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

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.