President is pleased to announce the conversion of its former Puesto Guardian Concession which was due to expire in 2026 to a new Unconventional Concession for a term of 35 years expiring 2050.
•New Concession granted for a new 35 year term expiring August 2050
•Replaces former Concession which was due to expire 2026
•Concession area remains the same and now covers both unconventional and conventional exploration and production
•New Concession provides an extra 24 years of life and with all operations carrying on as normal
•First time such a Concession has been granted in Salta Province
•Updated CPR by Gaffney Cline & Associates to be published shortly to reflect the extended Concession
•President's Argentine oil sales continue at approximately US$70 per barrel together with an additional $3 per barrel currently receivable for 2015 increased production