President Petroleum impresses in Argentina
President Petroleum says it has identified a new oil find at its Pozo Escondido field 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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
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%.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Will a Santa Rally bring festive cheer to investor portfolios this year?
Investors will be hoping for a seasonal stock market boost in December
By Marc Shoffman Published
-
ChatGPT turns two: how has it impacted markets?
Two years on from ChatGPT’s explosive launch into the public sphere, we assess the impact that it has had on stock markets and the world of technology
By Dan McEvoy Published