President Energy (PPC) : Corp
Angostura acquisition completion and share subscription
- Share price (p) 4.2
- Target price (p) U/R
- Market cap (£m) 47.7
- Enterprise value (£m) 69.0
President has completed the acquisition from Argentine oil company CGC of additional acreage in Rio Negro Province, leveraging its regional infrastructure position to secure complementary assets that will boost production by over 10%. CGC has also invested the first $500k tranche of a $1.825m subscription for new President shares, which will represent ~2.8% of the company at current prices. These actions further expand President’s Rio Negro footprint, boost the balance sheet and provide informed third-party validation of President’s assets/valuation. The removal of oil price restrictions last week is also a major boost for President.
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