President Energy (PCC) has been busy of late. After launching the process to join the Argentinian stock exchange and generating around $2m in cash in January alone, the Aim-traded oil and gas company has now boosted its asset base.
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First came an independent assessment of its reserves in the Neuquén Basin in Argentina, revised up 66 per cent to 8m barrels of oil equivalent at the end of 2017, and expected to increase during this year’s capital expenditure programme. Now, investors have another reason to update their sum-of-the-parts valuations: the recent reactivation testing of gas wells at the Estancia Vieja field in the Rio Negra province, which has led to a “potentially commercial” discovery.
