www.presidentpc.com

Producing Oil/nat gas from the ELV field/USA....45% of Oil/Gas produced hedged at $100/bbl and $10.90 per mcf)




Drilling ELV.....Suspended until gain consent for sidetrack...casing and wellhead left in for future re entry

3D Seismics have been shot on PEL82 Otway Basin Australia....results are excellant!
PEL 82 Potential resource increased from 150mbbls Oil tooooooo 430mbbls Oil!



Also trading on Plusmarkets
http://www.plusmarketsgroup.com/data.shtml?ISIN=GB00B3DDP128/GBX/PLUS-exn

A solid first day of trading with the sp gaining ground and not many cashing in their 25p shares for a fast buck.

i expect this will fly sooner than later

bring on the news !!!

Maybe, but for the moment the chart says 40p, imo.

News flow will dictate the chart direction, so the sooner we have a RNS updating PEL82, ELV, fresh targets etc etc, the better. Held up surprisingly well, so far, since the 25p raising however there has been some confusion with the speed that the new shares have arrived in investors accounts which could be partly the reason for the strengh of the sp.

You must be looking at a different chart

it would have to break through about 4 resistance levels to hit 40p and drop the mcap by around 5 million

more chance of 70p than 40p

Not a lot of trading today, although I haven't looked on Plus, so sp has done well to hold it's ground now that all the new shares are tradable at 100% premium to purchase price of 25p.

My answer to post #6 is that you are looking at a chart of MRP. PPC is totally reorganised with different objectives & capital restructuring.
I may be wrong, but I can see nothing on the immediate horizon which will boost the sp & it's likely that over the Xmas period together with a lack of any spectacular news that the sp will drift, as it has already done. I concede 40p may have been an over optimistic entry point!

You may well get your 40p entry Harry...all depends on news flow during December and should it drift that low then I will look to top up with you.

You may well get your 40p entry Harry...all depends on news flow during December and should it drift that low then I will look to top up with you.

you contradict yourself harry

No news...small drift.

Small rise this morning....in need of some useful news however for a sustained re rate in the sp.

Held 5% rise today with little selling. Gimme news.

Soon Chav. Soon.

Gimme news..now now now

Now would be nice but we've been waiting sooooooooooooooooo long what's another wee while? Merry, and I mean merry, Christmas to all those who wait!

Thank you Maggie. Merry Christmas and a happy New Year to you too.

Merry Christmas and a prosperous New Year for all the PPC holders that have kept the faith through the dark days of MRP......full of hope last Christmas and still full of hope this Christmas....Bring on the news SG.

Still quiet on the news front but a bit of buying so someones still interested.

Some healthy sized buying here today.

Nudging up a bit more today....steady away!

It's going to get interesting real soon Chav. I could only get an on line quote to buy 100 of these shares towards the end of today. The price isn't going to hang around at this level if any kind of good news gets released this month.

RNS Number : 1505F
President Petroleum Company PLC
07 January 2010


PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")

Operations Update

Drilling programme of up to three wells planned for PEL 82 Licence in Australia

President Petroleum (AIM : PPC), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an update on its operations.

Highlights

Drilling of PEL 82 in South Australia established as a priority targeting total prospective resources of 430 million bbls of oil or 630 bcf of natural gas

Programme of up to 3 wells planned

US production steady

South Australia Operations

PEL 82 Licence

Following the successful re-organisation of the Company in November 2009, the new Board has reviewed and confirmed the promising potential of the licence and is planning, as a priority, a drilling programme of up to 3 exploration wells, to be implemented as quickly as possible.

Review of the 3D seismic results and the structural mapping has confirmed a number of clearly identified well locations and associated prospectivity. The first two wells will target a combined resource of 70-80 million bbls of oil or 100 bcf of natural gas in the Waarre/Flaxman sands. Total prospective resources within the licence area are estimated at 430 million bbls of oil or 630 bcf of gas.

Drilling rig availability in Australia is limited, which will impact on the start date for drilling operations, but the Company is looking to secure an appropriate contract for a rig within the first quarter of 2010. Mobilisation costs are yet to be determined, but drilling costs are expected to be in the range of US$ 3-4 million per well. Negotiations with drilling contractors are underway and, in view of the prospectivity of PEL 82 and the Company's enhanced financial position, the Board has determined that the programme will initially be implemented on a 100% basis utilising the Company's existing resources.

PEL 132 Licence

The Company has reviewed its work commitments on the PEL 132 licence which has entered its third year of a five-year term. In the light of the significantly higher prospectivity and priority attached to PEL 82, President Petroleum plans to propose an amended work programme on PEL 132 to ensure retention of the licence, although this is not likely to include seismic or drilling activity in the near future.

US Operations
Production from existing wells at the East Lake Verret field has continued at a steady rate, in line with expectations, although gas flow rates were eased back slightly in December due to the colder weather. Natural gas production in Q4 2009 averaged 0.73 mmcfd, 19% up on Q3, whilst oil production was 4% higher, at 38.5 bbls/day, giving average Q4 production of around 160 barrels of oil equivalent per day.

Stephen Gutteridge, Chairman of President Petroleum, said:

"The planned 2010 drilling programme in Australia is a decisive step towards realising the promising potential of our current Southern Hemisphere assets, particularly the PEL 82 Licence. The new Board has moved quickly to review the existing asset base and take steps aimed at maximising its potential at the earliest opportunity.

"President Petroleum remains focused on achieving transformational expansion through acquisition and the Board continues to work towards achieving that goal in 2010."

Well some good news today LR2, in my opinion.

"President Petroleum remains focused on achieving transformational expansion through acquisition and the Board continues to work towards achieving that goal in 2010."


ELV acquisition came out of the blue with no warning so I guess the next one will as well.

True. SG won't leak info out. News will come when it is ready.

"Negotiations with drilling contractors are underway and, in view of the prospectivity of PEL 82 and the Company's enhanced financial position, the Board has determined that the programme will initially be implemented on a 100% basis utilising the Company's existing resources."

I think the important word there is 'initially' Chav.

I'm pretty sure they will bring in a partner, however having the resources to get the ball rolling on their own should ensure a decent deal in a JV.

still looks solid at around 50ish, good entry point with pel 82 progressing

Could struggle to hold 50p ish if there's no rig contract news for PEL82 within the next 3 months....acquisition news could save it of course.

Not much stock around today Chav. Get ready for some news.

glad i took my own advice after seeing it mentioned in the FT & daily mail today

i expect a bout of PR will lead up to some impressive news over the next few weeks

BUY BUY BUY

This w/e FT:
"President Petroleum, in which Peter Levine, founder of Imperial Energy, has a 29.9% stake, was in demand yesterday.
It's shares put on 8.2% to 55.75p as Evolution Securities took up coverage with a 'buy' rating & a 90p target.
'President Petroleum start 2010 poised for growth with a new management team & financial backing to build on the modest existing asset base in the U.S. ' Evolution said"

I would love to know how Evolution came up with that 90p target. Proving up the possible 430 million barrels of oil at PEL-82 would value it at around 2p a barrel with shares at 90p. If anyone acquires a copy of Evolution's work could they post the reasoning behind the 90p target. Many thanks.

90p pre news and drill is a fair price LR2, if pel 82 hits the black stuff naturally it will go into +s

I didn't mean to imply that 90p wasn't a fair price before striking oil. I just wondered how Evolution came to such a figure. If anyone has that information I'd be grateful if you could post it.

Nice movement upwards this morning...hope it can be sustained.

money for old rope at this price

Certainly is Oilwell.

...

Sneaking on up.

loading up before people cotton on whats about to happen

:)

Thing is, when is it going to happen!

Soon. Evolution didn't put out a broker's note for no reason. Their clients have now had a week to buy in. A few days more and we might get news. Before end of month perhaps?

they possible have bought something already, ELV deal was done months before it was announced and the wording of the rns suggests they are working on something.
i expect this to be in the 70s next week the fact they hid the late deal all day suggests this will be walked up next week

...

Look into my eyes look into my eyes the first 1 is done

looking good to test the higher trend line

now to break the trend and push for mid 80s

worth 40 mill plus

should be a good week

Drill news on PEL82 would be nice for keeping the up trend going.

not this qtr chav!

Maybe not this Half Duc!!

no rush, if the oil/gas is there it won`t be going anywhere, am sure there will be lots of other action to keep us interested.

PEL82 has been the Holy Grail here for some time though Duc, so drill news in the near term would be nice.
Hope the ELW drill turns out more successful than ELV!!

not a good week, who is selling? td this weekend though, will they report?

looks like we have some oil on the first drill :)

I believe we could have a very nice increase in production when this drill program is complete, todays bounce will hopefully be sustained up to that announcement before the end of the month. All imo.

a big fat 300

bopd?

sell signal on british bulls?

news alert

Cracking update today ;-)


RNS Number : 4374K
President Petroleum Company PLC
20 April 2010


PRESIDENT PETROLEUM COMPANY PLC


Operations Update

Q1 oil production increases by 50% over Q4 2009

Successful 4 well drilling and work-over programme

President Petroleum (AIM: PPC), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an update on its operations.

Highlights

Q1 oil production up by 50% on Q4 2009

Successful 4 well programme completed in Louisiana, USA

Current net daily oil and gas production of around 300 barrels of oil equivalent per day (boepd), the highest level since June 2009

Production from East White Lake up 200% over last two months

Location for Northumberland 2 well on PEL 82 confirmed

Airborne gravity and magnetic survey over PEL 132 acreage successfully completed

Operations - Louisiana, USA

East Lake Verret

The Simmons 3 well (21.9% net revenue interest (NRI)), which was a minor gas producer has been re-completed as an oil producer, currently producing a gross 100 bbls/day. Gross daily revenue from this well has been increased from around US$500 to over US$8000.


East White Lake (21.875% NRI)

The A-41 side-track well was completed late last week and initial gross flow rates are significantly better than expected at 140 bbls/day of oil and over 400 mcfd of natural gas.

The work-over of the A-29 well was also successfully completed last week and the well was returned to production at a gross rate of 60 bbls/day of oil

Production from the A-52 well, brought on-stream in March, has settled at a gross 100 bbls/day and 80 mcfd of gas

Production


Production has been increasing steadily in 2010 as a result of the development drilling programme and in particular, the Company has successfully increased its exposure to the current strong oil price.

