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.

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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