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

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.

Looking quite good this time since it has managed to hold up well. Won't give up on the champagne yet!

Tuesday 30 November 2010

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

Corporate Update

Chairman of Operating Subsidiaries

President is pleased to announce that Peter Levine has accepted an invitation from the Board of the Company to join the boards of President's two operating subsidiaries, President Petroleum (USA) Inc. and President Petroleum Pty Ltd. with effect from 1 December 2010. On joining, Peter will be appointed by these boards as Chairman of both operating companies.

Corporate Structure

President is currently evaluating a proposal to change its domicile and is in the final stages of consultation with the Company's advisers and largest shareholders.

The Board believes that the interests of the business and its shareholders will be best served by ensuring that the Company is located in an environment that is politically and economically stable, with excellent infrastructure and communications, enhances the Company's ability to recruit and retain key staff and provides greater certainty in its future tax position.

At this stage of President's development, the Board believes a change of domicile would be a relatively straight-forward process and the proposal being considered would create a new Group holding company which would be incorporated in Jersey, with tax residence in Switzerland and would continue to be UK listed, initially on AIM. If implemented, the proposal is not expected to impact President's eligibility for UK stock exchange indices nor to have any adverse implications for the Company's shareholders as a whole.

In the event that the Company proceeds with the change, further announcements will be made in the first quarter of 2011 and completion is expected during the first half of the year.

Stephen Gutteridge, Chairman of President, said:-

"We are delighted that Peter has agreed to make his experience and leadership available to both our operating companies at an exciting time, with potentially transformational drilling already underway in Louisiana and scheduled to commence in Australia early next year."

Stirring nicely this morning as people take positions for the current drill at Kaf3.