StockMarketWire.com - President Energy said it expected to post a fall in annual earnings, owing to lower oil and gas prices in Argentina and production disruptions.

Adjusted earnings before interest, tax, depreciation and amortisation for the year through December were seen falling to around $12m, down from $17m on-year.

Revenue dropped to $41m, down from $47m, with average price realisation in Argentina down 19%.

Production rose 6% to 2,414 barrels of oil equivalent per day.

Challenges included unplanned downtime in key producing wells and electricity supply outages in Rio Negro, Argentina.

The company was also hit by a temporary government decree in Argentina that reduced realised oil prices by almost 25% for a full three months between September and December.

'Consequently, margins were squeezed, which was mitigated only to a certain degree by the company's prudent cash management and good housekeeping,' President Energy said."

'The company is cautiously optimistic that the macro environment in Argentina has calmed and that we may well see beneficial developments during the year.

President Energy reaffirmed its guidance for 2020 of average production in excess of 4,000 boepd.


At 9:45am: [LON:PPC] President Energy Plc share price was -0.05p at 4.15p



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