Net oil production in Q1 2010 was 60 bbls/day, a substantial increase on the 38 bbls/day in Q4 2009. With the contribution from the new wells, current April production has shown a further increase to 130 bbls/day of oil and around 300 boepd of hydrocarbons in total.

At East White Lake, in which the Company acquired a working interest in January, net daily hydrocarbon production has increased from 30 boepd in February to a current level of over 90 boepd.

Operations - South Australia

PEL 82

The initial well on PEL 82 will be named the Northumberland 2 well, located 3.2 km north-west of Port MacDonnell and will test the Flaxman and Waarre reservoirs. The combined target prospectivity for Northumberland 2 is 40 million barrels of oil or 54 bcf of natural gas, with a target depth of 3200 metres.

The Company has been engaged in negotiations with drilling contractors for potentially suitable rigs for the PEL 82 drilling programme. The Company is anxious to avoid excessive mobilisation costs, and has been seeking sharing arrangements with other operators in South Australia and Victoria. A satisfactory agreement in principle has now been reached with an Australian contractor who has a suitable rig currently outside Australia, and has already contracted to bring it into the country. Detailed discussions on the drilling contract and timetable are now underway.

PEL 132

The airborne gravity and magnetic survey on PEL 132 has been completed over 900 kms north-west of Lake Frome. Processing of the data will take two months.

Stephen Gutteridge, Chairman of President Petroleum, said:

"Our recent drilling programme in Louisiana has substantially increased production, particularly of oil, and cash-flow. Given the current strong oil price we will be looking to add further production from both fields wherever possible."

"The combined target prospectivity for Northumberland 2 is 40 million barrels of oil or 54 bcf of natural gas, with a target depth of 3200 metres".

40mmbbl x $80 / $1.55 / 45.45 mill shares = 45.42 per share.

Assume 50% profit after tax, expenses etc. = 22.71 profit per share.

Should see the share price move up if Northumberland 2 is successful.

And that's just the first drill.

how long will it take to extract 40m barrels?

Depends on how many producing Wells are drilled halifax!!!

so come up with a guesstimate, you cannot ignore the time factor when valuing oil in the ground.

40m bbls would last for years halifax....price of Oil only going up as the years go by so it will be gaining value all the time.

oil in the ground isn't worth anything until it is extracted.

Very true halifax however the speculative value of the 'possible' Oil in the ground does have a value which should reflect in the sp.

the value of the oil in the ground should be determined by any number of factors including cost and difficulty of extraction, local conditions,time,politics,logistics etc etc, it is not a simple arithmetic calculation.

Surely lots of oilies are part valued on 'estimated recoverable reserves'?

1P oil in ground commands a value of around $8 - $10 a barrel.

And don't forget that PEL-82 has a possible 430 million barrels.

Indeed hallifax...if you look into PEL82 you will find that it is close by a pipeline and that is one of the main worries/costs with producing.

LR2's figure is simple arithmetic for a very basic idea of current values, it does not take into account the dilution required for raising enough cash to see Pel82 through to production.

Current sp is very undervalued should Pel82 come up with 40 million bbls however and PPC current production nearly covers the current price.

around 300 boepd as forcast in march, more or less bang in with expectations

i see a 8 figure deal on the horizon

buy

Up 30% today, but not sure why.

Nice to see PPC bounce back into life with Rig news due.

PPC pushing onwards and upwards again today:-)

Fingers crossed it holds above 70 this time

When the RNS comes out saying that the Rig is in Oz then 70p will be left a long way behind.

PPC continues it's rise and will hopefully breakout of this range past 70p today.

Haven't seen the sp this high since 2007...70p broken and looking to break 80p....will there be enough news tomorrow to hold the gains?

Thought you'd deserted this Chav Fingers crossed and holding!

Long breaks of not a lot happening Maggie, but I never give up! AGM this morning so hopefully get something useful from it to build on the up trend in sp.

rig news would be nice

Transformational news would be better.

RNS Number : 3198Q
President Petroleum Company PLC
02 August 2010

Monday 2 August 2010

PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")

Acquisition, New Independent US Reserves Report and US Operations Update

US Reserves Increase by 450%

NPV10 Value of US Reserves assessed at US$310 million

President Petroleum (AIM: PPC), the oil and gas exploration and production company with producing assets on-shore in the USA and exploration licences in Australia, announces the acquisition of additional acreage onshore Louisiana, a new Independent US Reserves Report showing a significant increase in total hydrocarbon reserves, and an update on its US operations and drilling plans.

Highlights

Acquisition of highly promising deep exploration and production rights, with a projected net revenue interest of approximately 55%, at President Petroleum's existing onshore East Lake Verret ("ELV") field in Louisiana;

New Independent Reserves Report increases total Proved, Probable and Possible US onshore reserves by 450% to 12.9 million barrels of oil equivalent (mmboe) including the new acquisition;

US$310 million independently reported NPV10 of President Petroleum's Proved, Probable and Possible US Reserves;

Continued focus on creating shareholder value by moving 3P Possible reserves into 1P/2P Probable/Proved categories by use of the drill bit, as well as through further value enhancing acquisitions; and

First well addressing the newly acquired ELV deeper zone, the Kafoury 3 well, to be drilled in Q4 2010 and targeting gross possible reserves of approximately 19.5 mmboe comprising 110 bcf gas and 1.2 mmbbls oil

ELV Deep Rights Acquisition

At the time of the acquisitions of ELV and East White Lake ("EWL") in mid 2008 and early 2010 respectively, the Company highlighted the potential for further upside in addition to the proved, behind pipe and undeveloped opportunities.

At ELV, the Company has worked with local geoscientists, using their extensive knowledge of other fields and access to 3D seismic data, to build up a picture of the potential opportunities for further reserves. This work encompassed evaluation of existing producing zones and deeper potential which had been successfully exploited in neighbouring fields. This detailed and thorough study identified prospects in deeper zones on a much larger scale than existing producing zones, substantially enhancing the economics of onshore development at a time when offshore Gulf of Mexico opportunities will be limited or suspended and ultimately with higher costs.

President Petroleum, with the encouragement and support of its largest shareholder, Levine Capital Management Limited, has now been successful in acquiring the rights to additional leases on 440 acres at ELV over deeper zones to depths of approximately 14,000 feet. The US$0.5 million cost of lease acquisition and prospect development is being paid in cash, with President Petroleum currently expecting to take an initial Working Interest of 80% in drilling the first well to casing point and a Net Revenue Interest of approximately 55%. Following this latest acquisition, the Company is now in a position to publish the new US Independent Reserves Report and to outline plans for drilling.

The initial well addressing the ELV deeper zones, the Kafoury 3 well, is planned to test the extension of the known field pays of the Siphonina Davisi and Marginulina D-1 sands and to penetrate the deeper Planulina and Cristellaria 'R' sands, which are substantial producers in neighbouring fields.

The possible gross reserve potential is estimated to be 19.5 mmboe comprising 110 bcf of natural gas and 1.2 million bbls of oil with 15 bcf of gas and 120,000 bbls of oil in the known field pays and 95 bcf of gas and 1.1 million bbls of oil in the deeper zones. The drilling cost of the Kafoury 3 well is estimated at US$5 million and if successful, up to 6 further wells are likely to be drilled within 18 months.

Subject to the satisfactory ratification and completion of the lease documentation and the planning, permitting and unitisation arrangements, the Company expects to commence drilling Kafoury 3 in Q4 2010.

Independent US Reserves Report

The Company commissioned D-O-R Engineering of Baton Rouge, Louisiana to prepare an independent appraisal of the hydrocarbon reserves and future net income attributable to the Company's interests in ELV and EWL as at 1 April 2010. This is the first opportunity to produce a comprehensive report on these fields that takes into account the most recent acquisition, the prior asset purchase of EWL completed in early 2010, as well as the recent drilling and work-over activity and the extensive evaluation work on the additional prospects.

Summary of the Report - Net US Reserves and NPV10

Reserve

Category
Oil

'000 bbls
Natural Gas

mmcf
Hydrocarbons

'000 boe
NPV10

US$'000

Proved 1P
615.4
3102.6
1132.5
31,267

Probable 2P
148.3
356.7
207.8
6,178

Possible 3P
827.3
64505.2
11578.2
272,973

Total Reserves
1591.0
67964.5
12918.5
310,418






For comparison, in its Annual Report for the year ended 2009, the Company reported a total US net hydrocarbon reserve figure as at 1 January 2010 of 2.3 mmboe. The DOR Engineering report does not cover President Petroleum's Australian interests, which have been the subject of separate reports.



A summary of the DOR Engineering Report will shortly be made available on the Company's website www.presidentpc.com



Production



Following the successful drilling and work-over programme in the first quarter of this year, net production in April and May averaged 264 barrels of oil equivalent per day (boe/d), the highest level for 12 months, with a peak daily rate during this period of over 300 boe/d. Oil production was 111 bbls/d, over 40% of the total, compared with 25% at the end of 2009.



June and July production has been temporarily affected by further work on the Kafoury 2 and Simmons 3 wells at ELV. This low-cost, preventative work is aimed at inhibiting potential problems with sand in the production stream. The work on Kafoury 2 has now been completed and the well is back on-line. Work on Simmons 3 will commence shortly. Production at EWL remains on an upward trend having doubled since March. President Petroleum's net production in June was 205 boe/d with oil comprising 50% of the total.





Stephen Gutteridge, Chairman of President Petroleum, said:



"The substantial upgrade in our reserve position in Louisiana highlights the continued creation of shareholder value through the low risk, modest cost, onshore US acquisitions that we have delivered.



"In both Louisiana and Australia our objective remains the same - to convert our considerable 3P reserves and resources to proven and producing reserves. With the continuing support of our major shareholder, Levine Capital Management, President Petroleum is in a strong position to deliver growth both organically and by way of future acquisitions and progress continues to be made in this respect."

Tuesday 17 August 2010

PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")

Drilling Rig secured for Northumberland 2 well in South Australia

First well in a programme targeting prospective resources of 430 million bbls

Early 2011 drill date

President Petroleum (AIM: PPC), the oil and gas exploration and production company with producing assets on-shore in the USA and exploration licences in Australia, announces that it has secured a suitable drilling rig to drill the Northumberland 2 exploration well in the Otway Basin, South Australia.

