CGC Share Subscription
27 April 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
CGC Share Subscription
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, confirms that further to the announcement of 20 November 2019 Compania General De Combustibles S.A. ("CGC") has completed the sixth quarterly instalment of its share subscription programme.
CGC has invested a further sum of US$165,000.00 approximately £119,228.27 at an exchange rate of GBP1:1.3839 USD being the spot rate on the day prior to 26 April 2021, the effective date of the investment ("the Additional Subscription Amount"). To satisfy the Additional Subscription Amount, President has issued to CGC 5,299,034 new ordinary shares of 1p each in the capital of the Company (the "Additional Subscription Shares") to CGC at a subscription price of 2.25 pence per Additional Subscription Share, being the closing mid-market price per Ordinary Share on 23 April 2021.
Application has been made for the 5,299,034 Additional Subscription Shares to be admitted to trading on AIM and dealings are expected to commence on 30 April 2021 ("Admission").
The Additional Subscription Shares will rank pari passu with the existing ordinary shares in the capital of the Company. Following Admission, the Company's issued share capital will consist of 2,035,223,379 Ordinary Shares. Accordingly, the figure of 2,035,223,379 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
President Energy PLC
Rob Shepherd, Group FD
Nikita Levine, Investor Relations
+44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Tim Harper
+44 (0) 207 220 0500
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets capable of delivering positive cash flows and shareholder returns. With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014