StockMarketWire.com - President Energy has reported a 32% fall in year on year turnover for 2020 driven by average oil realisations falling 33£ to US$37 per barrel.

In a trading update, the company said average net group production was up 12% year on year to more than 2,700 boepd. It also reported a 25% year on year reduction in net debt to approximately US$16 million, including the US$5 million loan secured at the end of the period to fund development of the new treatment plant in Puesto Flores.

The company said that its December average net group production of circa 3,300 boepd demonstrated the early impact of the new wells drilled in late Q4. Well operating (excluding royalties and workovers) and administrative costs were 'successfully reduced' by 19% year on year to roughly US$20 per boe.

Chairman, Peter Levine, said: 'In an unprecedented year of so much personal tragedy and pain for the world which we must humbly acknowledge, the President family pulled together and not only survived but by the end of the year became stronger.

'We successfully controlled what we could and the key performance metrics bear witness to this. We are sincerely grateful to everyone within the business for their efforts. We have a lot of work to do this year but we are very much up for it and relishing the prospects.'

He said that the energy landscape has 'changed even faster and more dramatically than anticipated'.


At 2:46pm: [LON:PPC] President Energy Plc share price was 0p at 1.63p



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