President Petroleum impresses in Argentina

President Petroleum says it has identified a new oil find at its Pozo Escondido field in Argentina.

A recent well (named PEE-1001) appears to have located 28 metres of net pay oil at a depth of 3,420 metres.

The company also says that, following a "petrophysical review", it thinks it might be able to re-enter old wells drilled 30 years ago at the site, realising an additional 50 million barrels for its reserves estimate.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

The current "reserves in place" figure for the site is 20 million barrels, giving some sense of the importance of the new research.

The news sent President shares up 18% by 11:45. Over the last year the stock has fallen 49%.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.