President Energy provided an update relating to Group net production as well as its Concessions in the Rio Negro Province, Argentina (President 90% and operator - Edhipsa 10%). The company announced that it has beaten its 3,000 boepd target for net Group production exit year end 2018. The company is producing at a net Group level of approximately 3,300 boepd. This represents an increase of over 50% year on year and is being achieved without the benefit of any contribution from the Las Bases Concession and with only a limited contribution from the Puesto Prado and Estancia Vieja fields, all in Rio Negro Province, Argentina. Production in the Puesto Guardian field in Salta Province remains stable as does production from President's interests in Louisiana, USA. Well PF0 1005: This well has now been successfully tested and placed on production with initial levels of approximately 250 bopd, being in excess of expectations. Both the Punta Rosada and the Lotena formations are producing on a co-mingled basis. Management expect that the next Reserves Audit, due to be published in March 2019, will show a significant increase in 1P Proven reserves at the company's Rio Negro Concessions due to the successful drilling and workover campaigns delivered in 2018. This latest result means the three well drilling programme has met with 100% success. All wells are now producing and were delivered on time and budget. Management are now monitoring overall field performance in line with good reservoir management practice with the objective of maximising monthly average production and minimising downtimes.