Key Points

Drilling contract signed with Ensign International Energy
Northumberland 2 (President Petroleum 100%), the initial deep PEL 82 well, expected to spud no later than February 2011
Northumberland 2 commences a drilling programme targeting prospective hydrocarbon resources of 430 million bbls for the PEL 82 licence.
Contract includes an option for President Petroleum to use the rig for further exploration wells on PEL 82

Northumberland 2 Well

The Northumberland 2 well is located in the Otway Basin 3 km north-west of Port MacDonnell and will test the Flaxman and Waarre reservoirs. The combined prospective resources of these reservoirs at this location are assessed at 40 million barrels of oil or 55 bcf of natural gas and the well total depth is 3200 metres.

Landholder agreements have been completed and work on pad construction will commence shortly, weather permitting. Once underway, drilling is expected to take 30-40 days. The estimated well costs of US$6.5 million include substantial mobilization and demobilization costs. The Company has held extended discussions with other Otway Basin operators with a view to sharing these costs. These discussions will continue but in order to ensure the certainty of securing the rig and the drilling timetable, the Company will accept 100% of these costs if no sharing is possible.

PEL 82, South Australia

PEL 82, in which President Petroleum has a 100% working interest, is a highly prospective, on-shore, coastal licence in the Otway Basin, South Australia. Over the past two years the Company has re-processed older 2D seismic and completed an 88 sq km 3D seismic programme. The results of this have been evaluated by a number of geoscientists with extensive knowledge of the area, producing a highly positive assessment with total prospective resources of 430 million bbls for the licence.

The key target reservoirs are the Flaxman and Waarre sands, and in total 10 traps have been identified. As the Waarre sands underlie the Flaxman sands, the Company has been able to identify three possible drilling locations which can test both sands from the same well, with the Northumberland 2 targets being the largest.

In addition to the structural traps identified by the 3D seismic, a large structural high with two structural closures has been identified in the north of the licence. This large structure was not covered by the 2009 3D seismic shoot and, in addition to the drilling programme, the Company is considering further 3D seismic to locate additional drilling targets.


The PEL 82 licence was renewed last year and is currently in the first year of a new 5 year term.

Ensign International Energy

Ensign is an Australian based integrated drilling company and a wholly owned subsidiary of Ensign Energy Services Inc of Canada, which has more than 50 years of drilling experience.

Stephen Gutteridge, Chairman of President Petroleum, said:

"The shortage of suitable drilling rigs in Australia and the consequent high costs of mobilization are significant problems for Otway Basin operators, but we are pleased to have secured a rig from Ensign for our initial exploration well on PEL 82.

"The Northumberland 2 well marks the beginning of the next phase of activity on PEL 82, aimed at converting the significant prospective resources into reserves and production. In addition to drilling activity, we plan to discuss further investment, such as additional 3D seismic, with the South Australian authorities."

yahoo !!

looking good for a good run up over the next few weeks

President Petroleum
Drilling Update
RNS Number : 5330U
President Petroleum Company PLC
18 October 2010


PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")



Kafoury 3 Drilling Update



Drilling expected to commence two weeks ahead of schedule



President Petroleum (AIM: PPC), the oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia, announces an update on the drilling schedule for the Kafoury 3 well in Louisiana, USA.



Highlights



Drilling rig for Kafoury 3 well expected on location by 22 October 2010



Drilling expected to commence by 24 October 2010, 2 weeks ahead of schedule



Kafoury 3 Well, East Lake Verret, Louisiana



The drilling rig contracted to drill the Company's Kafoury 3 exploration well in Louisiana, will arrive on location by 22 October 2010, and drilling of the well is now expected to be underway by 24 October 2010, approximately 2 weeks ahead of schedule.



Drilling to target depth of 14,600 feet is expected to take around 40 days. The Company has an option to retain the rig on location to drill a second well, which would most likely be a shallow producing well to obtain additional early cash-flow.



The independently assessed gross 3P reserves attributable to the prospect are 110 bcf of gas and 1.2 mmbbls of oil totalling 19.6 million barrels of oil equivalent ("mmboe"), of which around 85% is located in the deeper sands. President Petroleum's net 3P reserves based on a 55% Net Revenue Interest are 10.8 mmboe.



If the Kafoury 3 well is successful, up to three deep wells will be drilled in 2011 in addition to a shallow well. Two further deep wells may be required in 2012 dependent on success.



Stephen Gutteridge, Chairman of President Petroleum, said:



"A successful Kafoury 3 well opens up the potential to transform the Company's reserve and production base in Louisiana, with rapid monetisation through our existing infrastructure and sales contracts.



"The proposed US$50 million placing will ensure that we are fully funded to exploit this potential, and in the New Year we will look to build on any success in Louisiana with the drilling of the substantial 40 mmbbl Northumberland 2 prospect in South Australia which we expect to commence in the first quarter of 2011."

GO GO GO


Monday 25 October 2010

PRESIDENT PETROLEUM COMPANY PLC
("President Petroleum" or "the Company")

Kafoury 3 Drilling Update

President Petroleum (AIM: PPC), the oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia, announces a drilling update.


The drilling rig for the Kafoury 3 well has been unexpectedly detained at its current location close to East Lake Verret.

The delay is not expected to be material and the drilling of the Kafoury 3 well is still expected to be in-line with the original November schedule announced at the time of the recent Placing.

Some buying interest this morning, before the spudding RNS on Monday :-)

I am liking this share by the day my target is 120p a share next year.

Tipped by RHPS on Friday night and Spudding rns to come this week so should see some action with the sp.

I didnt know that I just hope they are correct.

Not a follower of RHPS but I guess a few of their sheep will follow their direction!...PANR flew on Friday because they thought that RHPS was going to tip them!!...sheep!

Not a follower myself but its bound to push the sp up short term.

Off and running!

Question is can it hold the gains?

Think thats a question we have asked on many occasions maggie!

You're right unfortunately! but one day...........................

Closed above 70p with some good buying at the eod.

Starting the day off Blue...the spud rns would be nice now, for momentum :-)

Buy note from Dolmen - Initial target price 90p



http://www.rte.ie/news/business/morningrep/download/1112dolmen.pdf

President Petroleum Drilling Commences at Kafoury RNS Number : 5509WPresident Petroleum Company PLC22 November 2010 
Monday 22 November 2010

PRESIDENT PETROLEUM COMPANY PLC
("President Petroleum" or "the Company")

Drilling Commences at Kafoury 3

President Petroleum confirms that the Kafoury 3 exploration well on its East Lake Verret field in Louisiana, USA, has been spudded and is drilling ahead.

President Petroleum (AIM: PPC) is an oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia.

Looking quite good this time since it has managed to hold up well. Won't give up on the champagne yet!

Tuesday 30 November 2010

PRESIDENT PETROLEUM COMPANY PLC
("President" or "the Company")

Corporate Update

Chairman of Operating Subsidiaries

President is pleased to announce that Peter Levine has accepted an invitation from the Board of the Company to join the boards of President's two operating subsidiaries, President Petroleum (USA) Inc. and President Petroleum Pty Ltd. with effect from 1 December 2010. On joining, Peter will be appointed by these boards as Chairman of both operating companies.

Corporate Structure

President is currently evaluating a proposal to change its domicile and is in the final stages of consultation with the Company's advisers and largest shareholders.

The Board believes that the interests of the business and its shareholders will be best served by ensuring that the Company is located in an environment that is politically and economically stable, with excellent infrastructure and communications, enhances the Company's ability to recruit and retain key staff and provides greater certainty in its future tax position.

At this stage of President's development, the Board believes a change of domicile would be a relatively straight-forward process and the proposal being considered would create a new Group holding company which would be incorporated in Jersey, with tax residence in Switzerland and would continue to be UK listed, initially on AIM. If implemented, the proposal is not expected to impact President's eligibility for UK stock exchange indices nor to have any adverse implications for the Company's shareholders as a whole.

In the event that the Company proceeds with the change, further announcements will be made in the first quarter of 2011 and completion is expected during the first half of the year.

Stephen Gutteridge, Chairman of President, said:-

"We are delighted that Peter has agreed to make his experience and leadership available to both our operating companies at an exciting time, with potentially transformational drilling already underway in Louisiana and scheduled to commence in Australia early next year."

Stirring nicely this morning as people take positions for the current drill at Kaf3.

Another tick up this morning ;-)

Motoring into the close!

Looking good Chav only another 56p per share and I'll be in profit!!!!!
Long time from we've seen 80 Chart shows a bit of resistance here. ( I think) Just got into profit in BLVN and didn't think that was going to happen so fingers crossed.

You did buy in high Maggie!

Plenty of drilling over the next few months ,which if successful, should see you in profit.

Current drill could have results next week.

Have held them for years before they crashed Was in profit then and with hindsight should have sold but don't have hindsight and have to fight with myself to cut losses so here we are today hoping to salvage something! - Bring out the violins:-(

Several buys today maybe 100p soon.

mitzy ...it's going in the right direction at the moment :-)

Some profit taking this morning:-(

Good start to the week and looking to break 90p level.

Getting close to the 90p...Sonris site reported that the Well kicked, probably on entering the upper pay zone...looking good :-)

Been invested since 70p and hoping this continues and delivers the goods

Drill results next Week?

90p cracked..onwards for 1 next.

Getting a bit excited now!

Try and keep some control Maggie!

Looking good though.

very nice finish to PPC's week.

Truely amazing.

Nice little profit taken today just in time for Christmas but will re-invest in New Year when Aussie drilling takes place as this would be the real game changer for PPC

A few taking some profits this morning Andy.

Whilst PEL 82 in OZ could be the biggest game changer, success with the present drill should give good upside to the sp at it's present value.imo

Success in the first drill will under-pin the price ahead of Oz drilling which will make this a very strong buy and as its off the radar to many at the moment there will be chance to buy in whether it falls on news or flys if good.

The Oil/gas found at Kaf3 will be quickly online and converted into $'s.

Back in this morning at 10% lower price than sold, some profits locked in but don't really want to be out for long with drill results soon from Louisiana and then in Oz

Nice to finish Blue for Christmas and hopefully the drill results will provide more cheer after Christmas :-)

Happy Christmas Chav and all other holders. Think there might be an even happier new year!

Merry Christmas maggie and fingers crossed for a prosperous PPC in the New Year.

