StockMarketWire.com - Argentina-focused oil company President Energy said it would post a drop in annual earnings and revenue, as lower crude prices offset a rise in output.

Revenue for the year through December was seen falling 32% to around $28 million, driven primarily by average oil price realisations falling 33% to $37 per barrel.

Adjusted earnings before interest, tax, depreciation and amortization would be around $3 million, down from the $11.6 million reported by the in 2019.

Average net production rose 12% to over 2,700 barrels of oil per day.

In December, output had climbed to about 3,300 boepd demonstrating the early impact of the new wells drilled late in the fourth quarter.

Looking ahead to 2021, President Energy forecast annual production to between between 3,600 and 4,000 boepd, based on a capex spend of about $18 million.

This year's drilling programme was expected to kick off as scheduled at end of March with four new gas wells in the Las Bases and Estancia Vieja fields in Rio Negro province, all due to come on stream by end May

Paraguay farm-in discussions, meanwhile, were ongoing, targeting completion during the first half.



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