- President Energy, the upstream oil and gas company focused primarily on Argentina, has recorded record results in January with each concession making good returns and contributing profits.

The company's Argentine assets generated US$1.3 million after all Opex, G&A and finance costs.

Positive cash generation was higher than this at over US$1.8 million due to continued use of tax credits which are estimated to continue through 2018. President expects to pay no corporation tax this year.

Sales prices achieved were an average of US$63.50 per barrel for Puesto Flores and US$53.70 per barrel for Puesto Guardian. Both prices are estimated to be at approximately the same level for the current month.

Puesto Guardian is now making a significant contribution to the overall profitable results in Argentina and this contribution should increase as the work being performed progresses through Q1.

At 9:34am: [LON:PPC] President Energy Plc share price was +0.1p at 9.35p

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