According to official reports in late-November 2019, President Energy has completed its acquisition of 100% of interest in Angostura block from Cia General de Combustibles (CGC) that was originally executed in October 2019 in exchange for a USD 1.825 million investment in President by CGC. In addition, the Province of Rio Negro has granted the operator a validity extension of four years through November 2023 with a USD nine million work commitment that includes sub-surface studies and surface infrastructure work in the first six months.  Angostura block covers 365 sq km of land in the Northeast Platform part of Neuquen Basin and situated directly adjacent to President's own 90%-operated Las Bases block.  CGC started operating the Angostura block in 2008 with the last focus on the Alto Las Hormigas gas and condensate field area during 2019.   Background Information  As of 2019, Angostura block area includes the producing field of Las Moras which has produced over 129 Mbo and 28 MMscfg from the Quintuco Formation since it was put on-stream in 2009, and Alto Las Hormigas field which has has produced over 2 Bscfg and 2.8 Mbc from the same reservoir since it was put on-stream in May 2012.
President Energy has completed its acquisition of 100% of interest in Angostura block from Cia General de Combustibles (CGC) that was originally executed in October 2019 in exchange for a USD 1.825 million investment in President by CGC.