TSTD BOPS 12/21/10; DROPPED 7/8" SHACKEL INSIDE 9-5/8" CSG; FISHED OUT SHACKEL; D/O SHOE TRACK; ATTEMPTED TO FIT, FAILED; SET RTNR @ 11834' & SQZD; DRLD RTNR, CMT, FORMATION T/ 12016'; DIR DRLD F/ 12016-12400';



Should be about at TD now.

Wish I understood all that Chav Hope it's good news! :-)

Maggie, here's an explanation that was posted elsewhere, courtesy of a guy named Swampydrill.

Little bit of explanation: Tested the BOP again, some berk has dropped a shackle in the hole which was probably fished with a magnet, drilled out the casing shoetrack and attempted a formation integrity test: FIT which failed (may have had losses on bottom during cementing the casing or over displaced shoetrack, don't know)set a retainer and pumped / squeezed cement around the shoe to give it strength (in case of another kick), drilled to 12,016 and then directionally drilled to 12,400ft, so still making progress, no need for any negativity at all, basic drilling issues you get on any well.

Thanks LR Now understand that at least it's not bad news - good.

Not bad news but it may have delayed them a bit.

A delay isn't a problem, providing the Deeps provide!

Tuesday 4 January 2011

PRESIDENT PETROLEUM COMPANY PLC
("President" or "the Company")

Drilling Update
President announces an update on its drilling operations in Louisiana, USA and South Australia.

Kafoury 3 Well, East Lake Verret Field ("ELV"), Louisiana
The Kafoury 3 well has reached a measured depth of 12,556 feet just above the key deeper targets for the well. This is the first well drilled into this fault block at ELV and has encountered greater pressures and complexity than anticipated. A number of actions have been taken to ensure full control over the well with extra casing and increasing mud weights. Drilling is currently halted to install a drilling liner. As a result, the well is taking longer than anticipated, with a corresponding increase in costs.
Structurally, the well is in a good position relative to the deeper sands, and drilling to target will resume once the liner is installed. Further announcements will be made in due course.
East White Lake Field ("EWL"), Louisiana
Peak Energy LLC ("Peak"), the operator of EWL, is still waiting on the rig to drill the two proven undeveloped prospects in the field. Rig availability is tight at present but Peak has been informed that it is next in line for the rig.
PEL 82, South Australia
Construction of the well-site and drilling pad commenced in mid-December and is currently 50% completed. Drilling of water bores has been completed and the work on support services and drilling preparation is progressing to plan. The Company is monitoring the extremely wet weather currently being experienced in Australia as this represents the greatest risk to the projected February 2011 spud date.

Not sure why that rns has spooked the sp down!!..looks like good news to me apart from the drilling being more tricky.

Could it be the last sentence about the weather creating another delay?

Weather delay, extra costs & high pressure all contributing factors to sp drop, imo. This prices in the extra, unforeseen risk. When the extra cost factor is quantified, sp may correct again if it is very high.

The weather in Oz is not going to cost anymore cash but could delay the spud at PEL82 a bit....not a huge issue.

KAF3 hitting high pressure with the current drill has incurred some extra expense but it's because they are hitting payzone which is fully charged...how de risked does that make KAF3 now??!!

Plenty of buys coming in now so should start moving back up...1 v 1

Despite the not so positive drilling operational reports I have bought some of these for my SIPP, after selling some Rockhopper.

Sounded positive to me Bullshare...just a bit more technical!

If the problems are sorted...expect a superb rebound....

Kafoury 3, East Lake Verret Field ("ELV"), Louisiana, USA

Drilling operations at President's Kafoury 3 well are still continuing. Although the well has encountered higher than expected pressures, which have caused a significant increase in projected costs, the well is currently drilled to a measured depth of 13687 feet and is considered to be poised to intercept the main target, containing nearly two thirds of the net targeted resources.

During drilling, the well has continued to encounter very high background gas, which has significantly increased with depth. Whilst the Company has not yet identified any commercial hydrocarbon producing sands in the upper two target prospects, this does not in any way affect the prospectivity of the deep section. As it is clear there are hydrocarbons in the system, the decision has been made to drill ahead, despite the challenging conditions.

As more time is now required to explore the main target section, President will update further on the well as soon as a complete picture is obtained.

Northumberland 2, PEL 82, South Australia
Preparations for the drilling of the Northumberland 2 well are on schedule and budget and drilling is expected to commence around the end of February. The two reservoir targets for Northumberland 2 are independently estimated to contain total prospective resources of 40 million barrels of oil or 55 billion cubic feet of gas, which represents a very high impact opportunity. President owns the license to 100% of PEL 82, which has total prospective resources assessed as over 400 million barrels.

2 big..very big bites of the cherry here.....if either of these comes right.....150p...minimum perhaps.....both and way above 2......worth a punt here....

Possibly worth buying now for the next bounce?

By all means yes....already in......if the news is good, it will jump by 20 or 30p ...perhaps more.....

StockMarketWire.com
President Petroleum (PPC) surged on renewed speculation that that the drilling on their Kafoury 3 prospect in Louisiana has advanced considerably despite challenging conditions and speculation ahead of the start of drilling at their Northumberland 2 prospect in South Australia. At 10.30am the share price was up 4.25p (7%) at 69.75p

Taking a while with K3!!!!...surely result due this week?...N2 rumoured to be spudding about now too.

We need something to move sp. At least we stayed off the 60p this time.

Thursday 10 March, 2011


President Petroleum

Drilling Update


RNS Number : 6560C

President Petroleum Company PLC

10 March 2011






10 March 2011

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")



Drilling Update



Kafoury 3 well tested - to be plugged and abandoned

Northumberland 2 well spudded - targeting 40 million bbls oil or 55 bcf gas

LA Furs 22 sidetrack underway



Kafoury 3, East Lake Verret Field ("ELV"), Louisiana, USA



The Kafoury 3 well has been sidetracked to a measured depth of just under 14,000 feet, where geological analysis confirmed that all targets had been drilled. As previously reported, drilling of Kafoury 3 has been extremely challenging and the well continued to encounter high pressures, which significantly increased the duration and doubled the cost of drilling, and frequent high levels of background gas, which encouraged President to continue with the well. A 200 feet section of the well was perforated and tested over the past 48 hours to determine whether there was any potential for commercial gas flow. Whilst gas flows were measured, the test was inconclusive and after further consideration President has decided to plug and abandon the well.

Northumberland 2, PEL 82, South Australia

Drilling of the Northumberland 2 well is underway, on schedule and on budget. Progress through the initial limestone layer was good and casing is currently being set at 350 metres prior to drilling ahead. The target measured depth for the well is 3,200 metres. The reservoir targets for Northumberland 2 are independently estimated to contain total prospective resources of 40 million barrels of oil or 55 billion cubic feet of gas, which represents a very high impact opportunity. President owns the license to 100% of PEL 82, which has total prospective resources assessed as over 400 million barrels.

LA Furs 22 Sidetrack, East White Lake Field ("EWL"), Louisiana, USA

Peak Energy has drilled the LA Furs 22 sidetrack to a depth of 6,683 feet, just short of target. At that point repairs to the casing were required and the rig has been temporarily taken off location whilst these are completed. The rig is expected to return later this month to complete the well. Further evaluation of this prospect has confirmed a larger than expected oil target of nearly 200,000 barrels (President net revenue interest 21.1%) and if successful, the well will be immediately brought into production.



Commenting on today's announcement, Stephen Gutteridge, Chairman said:

"We took the Kafoury 3 well as far as we deemed commercially viable and whilst the decision to plug and abandon the well is clearly disappointing, we have now spudded the exciting high impact Northumberland 2 well in South Australia and have made further progress towards increasing production with the LA Furs 22 Sidetrack in Louisiana. We look forward to updating the market on these results in due course."

That's not going to do us any good ******!

Certainly not good with Kaf3 maggie...lets hope that N2 can turn things around.

The big one is coming up......plus increased production.....it's a gamble but at this price, lowest for years and could hit incredible highs in the event of a strike downunder....

rf it sounds like RKH all over again.

It could quadruple in next to no time if it hits something commercial...risky but no difference from Range Resources for instance...

15 March 2011



PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")



Corporate Update





Highlights



Strengthening of management team



New intermediate holding company for acquisitions



Management Team



President announces that is has strengthened its management team by making two new appointments.



Miles Biggins, a Petroleum Engineer by background, has been appointed Executive Vice President, Business Development. Miles, due to join President shortly, is currently at Northern Petroleum Plc where he has been Business Development Manager since 2004. Previously he was at Shell for 14 years, latterly being one of the Project Leaders for Mergers and Acquisitions.



Dr Jonathan Cohen has been appointed Executive Vice President Exploration. Jon, a geologist with worldwide experience and excellent academic background was previously with Shell International for 18 years in various positions and latterly in Shell Netherlands head quarters. Earlier in Jon's career he was with Marathon Oil and AGIP as well as being Lecturer in Petroleum Geology at Imperial College London.



Intermediate Holding Company



President is forming a new intermediate holding company named President Petroleum Company Holdings BV ('PPN'), a company domiciled and resident in the Netherlands. PPN will act as the main group operating and holding company for future acquisitions. Peter Levine will be appointed chairman of PPN and it is envisaged that Miles and Jon will become board members.



Peter Levine, chairman elect of PPN, commented:



"President has moved swiftly to both strengthen its management team and create an acquisitions-ready group structure.



This strengthening of the management team and the creation of PPN is a clear signpost of the intent to build a significantly larger group through the acquisition of assets. The expanded management team is being vigorously focused on achieving these objectives.'

sp down 9% today not looking good.

Certainly no positive news leaked!

20p here we come. Very glad I bit the bullet a while ago. Think I may have another go at 20p ish.

.

It will require very good news to get this back off the ground floor!

Well at least it hasn't fallen through the trap door....................................Yet!

28th April, 2011



PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")



Operational Update



President Petroleum (AIM: PPC), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, provides the following operational update.



Australia



The Northumberland 2 well was a wild cat, high risk well. As such the results themselves whilst not showing commercial quantities of hydrocarbons are not seen by President as negative for the whole of the PEL 82 Licence nor a depletion of potential value of that Licence.



To the contrary, the results are both intriguing and encouraging and President continues to analyse the data.



Louisiana



President is now taking steps to optimise the potential of its existing production base.



Positive production performance is now being achieved with an increased weighting of oil to gas as a result of East White Lake acquisition in 2010.



