President Energy banks $1.5m in proceeds of first oil sale from Argentina's Puesto Flores field
Oil and gas focused company President Energy, with a diverse portfolio of production and exploration assets primarily in Argentina, reported it had banked proceeds totalling $1.5m from its first delivery of oil from the Puesto Flores Field.
According to the company the proceeds represented revenue from the first shipment of oil uinder President's operatorship of the Puesto Flores Field in Argentina.
Acquisition of the aforementioned field, together with the neighbouring Estancia Vieja Field, was announced on 21 September.
Peter Levine, the outfit's chairman and chief executive, highlighted how the newly acquired asset was delivering solid cash flow from the get-go.
"President Energy is focused on profits and positive cash flow. This announcement reflects that focus and demonstrates that our newly acquired assets are, from the get-go, delivering solid cash flow", said Levine.