President ramping up through Puesto Flores

President Energy’s (PPC) foray into Argentina’s oil and gas industry could be viewed as counter-intuitive, or even heroic, given the country’s unenviable track record of expropriating foreign investments, which Repsol found out to its cost in 2012 when Buenos Aires helped itself to the Spanish oil major’s stake in YPF. Not only that, but President Energy is essentially feeding off scraps, targeting investments in conventional plays overlooked or discarded by the majors. With the industry top-tier clamouring over massive shale plays such as the Vaca Muerta field, the Aim-traded stock was able to acquire the Puesto Flores/Estancia Vieja concessions from Chevron in 2017.