President Energy said it has banked proceeds from the first delivery of oil from the recently-acquired Puesto Flores field in Argentina. The $1.5m proceeds represent the revenue from the first shipment of oil, transported by pipeline to an Argentine refiner and trader.
"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," chief executive Peter Levine said.
At 8:04am: (LON:PPC) President Energy Plc share price was +0.6p at 10p