PPC.L Regulatory News (PPC)

14 February 2022

PRESIDENT ENERGY PLC

("President", "the Company" or "the Group")

2021 Unaudited Key Trading Highlights

New Argentine Reserves Report as at 31 December 2021

President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration energy assets currently focused primarily in South America, announces unaudited 2021 trading highlights together with an updated Argentine reserves report as at 31 December 2021.

2021 Unaudited Trading Highlights

· Turnover of approximately US$34.2 million, without any consistent contribution from the Louisiana assets

· Average Group production of 2,473 boepd (2020: 2,714 boepd) with no material contribution from Louisiana

· Estimated adjusted EBITDA in Argentina of US$9.5 million (calculated on the basis of Group financial reporting)

· US$14.5 million of free cash generation from operations (after workovers) and treasury income

· Group results are expected to include a benefit of US$13 million to the profit and loss account arising from the spin out of Atome Energy PLC and dividend distribution to shareholders of President which represented a yield of approximately 20 per cent

· The Company retains a 27.9% holding in Atome Energy PLC which at 31 December had a market value of US$9.8 million

Argentine Reserves as at 31 December 2021

· President's 2P reserves in Argentina as at the year end have been assessed at a robust 24.4 MMboe

· Argentina reserves and contingent resources have been independently certified according to Argentinian Law as at 31 December 2021, after taking into account production in the year

· Group net 2P Reserves of over 24 MMboe limited to current life remaining of concessions taking no account of any future extension of such contracts

· Significant contingent resources in producing areas awaiting conversion to reserves after contract terms are prolonged

· The reserves reported exclude the internally estimated Paraguay exploration PMean of 536 MMbo unrisked oil-in-place that are in addition to the figures reported today; drilling of a complex estimated to contain 230 MMbo of that total will be undertaken in 2022 in a joint venture with CPC, the state energy company of Taiwan.

Peter Levine, Chairman, commented

"Whilst trading in 2021 was solid, despite the static production taking into account the loss in all material respects of Louisiana's contribution in the year, we still showed a healthy, operationally profitable business

"On a strategic level, we produced material returns for our shareholders through the spin out and IPO of Atome Energy and successfully, notwithstanding the pandemic, farmed out our Paraguay exploration prospect to the state energy company of Taiwan

"It is important to ensure that going forward we leave no stone unturned to achieve optimum performance and delivery for our capital expenditure

"With one new well in Salta on stream and still stabilising, the second to be online at the end of this week and the third to be drilled this month, Salta commercial oil production is already increasing and is expected to continue as the other new wells come on. The waterflood secondary recovery project in Rio Negro scheduled to start within 6 months is very promising for both stabilising natural decline and increasing the amount of recoverable oil. Work is progressing to prepare for the high impact exploration well in Paraguay to be drilled this year targeting, based on internal estimates, 230 million barrels of unrisked oil in place

"We therefore look forward to an improved performance this year with regular newsflow keeping the market updated".

Glossary:

1P means proven reserves

2P means proven and probable reserves

3P means proven, probable and possible reserves

Adjusted EBITDA is Earnings before interest, tax, depreciation, amortisation and impairment

Law means sections 35 and 58bis of the Argentine Hydrocarbons Law 17,319 (as amended by Law 27,007)

MMboe means million barrels of oil and oil equivalent (gas)

Oil in place means the total content of a potential oil reservoir

Pmean means the expected average value of all possible outcomes

Contact:

Notes to Editors

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.

The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Río Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.