President Energy upbeat across operations

10th Jul 2013 13:57

President Energy said operations across its business were going well.The oil and gas company said its seismic survey in Paraguay was completed a month ahead of schedule. Results were encouraging and potential drilling targets had been identified, it added in a trading update.Assets in Louisiana are producing a record 300 barrels of oil equivalent per day, generating $0.6m a month of net operating cash flow. The company's first stimulated well in Argentina has good levels of production.Chairman Peter Levine said: "Operations across the portfolio are progressing ahead of schedule and showing positive results. In particular, the initial results of the seismic survey in Paraguay are extremely promising, showing exciting prospective drilling targets."The shares were up 1.5% to 16.75p at 14:33.