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

News flow will dictate the chart direction, so the sooner we have a RNS updating PEL82, ELV, fresh targets etc etc, the better. Held up surprisingly well, so far, since the 25p raising however there has been some confusion with the speed that the new shares have arrived in investors accounts which could be partly the reason for the strengh of the sp.

You must be looking at a different chart

it would have to break through about 4 resistance levels to hit 40p and drop the mcap by around 5 million

more chance of 70p than 40p

Not a lot of trading today, although I haven't looked on Plus, so sp has done well to hold it's ground now that all the new shares are tradable at 100% premium to purchase price of 25p.

My answer to post #6 is that you are looking at a chart of MRP. PPC is totally reorganised with different objectives & capital restructuring.
I may be wrong, but I can see nothing on the immediate horizon which will boost the sp & it's likely that over the Xmas period together with a lack of any spectacular news that the sp will drift, as it has already done. I concede 40p may have been an over optimistic entry point!

You may well get your 40p entry Harry...all depends on news flow during December and should it drift that low then I will look to top up with you.

You may well get your 40p entry Harry...all depends on news flow during December and should it drift that low then I will look to top up with you.

you contradict yourself harry

No news...small drift.

Small rise this morning....in need of some useful news however for a sustained re rate in the sp.

Held 5% rise today with little selling. Gimme news.

Soon Chav. Soon.

Gimme news..now now now

Now would be nice but we've been waiting sooooooooooooooooo long what's another wee while? Merry, and I mean merry, Christmas to all those who wait!

Thank you Maggie. Merry Christmas and a happy New Year to you too.

Merry Christmas and a prosperous New Year for all the PPC holders that have kept the faith through the dark days of MRP......full of hope last Christmas and still full of hope this Christmas....Bring on the news SG.

Still quiet on the news front but a bit of buying so someones still interested.

Some healthy sized buying here today.

Nudging up a bit more today....steady away!

It's going to get interesting real soon Chav. I could only get an on line quote to buy 100 of these shares towards the end of today. The price isn't going to hang around at this level if any kind of good news gets released this month.

RNS Number : 1505F
President Petroleum Company PLC
07 January 2010


PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")

Operations Update

Drilling programme of up to three wells planned for PEL 82 Licence in Australia

President Petroleum (AIM : PPC), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an update on its operations.

Highlights

Drilling of PEL 82 in South Australia established as a priority targeting total prospective resources of 430 million bbls of oil or 630 bcf of natural gas

Programme of up to 3 wells planned

US production steady

South Australia Operations

PEL 82 Licence

Following the successful re-organisation of the Company in November 2009, the new Board has reviewed and confirmed the promising potential of the licence and is planning, as a priority, a drilling programme of up to 3 exploration wells, to be implemented as quickly as possible.

Review of the 3D seismic results and the structural mapping has confirmed a number of clearly identified well locations and associated prospectivity. The first two wells will target a combined resource of 70-80 million bbls of oil or 100 bcf of natural gas in the Waarre/Flaxman sands. Total prospective resources within the licence area are estimated at 430 million bbls of oil or 630 bcf of gas.

Drilling rig availability in Australia is limited, which will impact on the start date for drilling operations, but the Company is looking to secure an appropriate contract for a rig within the first quarter of 2010. Mobilisation costs are yet to be determined, but drilling costs are expected to be in the range of US$ 3-4 million per well. 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.

PEL 132 Licence

The Company has reviewed its work commitments on the PEL 132 licence which has entered its third year of a five-year term. In the light of the significantly higher prospectivity and priority attached to PEL 82, President Petroleum plans to propose an amended work programme on PEL 132 to ensure retention of the licence, although this is not likely to include seismic or drilling activity in the near future.

US Operations
Production from existing wells at the East Lake Verret field has continued at a steady rate, in line with expectations, although gas flow rates were eased back slightly in December due to the colder weather. Natural gas production in Q4 2009 averaged 0.73 mmcfd, 19% up on Q3, whilst oil production was 4% higher, at 38.5 bbls/day, giving average Q4 production of around 160 barrels of oil equivalent per day.

Stephen Gutteridge, Chairman of President Petroleum, said:

"The planned 2010 drilling programme in Australia is a decisive step towards realising the promising potential of our current Southern Hemisphere assets, particularly the PEL 82 Licence. The new Board has moved quickly to review the existing asset base and take steps aimed at maximising its potential at the earliest opportunity.

"President Petroleum remains focused on achieving transformational expansion through acquisition and the Board continues to work towards achieving that goal in 2010."