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

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.'