In this regard:



First of scheduled Proven Undeveloped ("PUD") opportunities increased oil production by 30%

Five further PUD opportunities have been identified collectively having the potential to materially increase production, and improve the bias to oil (over 50%)

Drilling of the first PUD has already commenced with up to four others due to commence sequentially over the next six months

Initial capital costs not material to substantial cash balances of PPC; average payback for each PUD is estimated at six months; will not impair PPC ability to pursue acquisitions

Majority of targets have long production profiles

NPV per barrel on the oil wells are estimated to be some $45 on an oil price of $100 WTI, a significantly higher value than previously expected

President is currently enjoying very beneficial relief from severance tax on some of its Louisiana production

The Company's substantial tax losses in Louisiana will not only shield the Group from corporate tax but allows the Group to consider acquisition of low risk production opportunities which can be exploited with greater bottom line impact





Peter Levine, Chairman of President Petroleum Company Holdings BV commented:



"The recent drilling in Australia highlighted the overall potential of PEL 82 and it would be premature to ignore the prospective value of this Block at this stage. For a first well on an unexplored licence the results were encouraging. Detailed analysis work continues and we will update investors in due course on our forward plans for PEL 82.

The Group remains committed to using its strong cash position to achieve growth by acquisition, particularly of production or near production opportunities with material upside both on reserves and production itself.

Active steps are also being taken to make the most of production upgrading and opportunities in our existing licences and elsewhere. The substantial tax losses will now be utilised as a tool to increase the bottom line benefit.

Both myself and the main Board are committed to generate significant growth from our solid base."

28th April, 2011

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")



Results for the year to 31 December 2010



President Petroleum (AIM : PPC), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces its audited results for the year ended 31 December 2010.



CORPORATE HIGHLIGHTS



Acquisition of 25% working interest in East White Lake providing well diversification and increased oil component of production

October 2010 share placing raised US$ 47.9 million net

Significant investment in exploration to test the potential of the legacy asset base

Drilled Kafoury 3 exploration well, East Lake Verret, Louisiana. Subsequently plugged and abandoned post year-end

Post year-end drilled Northumberland 2 exploration well, PEL 82, South Australia. Although not a commercial discovery, the presence of significant reservoir sands and hydrocarbons de-risks other prospects on the license



BOARD CHANGES



Stephen Gutteridge, Executive Chairman has tendered his resignation to pursue other opportunities

John Hamilton, Non-Executive Director, appointed as interim Chairman



OUTLOOK



Strategy to focus on disciplined acquisitions

Production optimisation programme underway in Louisiana

Continue to access low-risk accretive opportunities in Louisiana and take advantage of US tax losses

Evaluation of further prospectivity on PEL 82 license, South Australia, given the encouraging geological results from the Northumberland 2 well



FINANCIAL HIGHLIGHTS



Operating Cash Flow increased to US$0.7 million (2009: US$0.6 million)

Average net production of 185 boe/d

Cash balances at year-end of US$45.7 million (2009: US$10.1 million)

Loss after tax for the year of US$6.7 million (2009: US$4.4 million) reflecting higher depreciation charges





Commenting on today's announcement, John Hamilton, interim Chairman said:



"With a high-calibre team, that we will seek to strengthen further, and substantial net cash, President is well positioned to build on our increasingly profitable production base, continue our work on the PEL 82 licence in Australia and actively pursue business development opportunities. The Board would like to thank Stephen Gutteridge for his contribution since taking the Executive Chairman role in 2007, and wishes him the best for the future."



For further information contact:




President Petroleum Company








John Hamilton, Interim Chairman


+44 (0) 207 811 0140




Ben Wilkinson, Finance Director


+44 (0) 207 811 0140














Evolution Securities


+44 (0) 207 071 4300




Tim Redfern, Neil Elliot, Adam James


















RBS Hoare Govett


+44 (0) 207 678 8000




Stephen Bowler, John MacGowan, Max Jones


















Pelham Bell Pottinger


+44 (0) 207 861 3232




James Henderson/Mark Antelme/Jenny Renton








President Petroleum (AIM: PPC), is an oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia. The PEL 82 licence in South Australia is 100% owned by President.



Dr Jonathan M Cohen, FGS, C Geol, Executive Vice President Exploration, meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.





The following financial statements are extracted from the Company's audited consolidated accounts for the year ended 31 December 2010. These accounts will be included in full in the Company's Annual Report which will be posted to shareholders in May 2011 and will be made available on the Company's website www.presidentpc.com at the same time.



Chairman's Statement

Summary

Following the November 2009 transformation of the Group, President's twin focus in 2010 was to prove up the potential value in the existing legacy assets in Louisiana, USA, and South Australia through drilling, and to add new assets through acquisition.



In January, the Group completed the acquisition of a 25% working interest in the East White Lake field in Louisiana and in August further deep drilling rights were acquired at President's existing East Lake Verret field.



The 2010 drilling and development plan for the legacy assets included two high-impact wells in Louisiana and South Australia respectively, and further low-cost drilling and work-overs at existing producing fields, with an emphasis on increasing oil production.



The schedule for drilling the deep Kafoury 3 well in Louisiana was contingent on the acquisition of the new leases and drilling commenced in November. A shortage of suitable drilling rigs in Australia impacted the timetable for drilling the Northumberland 2 well, but a contract was signed in August and the well spudded in March 2011.



In addition to the completed acquisitions in Louisiana, President evaluated a number of additional deals during the year but none met the Company's value criteria. Further acquisitions are anticipated and with increased spending commitments planned on drilling and development, the Company successfully raised US$50 million through a placing of shares in October. The placing was over-subscribed and well supported by Levine Capital Management, President's largest shareholder, and major UK institutions, both existing shareholders and new investors.





Financial Summary

2010 sales revenues, net of royalties, over-rides and other interests, increased by 11% to US$3.4 million. This was despite average 2010 production of 185 boe/day being lower than 2009, when production included the Orion field, which was sold in June 2009. The strong revenue performance was driven by the successful acquisition of East White Lake and a drilling and development plan focused on oil. Annual oil production increased by over 50% year-on-year and oil currently contributes 50% of production compared with 25% at the end of 2009. Better oil prices during the first half of the year helped boost revenue, whilst the oil production effect contributed to strong second half revenues of US$1.67 million, almost double 2009 levels.



The contribution to overheads from operations before depreciation increased by 6.5% to US$2.02 million while depreciation increased to reflect the re-appraisal of East Lake Verret reserves. Group overheads also rose as the Group utilised resources to assist in evaluating deal opportunities.



The October placing substantially increased the Group's year-end cash balances and net assets, to US$45.7 million and US$57.5 million respectively. This strong cash position will enable the Group to continue the work on its existing asset base and fund business development.



US Operations



Following President's acquisition of a 25% working interest in East White Lake, Peak Energy, the operator, drilled two successful development wells which increased President's share of production from 22 boe/day in January to a peak of 100 boe/day by the middle of the year. This increase, half of which was oil production, offset a decline in gas production at East Lake Verret. This decline was largely due to ever-increasing water production at the Kafoury 2 well, the largest producing well in the field. This decline is expected to continue in 2011 and as a result the Company has reduced its estimate of reserves for Kafoury 2 to reflect this.



The main upside identified at East Lake Verret was in deeper sands that were not current producers in the field but were significant producers in neighbouring fields. The deep rights to drill these prospects were acquired and the Kafoury 3 well was spudded in November. Kafoury 3 was drilled into a previously undrilled fault block and encountered significantly higher than expected pressures with complex geology and frequent high levels of background gas. Despite the challenging drilling conditions, President succeeded in completing and testing the well, but the test interval failed to produce commercial flows of gas. The drilling of Kafoury 3 took twice as long as anticipated with a corresponding increase in costs. At the year-end US$5.1 million of costs relating to Kafoury 3 were included in intangible assets.



There remains further potential in the Group's Louisiana fields, particularly at East White Lake where recent work and strong oil prices have encouraged a low cost drilling plan in 2011 targeting increased oil production which will benefit from a severance tax holiday and where any resulting profitability will be sheltered by President's US tax losses. Following the unsuccessful Kafoury 3 exploration well, President has reviewed its strategy for Louisiana and will limit further investment to low-risk activity that will provide immediate additions to production.



Australia Operations

The primary focus of President's Australian operations in 2010 was to spud the first exploration well, Northumberland 2, on the PEL 82 licence in South Australia. Whilst the geological, planning and regulatory aspects proceeded as planned, the shortage of suitable onshore drilling rigs and the cost of mobilisation to PEL 82 delayed the schedule. However, a contract for a drilling rig was signed in August, the well was spudded early in March 2011 and the results were announced in mid-April.



Whilst the well did not make a commercial discovery, the clear identification of hydrocarbons in the system, with a significantly thicker than expected Waarre reservoir sand, has given encouragement and impetus to move forward with further work on the licence. The results from Northumberland 2 have de-risked other prospects on PEL 82, particularly where we are able to identify structures with a complete and effective seal, and planning of the next steps in the exploration programme, potentially to include both seismic and drilling, is underway. The Board is of the view that, although non-commercial, Northumberland 2 may have enhanced the value proposition of PEL 82 both in terms of increased potential and reduction of risk.



An airborne gravity and magnetic survey was carried out on the Group's PEL 132 licence in South Australia and this has provided additional information to assist in the licence renewal and relinquishment process. PEL 132 is in a frontier area and it may be difficult to justify commercially significant additional expenditure in the near future.

bought back here last week, seemed rude not to

President Petroleum

Drilling Update


RNS Number : 1508P

President Petroleum Company PLC

29 September 2011








29 September 2011

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")



Drilling Update





President Petroleum today announces that Well A49 East White Lake, Louisiana ("EWL") has identified potential oil reserves at least 50% higher than expected.



Well A49 EWL (President 21.875% net interest)



This well was a re-drill of an old well and was drilled to a total measured depth of 10,170 feet targeting some 35 feet of pay in the Y1 sand. Preliminary analysis indicates that 37 feet of what is considered to be oil pay was identified at about 9,490 feet MD.



After drilling on, a further 60 feet of potential oil pay was unexpectedly encountered in the Y2 Sands at about 9,700 feet. This sand, together with the Y1 above, results in at least 50% more oil reserves than expected. There is a further 20 feet of possible pay higher up from the Y1 sand.



After reaching the above depths, integrity issues arose on the old surface casing of the re-entered well, compromising its reliability for further drilling and completion. Given the significance of the pay so far identified, with the deeper DB sands potential still to drill, and in order to preserve local tax incentives, it has been decided to drill a new "twin" well as soon as possible. Electric logs will then be run on all identified and further possible pay zones, and then the new well will be completed as a producer.





