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

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."