- President Energy said it had increased the estimated size of its proven oil and gas reserves in Argentina by 6%.

Proven, or 1P, reserves in the Latin American country now amounted to 15.4m barrels of oil equivalent, the company said.

However, proven and probable, or 2P reserves, showed a 6% decrease to 24.9m boe.

The fall was due to reserves in Salta province being 'prudently adjusted' due to reduced capex activity as the company focused on higher-value fields in Rio Negro.

Combined with management estimates of value for Louisiana reserves, the group's net 2P reserves value, ignoring all exploration resources, was now nearly $300m as at 31 December.

At 8:17am: [LON:PPC] President Energy Plc share price was +0.1p at 9.2p

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