Peter Levine, Chairman of President Petroleum Company Holdings BV commented:-



"The preliminary results of A49 EWL are extremely encouraging indicating a substantially greater net pay than expected with increased oil production and reserves. We look forward to completing this and the upcoming McKerall 1 well, which should further benefit our Louisiana production base"

ARGENTINA UPDATE

Licence successfully extended to 2026

First Argentine Well Spud

President is pleased to announce that the license for its Argentine concession, Puesto Guardian, has been extended by ten years, up to 24(th) August 2026. In addition, President today announces that the first well of the five production well programme has now spud with a projected completion time of approximately forty days.

The license extension is a very important step forward and allows President and its JV partner to focus on continuing to develop the significant potential of the concession.

Puesto Guardian is the first concession to receive an extension in the Salta Province of Argentina.

President is now working with its 50% partner in Puesto Guardian on:

-- further progressing the five production well programme following the spudding of the first well, announced today

-- producing a plan to optimise production from currently producing wells
-- examining any potential for production from some 33 formerly producing and shut in wells
-- reviewing the 3D seismic to identify any potential hydrocarbon bearing structures which have not been previously identified or addressed

Peter Levine, Chairman of President Petroleum (USA) Inc commented:

"The grant of the license extension is a major catalyst in the programme to develop President's Argentine asset and unlock its untapped potential.

We look forward to progressing the work programme, and further expanding our investment in the region."

Great chart.

In today's Sunday Times:

'... President Petroleum will get a boost this week when a report reveals a big jump in its reserves... A prospective resources statement is expected to reveal oil and gas reserves worth at least 77p a share. President's shares closed on Friday at 40p.'

NB: this company is run by Peter Levine, who pocketed an estimated £120m when he sold his previous company, Imperial Energy.

Think I'll buy some shares first thing tomorrow.

Hope you got them first thing seem to have shot up I already hold just hoping to break even. Good luck!

amazing growth developing here

anywhere from £1 / £2 this year

Thursday 29 March, 2012


President Petroleum

Drilling Update: DP-1001 Well - Dos Puntitas Field


RNS Number : 3115A

President Petroleum Company PLC

29 March 2012






29 March 2012

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")



Drilling Update: DP-1001 Well - Dos Puntitas Field



Successful results substantially ahead of expectations



Further to the Company's announcement on 19 March 2012, President is pleased to announce that Well DP-1001 has been logged and preliminary evaluation demonstrates that the well has been very successful and substantially above expectations.



The well has found the Oil Water Contact at or near its original level and combined with a well location in a structurally high position, DP-1001 has encountered an oil column substantially longer than expected. The log demonstrates a gross oil column of 54 metres at a depth of between 3115 -3169 metres with a net pay of 33 metres. In addition, rock properties and hydrocarbon saturations are seen to be at the high end of the pre-drill range.



President will test three reservoir intervals, all of which appear capable of primary production not requiring fraccing or artificial stimulation. The deeper two zones are A5 and A6 sandstones, themselves capable of initial flow rates well in excess of the pre-drill prediction of 380 bopd post frac for the whole well. The upper Limestone interval is also expected to contribute to immediate production, and has historically produced in the Dos Puntitas Field. Accordingly, President is confident that the pre drill production prediction will be materially exceeded without the need for fraccing. The same Limestone interval has already been identified as containing significant, additional new oil in place elsewhere in the Puesto Guardian Concession. Two new cores have been cut in the DP- 1001 well to examine rock properties and hydrocarbon saturation. The cores are the first to be cut for 25 years and combined with the new logs they show that the Limestone interval has good matrix porosity, expected to be capable of un-stimulated commercial flow rates. The new logs and cores have provided valuable new information to optimize reservoir models and help maximise recovery factors and flow rates.



Testing of the well is expected to commence within the next few days, and will be brought into production during April.



A location has been chosen for the third well (DP-1002) of the 2012 five well programme, which demonstrates the same characteristics as DP-1001. This third well is expected to be spudded within the next 14 days.



Richard Hubbard, President Chief Operating Officer commented, "Initial results from the DP-1001 well leave President confident to test and complete multiple intervals and place the well on production without any need for prior fraccing as had been the original expectation."



Commenting on today's announcement, Peter Levine, Chairman of President Petroleum Company Holdings BV said:



"The results of DP-1001 are extremely encouraging and we are looking forward to materially increasing production as a result of this new well. We view the future with increasing confidence as we continue to plan both for new wells and the upcoming frac campaign on old shut-in wells."

Encouraging news Chav. So you haven't given up on this yet!

Very good news Maggie...this area is proving very successful for PPC thus far.

Cannot bode well for any companies with Argentine assets :

http://www.washingtonpost.com/business/argentine-president-announces-bill-to-nationalize-spanish-controlled-oil-company-ypf/2012/04/16/gIQA1JscLT_story.html

.

Bought Back Today looks like its turning positive at last

Could this be Imperial without the Mitvol factor?

info Shares mag courtesy of Alliance Trust
Fracking to stimulate President Operational activity could help support a rerating of Latin American explorer - Tom Sieber A 20% year-to-date fall in Latin American energy play President Energy (PPC:AIM) has created an interesting opportunity ahead of imminent operational newsflow.Fracture stimulation or ‘fracking’ operations to test the potential of the limestone reservoirs on its 50%-owned Puesto Guardian block in Argentina commenced on Monday (15 Apr). A successful outcome could help push the shares closer to broker Jefferies’ 29p a share valuation based on the firm’s discovered resourcesSome kind of political discount is inevitable, considering the Argentine government’s decision last April to seize the assets of Spanish firm Repsol (REP:MC). But 2013’s poor year-to-date run, following weather-related delays at Puesto Guardian, mean the risks are more than discounted in the counter trading at 20.1p. If initial fracking helps to increase current gross production of 450 barrels of oil per day President has identified a further three follow-up wells and is examining another 20 candidates for a wider programme. The group is expected to produce a reserves update based on a fresh independent audit of Puesto Guardian at the mid-year point. The share price weakness means potentially high-impact exploration in Paraguay, where first drilling is expected next year, is effectively in the price for nothing. Initial results from a seismic survey in Paraguay are expected in the fourth quarter of 2013. President’s executive chairman Peter Levine has a track record of successfully building a business through acquisition and development drilling. He founded Russia-based Imperial Energy and listed it on Aim in 2004 with an initial market cap of £2 million. In August 2008 the company was bought by Indian state energy company ONGC for £1.4 billion. Shares says: Buy President Energy at 20.8p

Positive rating on PPC

Argentina Still the Only Fly in the Ointment: Today’s full year results not only underline the progress that the Company has made over the last 12 months, but that its management team is focusing on measured growth with a balance between cash sources and cash uses. While it might seem obsequious, the fact that it recognises the need to fund its work programme with organic cash flow is welcome. However, the one issue that we have is that a substantial proportion of the Company’s growth in the near to medium term will be focused on Argentina, a country which continues to be run into the ground by its government. On this basis, the fruits of its diversification strategy can’t come soon enough, which in turn is the Company’s major risk factor. That said, management is doing all it can to mitigate this prospect, and while 2013 will be a transition year, as the acquisitions made in 2012 are bedded in, we believe that the Company is well poised to make progress.

In this news:

• Corporate Highlights

o Significant expansion of the Company with entry into Paraguay by way of a farm-in, as operator, to world class exploration assets, which provide material upside leverage in the near to medium term, with operations already underway

o Total hydrocarbon production up 44% year-on-year

o Net risked Prospective Resources increased by 109.3mmboe, as a result of the Paraguay acquisition and independent technical review during 2012, with risked NPV10 success case value net to President in excess of US$2 billion (management estimates)

o Increased exploration upside complemented by existing 2P reserves of 6.9mmboe

o Fraccing campaign underway in Argentina, and two new 100% owned and operated concessions added to the portfolio through an open tender

o Louisiana continues to provide solid profits and cash flow

o Non-core Australian assets subject to current farm-out discussions

o Net revenue for the year increased by 60% to US$11.3mm (2011: US$7.0mm) while gross profit increased by 64% to US$3.2mm (2011: US$2.0mm)

o Cash balances of US$17.5mm at the year end with nil gearing and US$15mmof unused loan facilities

o Board strengthened by appointments of Dr. Richard Hubbard (Chief Operating Officer), Miles Biggins (Commercial Director), and Dr. David Jenkins (Non-Executive Deputy Chairman)

• Outlook

o Exciting prospects in Paraguay with a rapidly moving programme and potential for exponential growth in shareholder value during 2013 and 2014 with a success case target of over US$2 billion net to President

o Following interpretation of the 3D seismic, Paraguay drilling campaign to commence in Q2 2014

o Potential to materially increase production in Argentina from current fraccing campaign

o Louisiana is a continued source of solid profits and cash flow.

up date from edison research.
President Energy (PPC) is an E&P with core assets in Paraguay, Argentina and the US. Unusually for a company of its size, President has a very strong board and sound institutional investor base. The jewel in the crown is its acreage in Paraguay, where drilling in 2014 could discover fields worth many times the current share price. Recent work in Argentina should lead to material production increases in 2013, while exploration in Argentina in 2014 would also add substantial value. Our RENAV is 59p.

President Energy directors buy shares
By Giles Gwinnett May 09 2013, 8:21am They bought 170,000 shares yesterday (May 8) at around 21p per shareThey bought 170,000 shares yesterday (May 8) at around 21p per share



Directors of President Energy (LON:PPC) have bought shares in the firm worth almost £36,000.

They bought 170,000 shares yesterday (May 8) at around 21p per share.

Miles Biggins now owns 0.04% of the capital; John Hamilton has 0.15%; Richard Hubbard has 0.13%; David Jenkins owns 0.05% and David Wake-Walker has 0.1%.

Earlier in May, the company said last year’s farm-in agreements into “world class” concessions in Paraguay are set to prompt a step-change in the company’s fortunes.

The company, which also has assets in Argentina and in Louisiana plus a non-core asset in Australia, is particularly excited about the Paraguayan assets.

