President reported that the license for its Argentine concession, Puesto Guardian, has been extended by ten years, up to August 24, 2026. In addition, President announced that the first well of the five production well program has now spud with a projected completion time of approximately forty days.

The license extension is a very important step forward and allows President and its JV partner to focus on continuing to develop the significant potential of the concession.

Puesto Guardian is the first concession to receive an extension in the Salta Province of Argentina.

President is now working with its 50% partner in Puesto Guardian on: •further progressing the five production well program following the spudding of the first well, announced today •producing a plan to optimize production from currently producing wells •examining any potential for production from some 33 formerly producing and shut in wells •reviewing the 3D seismic to identify any potential hydrocarbon bearing structures which have not been previously identified or addressed

Peter Levine, Chairman of President Petroleum (USA) Inc commented, "The grant of the license extension is a major catalyst in the program to develop President's Argentine asset and unlock its untapped potential.

"We look forward to progressing the work program, and further expanding our investment in the region."

Tags: President Petroleum