President Petroleum has entered a farm-in agreement to acquire a 50% working interest in the CNO-8 Puesto Guardian licence in Salta Province, Argentina.
The acquisition will increase the firm’s estimates of net 2P reserves by approximately 600%, based on an assessment performed by internationally recognised reserve auditors.
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President Petroleum will pay $1.5m in cash and 5,102,041 shares worth $2m, along with $10.75m carry costs on a $21.5m drilling programme, as well as one million warrants to purchase President shares at £0.50 per share.
President Petroleum chairman Peter Levine said the acquisition has a solid foundation around existing producing fields, and holds significant exploitation potential with the ability to materially grow production through a near term drilling and completion programme.
“This production is complemented by our production assets in Louisiana, where as previously announced we are embarking on a series of PUD wells and workovers,” Levine said.
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By GlobalData