Takes a few more shares out of circulation, but means no RSN for a month I think.

from the Times on 16th Aug

PPC is the subject of 'Deal of the Day". "There are rumours of "Seismic" news from Paraguay exploration"

Shares are in demand today

D&P New World hedge fund notified over 3% share holding the other day. Looking at the trades today I suspect they are continuing to add. Expect an RNS on the increase soon.

PPC article from OilBarrel. 29/08/2013
President Energy begins to make headway with its drilling programme in Argentina President Energy’s gamble or, rather, calculation that going into Argentina would give it the step up in output it needed looks as if it is starting to pay off. Over the course of August the company reported that two of the three wells in its fracking programme in Argentina have shown gratifying initial results. Also, in Paraquay, which President CEO John Hamilton describes as the group’s “jewel in the crown” a seismic programme has identified some intriguing new targets.President has some solid producing assets in the US but it decided to go into Argentina by way of diversification despite the political risk. The perception is the country has politically driven anti-business policies. Also IMF censure, high inflation and tight capital controls continue to spook investors. It is not that the US has served President badly. In Louisiana its properties helped drive a 60 per cent increase in net revenues to US$11.3 million while gross profit was up 64 per cent at US$3.2 million. Net losses narrowed at US$4.4 million in 2012 .Since then production has continued to mount and recently was running at a three year record level of 285 barrels of oil equivalent per day, with 88 per cent of this being oil priced at a premium to WTI. Compared to many of its AIM peers, President is in a rock solid position, with the company fully funded for 2013 (around US$12 million on seismic in Paraguay and US$4 million on the wells in Argentina and the US).Yet the Louisiana properties were never going to generate material upside. It was the hunt for future growth that took President into Argentina, hoping no doubt that there were enough investors who were happy with a small cap exposure to Argentina. It was two years ago that the company landed its Puesto Guardian concession, home to five neglected oilfields, at an acquisition price of US$2.20 per 2P barrel. Production, to date, has undershot the guidance set in 2011, due to weather-related delays and necessary equipment upgrades, weighing on the share price.The hope was that the 2013 work programme, which involves workovers of previously shut-in wells and a pilot three well fracking programme, would to unlock the potential of these assets. Analysts at Edison Investment Research said the workovers alone could take it past cash flow breakeven while the fracking of three wells to test a tight carbonate reservoir above the current producing interval could “add materially” to the company’s existing 2P base of 6.6mmboe.The first of the “fracks” suggested these wells could indeed mean considerable upside. The first of the three wells on the Pueblo Guardian concession in which President has a 50 per cent working interest was the Well DP 1001 at the Dos Puntitas field and it performed ahead of expectations. The well flowed (without pump) into the facility at a gross flow rate of liquids (oil and injection water) of 490 bopd. The oil cut was 70 per cent and continued, as expected, to increase steadily as the injection water continued to be cleared up.This gross flow rate represented a five-fold increase in production pre-stimulation, with oil coming from both the carbonates and A6 sand sections. The reservoir pressure was estimated at 4,130 psi which is within 10 per cent of the original field pressure recorded in 1983.Now we have the initial results of the second and third wells in the programme, the PE-7 and PE-8 wells on the Puesto Guardian Concession. The PE-7 spent the latter part of August being cleaned up. The well, which has been shut in for 27 years, has been demonstrating good flow rate potential in line with the company’s expectations, and has been swabing at a gross flow rate of 230 bopd.The oil cut was 30 to 40 per cent and continued, as expected to increase.

President Energy presentation to Latam Oil & Gas Summit 11th Sep
PPC prospects for oil and gas

Progress this morning, looking positive after the investor presentation.

I cribbed this from another BB, ref PPC link posted 12th sep

New block I reckon we could be looking at 2-3 billion boe of recoverable potential from the Paraguay blocks including a 3rd block interest. That top Russian award winning fund manager just bought in here last month In yesterdays presentation on page 4 dealing with the Paraguayan concession map, block number 20 held by Land Oil/Crescent Global Paraguay - this concession is being processed.If we go back to September 2012 when President farmed into the Pirity and Demattei blocks, you will see that when we farmed into 60% of Demattei, this was with Crescent Global Oil Paraguay (a subsiduary of Cresecent Oil). We only had to pay initially $2m to seal this deal.If you also look at page 16 of yesterdays presentation,1) "The Devenonian Los Monos black shale is the main source rock for world-class conventional gas fields in the Tarija Basin foothills of SE Bolivia".2) " ***In the Paraguay portion of the Chaco Basin***, risked, technically recoverable shale gas and shale oil resources from the Devonian are estimated at 67 TCF of shale gas and 3.3 billion barrels of shale oil and condensate" That's over 11 billion barrels equivalent recoverable of unconventionable oil/gas - not to mention the convential oil/gas recoverable potential. Unrisked will be much higher.This basin covers 60% of Paraguay and block 20 is a sizeable part of it. Pirity and Demattei may encompass some of it, but overall there could be more than one tenth of that potential on block 20 alone. My point re this new block is this -In PPCs September 2012 presentation, page 22 they highlight the 500 TCF Devonian shelf play (circa 80 billion barrel resource play) across the region."The Southern Cone has world-class shale gas potential that is just beginning to be tested".In that presentation of last year on page 22 they actually highlight the 'Alto Parana Block 20' in that southern cone - it's there in black and white, but why solely 'block 20' above all others if it has absolutely no relevance to us ? why or what has that got to do with President ? - until you read the header on that page which states - "Parana-Chaco basin - New business development".If this is a 3rd block to us (quote - "concessions being processed" in todays presentation), then imo we could be on a 2-3 billion boe recoverable target play over 3 blocks.Check it yourselves/dyor, do not forget that actually Richard Gozalez who is our senior management at President Energy and is "President" of our Paraguay operations is also the main man at Crecsent Global Oil. !! Incredible if that block 20 does not become part of President Energy (once processed).

SP rising on good volume. Watch for more news.

Good day today if anyone is interested 15% up

Demand Continues

Mention in the Telegraph

Keep up the good work Activmoto. Unfortunately I've a long way to go on this one but nice to see it's on the rise atm.

Blimey Maggie, you are a stayer. In at the beginning, you'll be in line for a gold watch at the very least.
I hope it comes good for you.

For what it's worth..............

Investment analysts at Canaccord Genuity assumed coverage on shares of President Energy PLC (LON:PPC) in a note issued to investors on Friday 11/10/14, Analyst Ratings. Net reports. The firm set a “buy” rating and a GBX 56p price target on the stock. Canaccord Genuity’s price target would suggest a potential upside of 128.57% from the stock’s previous close.

I have gone to cash On PPC will wait for a change in sentiment

Can anyone calculate the support level and show me how to do it please.

I was thinking 23p but it is a guestimate

Have a read of this. It may answer your question!

http://stockcharts.com/school/doku.php?st=chart+support+level&id=chart_school:chart_analysis:support_and_resistan

Thanks,
I have looked at something similar, the problem with those are the nice neat graphs.

PPC is a little harder to overlay those parameters.

I have been using a mix of graphs, BBs and SP patterns .

in at 16.3
out at 25.5
in at 22.3
out at 29.13
waiting to get back in

Back in this morning, had a little difficulty getting my order filled.

Not any sellers around sub 28p

Edison Report on President Energy

I expected a larger pull back and nearly got caught out.
SP points to 36p

£5 per share unrisked Is that realistic?

RNS due before end of year, giving production update and expectations from seismic surveys. Share liquidity has improved in the last couple of weeks, I guess by design.

link
President Energy PLC forms bullish "Bottom Triangle" chart pattern
Jan 13, 2014

Recognia has detected a "Bottom Triangle" chart pattern formed on President Energy PLC (PPC:LSE). This bullish signal indicates that the stock price may rise from the close of 38.85 to the range of 55.00 - 60.00. The pattern formed over 88 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation. A Bottom Triangle shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks above the upper trendline with a noticeable increase in volume, confirming this bullish pattern as a reversal of the prior downtrend.

This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.

PPC set to release seismic data and CPR news before end of Jan

PPC are good with RNS, so news flow should keep coming while we wait for drill results."Over 20 leads and prospects yet to be evaluated"

..

sp down 26% @ 34p after share placing news, not a good day.

Good deal, 50 million order booked filled in a day, that should tell us something. It's a capital intensive business and now the Financing risk OFF the table. we took 22% dilution to be in a stronger position. I'm happy

Zengas view from II Post book-build. Now that the oversusbcribed bookbuilding is out of the way, time to take stock.First of all i can see the unrisked and risked valuation targets growing to circa $20b and $5b respectively in my opinion and below i've tried to explain why.The $11.7b unrisked and $2.4b risked relates only for the Jacaranda, Jurumi and Yacare Prospects. There is more to come from the initial Jurumi Complex and Yacare Prospect figures.-----------"Jurumi Complex President believes that upon completion of ongoing seismic interpretation studies, *** further significant Prospective Resources within the Jurumi Complex will be identified and results will be announced separately**** as part of the broader audit on President's other prospects and leads.Yacare Prospect, Los Naranjos Seismic shows this as a four way dip closure with Prospective Resources contained in the Cretaceous Lecho sand and the expected hydrocarbon phase is oil. ***Seismic pre stack depth migration (PSDM) is ongoing and prospect size cannot be reliably estimated until this work is complete****."--------------Over 20 leads and prospects yet to be evaluated.The new flank in Pirity (1,2,3 & 4 prospect) appear even much larger than anything evaluated to date.In Hernandarias, 5 leads (3 of them appear massive) with a trend to the 1-2 billion boe+ fields on the Bolivian side. All can be seen on page 6 of the very latest presentation !We've raised $50m and may have a further $6m+ from those that want to take up their offer rights and see a maximum of 406m shares. The $11.7b unrisked and $2.4b risked vluation targets(£1/$1.65) therefore implies a share value range of between £3.58 - £17.46.However in light of looking at the size and number of the additional prospects yet to be evaluated plus the new prospects and leads including where PPC have already spent $1.6m in Hernandarias, i believe the unrisked may well rise to circa $20b and the risked to circa $5b - this would take the value target range to £7.46 - £29.85.Imo i beleive there's massive headroom to make money on a partial or risked basis success case and even consider future farm-outs if need be from the current 35p. The placing has not dimisnished the potential returns relative to the magnitude of the opportunity that has and is still emerging.We are also a producer both in Argentina and the USA which regardless of size is still a bonus and can grow internally at it's own pace and the last update provided for a reserves addition which should take those assets to around 8 mmboe.

