- Argentina-focused oil and gas producer President Energy posted an 82% rise in third quarter underlying operating profit, compared to the second quarter.

For the three months through September, operational profit after administration expenses and workovers but before depreciation increased to $4.6m.

Revenue rose 21% on-quarter to $13.1m, while adjusted Ebitda doubled to $5.7m.

Well operating costs per barrel reduced by over 20% to $27.18.

President Energy said the last quarter of the year should benefit from a current three-well drilling campaign in Puesto Flores, targeted to add an initial 600 barrels of oil per day to field production.

The company was also expecting to complete the acquisition of two new fields in Rio Negro in Argentina by the beginning of December.

'The last quarters management reported results are a further demonstration of President's growing trading and financial position and prospects,' chairman Peter Levine said.

'We are now focused on the challenge of further improving on these as we progress through the final quarter of 2018.'

Story provided by