Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Argentine find cheers President Petroleum
President Petroleum (PPC) says 50 million barrels of oil newly identified in its Puesto Guardian concession in Argentina lifts its reserves 40 per cent.
Chairman Peter Levine, the oilman who made £90 million out of selling Siberia-focused Imperial Energy for £1.4 billion to an Indian group in 2008, says the President's find, in the Pozo Escondido field's PEE-1001 well, could add a discounted 2.5 million barrels to the AIM-quoted company's present six million barrels of proven and probable reserves in Pesto Guardian and points out it is only one of five fields discovered there so far.
Levine, who identified Argentina as a promising area after buying into US oil play Meridian Petroleum in 2009 and renaming it President, maintains Pesto Guardian contains a collection of promising prospects, some wholly new and some previously worked over in the past by the Argentine state oil company YPF without latest technology. President bought the concession by paying $3.5 million (£2.2 million) and granting a 10 per cent free carried interest to its local partner and reckons it is turning into a spectacular bargain.
President, which is currently ungeared and already selling some oil profitably at the local Argentine discounted price of $55 a barrel, will work to reopen shut-in old wells and identify new ones, pursuing organic growth and keeping a weather eye open for suitable acquisitions. The company still has an operation in Louisiana, which is contributing operating profits of $421,000 a month, but, though a useful 'cash cow', it is not central to Levine's plans.
In 2010, President lost $15.8 million (£9.9 milliion) and the first half of last year showed a deficit of $15.8 million. However, analysts see that turning round fast, with a reduced loss for 2011 and profits of more than $17 million in sight for the current year.
Having traded between 77.75p and 20.5p over the past year, Meridian shares now change hands at 40.25p, up 5.5p this morning, valuing the company at £46.2 million. Buy.
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