President Energy PLC (LON:PPC) had its price target upped by Canaccord Genuity from GBX 50 ($0.83) to GBX 51 ($0.85) in a research note issued to investors on Tuesday, American Banking and Market News reports. The firm currently has a buy rating on the stock.

Canaccord Genuity has also taken action a number of other stocks recently. The firm lowered its price target on shares of Aixtron AG from $8.00 to $7.00. Also, Canaccord Genuity raised its price target on shares of Barrick Gold Co. from C$17.50 to C$20.50. They have a sell rating on that stock. Finally, Canaccord Genuity upgraded shares of Kinross Gold Corp from a hold rating to a buy rating.

Shares of President Energy PLC (LON:PPC) opened at 33.00 on Tuesday. President Energy PLC has a 1-year low of GBX 11.187 and a 1-year high of GBX 40.00. The stock has a 50-day moving average of GBX 0. and a 200-day moving average of GBX 0..

President Energy PLC, formerly President Petroleum Company PLC, is engaged in are the exploration for and the evaluation and production of oil and gas.

Shares Magazine and Redmayne-Bentley Investor Evening - Leeds - Wednesday 12th March 2014


The Shares Magazine 'Mining and Resources Leeds Investor Evenings' in conjunction with Redmayne-Bentley have now become firmly established in investors diaries, so we are proud to offer you another chance to meet, hear from and ask questions of key senior management figures from carefully selected companies in the mining, oil and gas sector.

This event offers an unique opportunity not only to hear about the latest plans from some of the most exciting companies in the sector, but also to put your questions to the people that matter. What is more, there is a free drinks and canapés reception where you can mingle with industry leaders and your fellow investors. Make sure you don't miss this unique opportunity to get the answers you need from the people who make the market.

The evening conference is tailor-made for private investors and professionals who already have exposure to mining and resources stocks, or anyone who is considering putting money to work in these exciting and dynamic industries.

Tickets are completely free but places are strictly limited so register now.


Date: Wednesday 12th March 2014

Venue: Redmayne-Bentley, 9 Bond Court, Leeds LS1 2JZ

Registration: 6.00pm

Presentations: 6.30pm followed by a drinks/canapés reception

REGISTER NOW FOR LEEDS EVENT

Companies Presenting:


FASTNET OIL & GAS (AIM:FAST)

Fastnet Oil & Gas (AIM:FAST) is an independent oil and gas exploration company focused on early stage exploration and appraisal opportunities in Africa and Ireland. Fastnet has a highly experienced management team with a proven track record of generating significant shareholder value in the oil and gas industry. The Company has moved quickly to assemble an exciting portfolio of exploration prospects offshore Morocco and in the Celtic Sea, offshore Ireland.
To see a short video from Managing Director Paul Griffiths covering the investment opportunity planned for Morocco click on link below:
http://reut.rs/1b9fsPe

Speaker: To Be Confirmed

PRESIDENT ENERGY (AIM:PPC)



President Energy (AIM:PPC) is a South American focused oil and gas company with significant exploration and development opportunities in Paraguay and production assets in Argentina.
President's strategy is to build a primarily South American focussed oil and gas production business, targeting reserve and production growth. In addition we have a cash generative production business in Louisiana, USA. We are listed on the AIM market in London (ticker: PPC) and have offices in London, Buenos Aires, Asuncion and the US.

Speaker: Peter Levine, Chairman



MORE COMPANIES TO BE ANNOUNCED



REGISTER NOW FOR LEEDS EVENT


Disclaimer: Please remember investments and the income from them can do down, as well as up, in value and therefore capital may be at risk.
Please note the views of Shares Magazine and the listed companies do not constitute a recommendation from Redmayne-Bentley.

Share price up 80%today.

Oil Discovery in Paraguayan Chaco

RNS

RNS Number : 6906U
President Energy PLC
20 October 2014



20 October 2014

PRESIDENT ENERGY PLC

("President" or "the Company")

OIL DISCOVERY IN PARAGUAYAN CHACO



President Energy announces an update on its Lapacho well, Pirity Concession, Paraguayan Chaco (President 64% operated interest)



Highlights

Lapacho well discovery

· President has made the first ever oil discovery in the Paraguayan Chaco
· Conventional light oil / condensate discovery - expected to be commercial (subject to
testing)
· Drilling is continuing in order to reach the original target of the Santa Rosa sands

Jacaranda well update

· Discovery supports the presence of liquid hydrocarbons in the deeper sandstone
reservoirs in Jacaranda
· 250 meters of liquid hydrocarbon saturation now identified in the shales in Jacaranda
· Re-entry of Jacaranda now being proposed

Production

· First phase production commencing during 2015 feasible subject to satisfactory testing



Peter Levine, Chairman, commented;


"This discovery represents a significant milestone for both President Energy and for the country of Paraguay. President has demonstrated beyond doubt that movable conventional oil does exist in the Paraguayan Chaco.

"Whilst we are most satisfied with this discovery, President is now focused on drilling down to the original target which still lies in front of us".



Lapacho Well

The PY-PE- L x-1 (Lapacho) well, currently drilling in the Paraguayan Chaco, has discovered two conventional oil bearing pay zones in the Devonian Icla Formation at a depth of 3926 metres. This formation was not the original target of this well .The well is now setting casing at the base of the Icla Formation at a depth of 4127 metres before drilling ahead to test the target being the underlying Devonian Santa Rosa Formation.

The two Icla pay zones are in addition to resource estimates given earlier this year (RPS Report, 12 June 2014) for the Lapacho Prospect and have been evaluated by a full suite of wireline logs including FMI and Platform Express as well as extensive side wall cores. President continues to work with Schlumberger as its integrated project manager. Combined net sand thickness is 20 metres with an average porosity of 6%. Logging shows the extensive development of conductive natural fractures. Side wall cores are bleeding live oil and hydrocarbon type appears to be light oil and condensate. It is intended that production flow testing will be conducted at the end of November when the well reaches final TD, together with such testing of the Santa Rosa Formation as may be appropriate. Given the good matrix porosity and abundant natural fractures, hydrocarbon flow rates from the Icla pay zones are expected to be commercial on a stand-alone basis. The size of the Icla discovery is still to be determined but can be seen to extend over at least the crest of the large underlying Santa Rosa structure, which has a closure of 25 km2 in the discrete fault block being tested by the Lx-1 Lapacho well.

Drilling remains on time and on budget with TD projected for at or around mid November when it is anticipated a further update will be given.



Jacaranda Well

In addition to this announcement of an Icla Sand discovery at Lapacho and as an update to our operational announcement of 4 September 2014, President announces that following the completion of evaluation at J x-1 Jacaranda, a very long interval of liquid hydrocarbon saturation has been identified in the Jacaranda structure lying within the Devonian shales of the Los Monos/Icla Formations. The liquid hydrocarbon saturation occurs between a depth of 4150 metres and 4400 metres and appears as a continuous saturation of 250 metres within the shales. The occurrence of such abundant liquid hydrocarbons at this depth much increases the chance of success to discover liquid hydrocarbons (light oil/condensate) in conventional sandstone reservoirs below 4000 metres.

The immediate action proposed to our partner in the well is to proceed after Lapacho to deepen the Jx-1 Jacaranda well to encounter the same Icla Sand liquid bearing pay zones as just discovered at Lapacho below current TD at Jacaranda. The re-entry of the well , the costs of which can be met out of the Company's existing cash facilities, would mean that the Tapir Prospect, which is drill ready, would be addressed at a later date



Background

The two President operated wells (Jx-1 Jacaranda and Lx-1 Lapacho), which are the first to be drilled in the Pirity Basin of the Paraguayan Chaco for 30 years, have already at this stage proven the presence of:

· thick Devonian source rocks actively generating liquid hydrocarbons,
· effective Devonian sandstone reservoirs,
· effective mechanisms to trap liquid hydrocarbons
· extensive natural fracturing to enhance production flow rates and
· live accumulation of conventional liquid hydrocarbons



In total, some 32 large Santa Rosa structures have been seismically identified in the three President-operated Concessions, which is a land position covering over 34,000 km2 and the entire Pirity Basin.

Next Steps



1. Continue drilling the Lx-1 Lapacho well to intersect and test the original target, the 400 metre thick Santa Rosa section, which is expected to contain thick, naturally fractured reservoir sands lying immediately below the Devonian Icla Formation. The opportunity to discover liquid hydrocarbons (rather than gas) is now much enhanced. The greater Lapacho prospect area covers 100 km2 and is considered by President to contain gross mean unrisked resources of approximately 1 billion barrels oil equivalent, (5.2 Tcf and 157 mmbbls of condensate). The Lapacho well main target is a discrete, well-defined fault block trap with management estimates of approximately 200 million barrels oil equivalent (1Tcf of gas and 30 mmbbls of condensate) of gross mean unrisked resources.

2. Once the Lx-1 Lapacho well has been successfully completed, President is proposing to re-enter the suspended J x-1 Jacaranda well to test the Icla Sand pay zones below current TD. The Jx-1 Jacaranda well reached TD at 4500 metres in July and productive Icla Sand reservoirs are projected to be encountered below 4600 metres. Compared to Lapacho, an additional thickness of Icla Formation has been preserved at Jacaranda and management estimates a thickness in excess of 50 metres for the Icla pay zones with in excess of 20 million barrels oil equivalent gross mean resources at a high chance of success. Operational consideration is being made to mobilize the QG1 rig back to the Jacaranda location once the current well L x-1 has been successfully tested and completed.


Production

Taking account the prospect of liquid hydrocarbons, initial contingent planning has commenced with a view to first phase production commencing during 2015. President views this timescale as feasible subject to satisfactory testing.







Dr. Richard Hubbard, PhD Geology Stanford University, with 40 years of experience in the oil and gas sector, as President Chief Operating Officer, who meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.



Contact:

President Energy PLC

Peter Levine, Chairman +44 (0) 207 016 7950

John Hamilton, CEO +44 (0) 207 016 7950

Ben Wilkinson, Finance Director +44 (0) 207 016 7950



RBC Capital Markets

Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000



Canaccord Genuity Limited

Tim Redfern, Henry Fitzgerald-O'Connor +44 (0) 207 523 8000



Bell Pottinger

Gavin Davis, Henry Lerwill +44 (0) 203 772 2570

Black Gold as they say

3rd discovery in Paraguay, test results in 10 days looking good.

Positive article about PPC