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

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.