President Energy comments on press speculation

President Energy confirms that under existing arrangements it expects to receive approximately $55 a barrel for its production until the end of the year in Argentina.

The company was commenting on recent industry speculation regarding the price that oil producers in Argentina will receive for their production.

"The Argentinian Government's intention to match local and international pricing has been in the public domain for some time, and, whilst it is quite probable that this will be in 2017, at the present time exact timings for this transition remain unclear though this could commence in the first part of 2017," the company said in a statement.

Using the Brent forward curve from 1 January 2017, President anticipates that the IRR of its planned well workover campaign in 2017 will not be materially impacted and is estimated to be approximately 150 per cent.

The Company therefore expects there to be no material difference in its anticipated year-end 2017 cash position.

The Company will continue to update the market on any material developments.