- Oil company President Energy said a gas new well in Argentina had recently come on stream and was flowing at a better-than-expected rate.

The LB-1001 well at the Las Bases field in Rio Negro province had recently undergone a workover.

'Initial production results demonstrate a better-than-expected level of gas production with no associated water and good pressure,' President Energy said.

'This gives President confidence that levels in excess of the previously stated 61,000 million cubic feet per day of gas can be achieved with careful well management.'

President Energy also said that gas prices in Argentina were showing marked signs of increase, now that the summer months were coming to an end.

At 9:42am: [LON:PPC] President Energy Plc share price was 0p at 1.63p

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