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

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

:)