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

Tuesday 17 August 2010

PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")

Drilling Rig secured for Northumberland 2 well in South Australia

First well in a programme targeting prospective resources of 430 million bbls

Early 2011 drill date

President Petroleum (AIM: PPC), the oil and gas exploration and production company with producing assets on-shore in the USA and exploration licences in Australia, announces that it has secured a suitable drilling rig to drill the Northumberland 2 exploration well in the Otway Basin, South Australia.

Key Points

Drilling contract signed with Ensign International Energy
Northumberland 2 (President Petroleum 100%), the initial deep PEL 82 well, expected to spud no later than February 2011
Northumberland 2 commences a drilling programme targeting prospective hydrocarbon resources of 430 million bbls for the PEL 82 licence.
Contract includes an option for President Petroleum to use the rig for further exploration wells on PEL 82

Northumberland 2 Well

The Northumberland 2 well is located in the Otway Basin 3 km north-west of Port MacDonnell and will test the Flaxman and Waarre reservoirs. The combined prospective resources of these reservoirs at this location are assessed at 40 million barrels of oil or 55 bcf of natural gas and the well total depth is 3200 metres.

Landholder agreements have been completed and work on pad construction will commence shortly, weather permitting. Once underway, drilling is expected to take 30-40 days. The estimated well costs of US$6.5 million include substantial mobilization and demobilization costs. The Company has held extended discussions with other Otway Basin operators with a view to sharing these costs. These discussions will continue but in order to ensure the certainty of securing the rig and the drilling timetable, the Company will accept 100% of these costs if no sharing is possible.

PEL 82, South Australia

PEL 82, in which President Petroleum has a 100% working interest, is a highly prospective, on-shore, coastal licence in the Otway Basin, South Australia. Over the past two years the Company has re-processed older 2D seismic and completed an 88 sq km 3D seismic programme. The results of this have been evaluated by a number of geoscientists with extensive knowledge of the area, producing a highly positive assessment with total prospective resources of 430 million bbls for the licence.

The key target reservoirs are the Flaxman and Waarre sands, and in total 10 traps have been identified. As the Waarre sands underlie the Flaxman sands, the Company has been able to identify three possible drilling locations which can test both sands from the same well, with the Northumberland 2 targets being the largest.

In addition to the structural traps identified by the 3D seismic, a large structural high with two structural closures has been identified in the north of the licence. This large structure was not covered by the 2009 3D seismic shoot and, in addition to the drilling programme, the Company is considering further 3D seismic to locate additional drilling targets.


The PEL 82 licence was renewed last year and is currently in the first year of a new 5 year term.

Ensign International Energy

Ensign is an Australian based integrated drilling company and a wholly owned subsidiary of Ensign Energy Services Inc of Canada, which has more than 50 years of drilling experience.

Stephen Gutteridge, Chairman of President Petroleum, said:

"The shortage of suitable drilling rigs in Australia and the consequent high costs of mobilization are significant problems for Otway Basin operators, but we are pleased to have secured a rig from Ensign for our initial exploration well on PEL 82.

"The Northumberland 2 well marks the beginning of the next phase of activity on PEL 82, aimed at converting the significant prospective resources into reserves and production. In addition to drilling activity, we plan to discuss further investment, such as additional 3D seismic, with the South Australian authorities."

yahoo !!

looking good for a good run up over the next few weeks

President Petroleum
Drilling Update
RNS Number : 5330U
President Petroleum Company PLC
18 October 2010


PRESIDENT PETROLEUM COMPANY PLC

("President Petroleum" or "the Company")



Kafoury 3 Drilling Update



Drilling expected to commence two weeks ahead of schedule



President Petroleum (AIM: PPC), the oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia, announces an update on the drilling schedule for the Kafoury 3 well in Louisiana, USA.



Highlights



Drilling rig for Kafoury 3 well expected on location by 22 October 2010



Drilling expected to commence by 24 October 2010, 2 weeks ahead of schedule



Kafoury 3 Well, East Lake Verret, Louisiana



The drilling rig contracted to drill the Company's Kafoury 3 exploration well in Louisiana, will arrive on location by 22 October 2010, and drilling of the well is now expected to be underway by 24 October 2010, approximately 2 weeks ahead of schedule.



Drilling to target depth of 14,600 feet is expected to take around 40 days. The Company has an option to retain the rig on location to drill a second well, which would most likely be a shallow producing well to obtain additional early cash-flow.



The independently assessed gross 3P reserves attributable to the prospect are 110 bcf of gas and 1.2 mmbbls of oil totalling 19.6 million barrels of oil equivalent ("mmboe"), of which around 85% is located in the deeper sands. President Petroleum's net 3P reserves based on a 55% Net Revenue Interest are 10.8 mmboe.



If the Kafoury 3 well is successful, up to three deep wells will be drilled in 2011 in addition to a shallow well. Two further deep wells may be required in 2012 dependent on success.



Stephen Gutteridge, Chairman of President Petroleum, said:



"A successful Kafoury 3 well opens up the potential to transform the Company's reserve and production base in Louisiana, with rapid monetisation through our existing infrastructure and sales contracts.



"The proposed US$50 million placing will ensure that we are fully funded to exploit this potential, and in the New Year we will look to build on any success in Louisiana with the drilling of the substantial 40 mmbbl Northumberland 2 prospect in South Australia which we expect to commence in the first quarter of 2011."

GO GO GO


Monday 25 October 2010

PRESIDENT PETROLEUM COMPANY PLC
("President Petroleum" or "the Company")

Kafoury 3 Drilling Update

President Petroleum (AIM: PPC), the oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia, announces a drilling update.


The drilling rig for the Kafoury 3 well has been unexpectedly detained at its current location close to East Lake Verret.

The delay is not expected to be material and the drilling of the Kafoury 3 well is still expected to be in-line with the original November schedule announced at the time of the recent Placing.

Some buying interest this morning, before the spudding RNS on Monday :-)

I am liking this share by the day my target is 120p a share next year.

Tipped by RHPS on Friday night and Spudding rns to come this week so should see some action with the sp.

I didnt know that I just hope they are correct.

Not a follower of RHPS but I guess a few of their sheep will follow their direction!...PANR flew on Friday because they thought that RHPS was going to tip them!!...sheep!

Not a follower myself but its bound to push the sp up short term.

Off and running!

Question is can it hold the gains?

Think thats a question we have asked on many occasions maggie!

You're right unfortunately! but one day...........................

Closed above 70p with some good buying at the eod.

Starting the day off Blue...the spud rns would be nice now, for momentum :-)

Buy note from Dolmen - Initial target price 90p



http://www.rte.ie/news/business/morningrep/download/1112dolmen.pdf

President Petroleum Drilling Commences at Kafoury RNS Number : 5509WPresident Petroleum Company PLC22 November 2010 
Monday 22 November 2010

PRESIDENT PETROLEUM COMPANY PLC
("President Petroleum" or "the Company")

Drilling Commences at Kafoury 3

President Petroleum confirms that the Kafoury 3 exploration well on its East Lake Verret field in Louisiana, USA, has been spudded and is drilling ahead.

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.