President Energy sees no material impact from Argentinian peso collapse
StockMarketWire.com - President Energy said it did not envisage any material impact on its business from the recent sharp fall in the value of the Argentinian peso.
The Argentina-focused oil and gas company said that it was a dollar-based business and that trading continued as normal.
President Energy said it also did not anticipate any actual or contingent threats to its assets as a result of any potential political changes.
'President plans and mitigates in its day-to-day business against currency volatility,' the company said.
It estimated that Monday's peso decline had 'at worst a neutral effect' on its cash position due to virtually all of it being held in US dollars at the time.
'Indeed, as a cash generative, profitable business, President views any volatility as a potential market opportunity,' it added.
Chairman Peter Levine said President had been present in Argentina through two presidencies.
'We have managed any political volatility and therefore remain focused and determined,' Levine said.
At 2:38pm: (LON:PPC) President Energy Plc share price was -0.5p at 5.9p
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