Higher production at its wells in Argentina and Louisiana drove revenues up by a fifth at President Energy (PPC) last year. But investors will be eagerly awaiting the results of upcoming exploration drilling in Paraguay, which is targeting a potential unrisked resource of 647m barrels.
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Daily oil production from President's assets in Argentina was up by 7 per cent to 192 barrels, while average output from Louisiana was up by 29 per cent to 236 barrels of oil equivalent. Realised prices were broadly stable on the previous year, while production costs in Louisiana were down by nearly a fifth. The end result was that gross profit for the driller rose 63 per cent to $5.3m (£3.1m).