- President Energy said its Argentinian subsidiary has agreed to its first commercial bank lending arrangements, through BACS Banco de Credito y Securitizacion S.A and Banco Hipotecario.

The $8m loan if for a 42-month term, with capital and interest repayable on a quarterly basis and benefiting from a six-month initial capital repayment holiday.

The interest rate is 7.5% over Libor.

"The loan monies are designated in defraying part of the consideration payable for the recent acquisition made by the company in the Neuquén Basin, thereby freeing up more of President's other financial resources and positive cash flow to materially grow its Argentine business as appropriate," the company said.

At 9:24am: [LON:PPC] President Energy Plc share price was 0p at 10p

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