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

Thanks LR Now understand that at least it's not bad news - good.

Not bad news but it may have delayed them a bit.

A delay isn't a problem, providing the Deeps provide!

Tuesday 4 January 2011

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

Drilling Update
President announces an update on its drilling operations in Louisiana, USA and South Australia.

Kafoury 3 Well, East Lake Verret Field ("ELV"), Louisiana
The Kafoury 3 well has reached a measured depth of 12,556 feet just above the key deeper targets for the well. This is the first well drilled into this fault block at ELV and has encountered greater pressures and complexity than anticipated. A number of actions have been taken to ensure full control over the well with extra casing and increasing mud weights. Drilling is currently halted to install a drilling liner. As a result, the well is taking longer than anticipated, with a corresponding increase in costs.
Structurally, the well is in a good position relative to the deeper sands, and drilling to target will resume once the liner is installed. Further announcements will be made in due course.
East White Lake Field ("EWL"), Louisiana
Peak Energy LLC ("Peak"), the operator of EWL, is still waiting on the rig to drill the two proven undeveloped prospects in the field. Rig availability is tight at present but Peak has been informed that it is next in line for the rig.
PEL 82, South Australia
Construction of the well-site and drilling pad commenced in mid-December and is currently 50% completed. Drilling of water bores has been completed and the work on support services and drilling preparation is progressing to plan. The Company is monitoring the extremely wet weather currently being experienced in Australia as this represents the greatest risk to the projected February 2011 spud date.

Not sure why that rns has spooked the sp down!!..looks like good news to me apart from the drilling being more tricky.

Could it be the last sentence about the weather creating another delay?

Weather delay, extra costs & high pressure all contributing factors to sp drop, imo. This prices in the extra, unforeseen risk. When the extra cost factor is quantified, sp may correct again if it is very high.

The weather in Oz is not going to cost anymore cash but could delay the spud at PEL82 a bit....not a huge issue.

KAF3 hitting high pressure with the current drill has incurred some extra expense but it's because they are hitting payzone which is fully charged...how de risked does that make KAF3 now??!!

Plenty of buys coming in now so should start moving back up...1 v 1

Despite the not so positive drilling operational reports I have bought some of these for my SIPP, after selling some Rockhopper.

Sounded positive to me Bullshare...just a bit more technical!

If the problems are sorted...expect a superb rebound....

Kafoury 3, East Lake Verret Field ("ELV"), Louisiana, USA

Drilling operations at President's Kafoury 3 well are still continuing. Although the well has encountered higher than expected pressures, which have caused a significant increase in projected costs, the well is currently drilled to a measured depth of 13687 feet and is considered to be poised to intercept the main target, containing nearly two thirds of the net targeted resources.

During drilling, the well has continued to encounter very high background gas, which has significantly increased with depth. Whilst the Company has not yet identified any commercial hydrocarbon producing sands in the upper two target prospects, this does not in any way affect the prospectivity of the deep section. As it is clear there are hydrocarbons in the system, the decision has been made to drill ahead, despite the challenging conditions.

As more time is now required to explore the main target section, President will update further on the well as soon as a complete picture is obtained.

Northumberland 2, PEL 82, South Australia
Preparations for the drilling of the Northumberland 2 well are on schedule and budget and drilling is expected to commence around the end of February. The two 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.

2 big..very big bites of the cherry here.....if either of these comes right.....150p...minimum perhaps.....both and way above 2......worth a punt here....

Possibly worth buying now for the next bounce?

By all means yes....already in......if the news is good, it will jump by 20 or 30p ...perhaps more.....

StockMarketWire.com
President Petroleum (PPC) surged on renewed speculation that that the drilling on their Kafoury 3 prospect in Louisiana has advanced considerably despite challenging conditions and speculation ahead of the start of drilling at their Northumberland 2 prospect in South Australia. At 10.30am the share price was up 4.25p (7%) at 69.75p

Taking a while with K3!!!!...surely result due this week?...N2 rumoured to be spudding about now too.

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."