president energy plc said thursday that it has brought three new wells in argentina online and its business remains operationally profitable the oilandgas company which operates primarily in argentina said the three new wells at the puesto guardian concession in salta province are each producing in the range of 125 to 185 barrels of oil a day older wells on the concession are also undergoing intervention work to enhance production argentina remains profitable generating good free cash flow domestic oil prices are continuing to increase with prices in its core neuquen basin area currently around 67 a barrel and progressively increasing president said it was materially insulated from high inflation in argentina as it is a us dollarbased business and careful management of its argentine peso balances are being exercised the company also said a gas lift system is being installed and implemented to maintain and enhance production on its louisiana site with the well expected to be fully operational again in august operations continue to progress in salta and the levels of realized prices achieved when we export is particularly pleasing chairman peter levine said shares at 0847 gmt were up 002 pence or 2 at 127 pence