South America-focused oil and gas firm President Energy (LON:PPC) is on course to spin off the UK-registered subsidiary Atome, which is focused on hydrogen and ammonia production and sales.
AIM-quoted President has interests in Argentina, the US and Paraguay. It generates revenues from Argentina and Louisiana
At the interim stage, revenues rose by one-quarter to $17.1m, even though production fell by 2% to 2,648 barrels/day. Cash was generated, although net debt increased was $16.7m at the end of June 2021. The majority of debt is owed to a company owned by President executive chairman Peter Levine.
President is expected to return to profit in 2021 even though production will be lower than originally thought - offset by higher prices. Pre-tax profit of $2.7m is forecast, rising t...