. Good news‎ and a positive signpost to the future.

At present, the exchange rate is relatively stable as the election outcome was largely already anticipated. It is worth remembering that the exchange rate declined by over 100% in 2018 and, as previously disclosed, our cash losses were negligible (around 0.02% of turnover).

A concrete answer cannot be given until the new Government take a view. However, a full default is highly unlikely. In our view it is more likely is that debt re-profiling discussions would ensue as already alluded to by the President-elect.

Let’s see‎…never say never but let’s first close and assimilate Angostura.

On present evidence yes, and we intend to drill Jefferson island at or around the end of this year.

Yes, significant and the more work we do the more we appreciate how compelling the exploration opportunity is. But this is exploration, it is inherently risky. It has to be remembered that this is a new frontier. It is not unusual in such cases that there is initial failure from which one learns and we have learnt a lot both operationally and sub surface. On the former with our successful Argentine management handling the operations and with the experience gained in all areas, significant savings and efficiencies will be achieved

Whilst elements of the 2014 drilling program were indeed disappointing, it was by no means a failure. In fact, two logged discoveries in the deeper more expensive Paleozoic formations were made in the second well but structural issues down hole prevented testing

Since then, President has focused on de-risking a number of Cretaceous opportunities that have certain characteristics in common with the prolific producing fields across the border in Argentina

Taking into account the previous events we have carried out extensive work to proof test the concept continuing right up to now

Recent remapping, geophysical re-interpretation, analogue comparisons with data from the Argentine side, geochemical and AVO studies over highgraded prospects provide support for charge/migration of hydrocarbons into what there are undoubtedly structures with what shows as successful sealing

One well is planned, targeting one such prospect to commence operations at or around the end of 2019 which will mean that the major expense will fall into 2020 and accordingly will not affect in any way our plans for growth in our producing areas this year

In parallel a farm out process is continuing with parties signed to NDA’s. You will appreciate when we say that there can be however no guarantee that any farm out will happen. The farm out process does not affect the plans of President in this regard.

President is always looking at ways to clarify and refine the best way to report its figures and will bear this in mind when drafting results in future. However, we will not be issuing monthly figures as they give an unrepresentative and misleading view of field production which can ebb and flow, particularly as extensive work continues in the fields with wells shut in and then restarted to facilitate this.

At the moment it remains on hold but is not forgotten

The Company has made significant progress over the last year. Whilst the topic of payment of dividends is anticipated to be considered during H2 2019, at the present time it is sensible to apply our free cash flow in continuing to grow the company to a stage where meaningful, stable dividends can be paid without affecting our growth and proportionate to our financial resources and facilities at the relevant time. The cash flow is targeted to have growth rates of over 50% a year; the continuance of this will lead to a sustainable dividend policy.