PPC.L Regulatory News (PPC)

1 December 2011

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

ARGENTINA UPDATE

Licence successfully extended to 2026

First Argentine Well Spud

President is pleased to announce that the license for its Argentine concession, Puesto Guardian, has been extended by ten years, up to 24th August 2026. In addition, President today announces that the first well of the five production well programme has now spud with a projected completion time of approximately forty days.

The license extension is a very important step forward and allows President and its JV partner to focus on continuing to develop the significant potential of the concession.

Puesto Guardian is the first concession to receive an extension in the Salta Province of Argentina.

President is now working with its 50% partner in Puesto Guardian on:

·; further progressing the five production well programme following the spudding of the first well, announced today

·; producing a plan to optimise production from currently producing wells

·; examining any potential for production from some 33 formerly producing and shut in wells

·; reviewing the 3D seismic to identify any potential hydrocarbon bearing structures which have not been previously identified or addressed

Peter Levine, Chairman of President Petroleum (USA) Inc commented:

"The grant of the license extension is a major catalyst in the programme to develop President's Argentine asset and unlock its untapped potential.

We look forward to progressing the work programme, and further expanding our investment in the region."

For further information contact:

President Petroleum Company

John Hamilton, Interim Chairman +44 (0) 207 811 0140

Ben Wilkinson, Finance Director +44 (0) 207 811 0140

RBC Capital Markets

Jeremy Low, Stephen Foss, Matthew Coakes +44 (0) 207 653 4000

RBS Hoare Govett +44 (0) 207 678 8000

Simon Hardy, John MacGowan, Max Jones

Pelham Bell Pottinger +44 (0) 207 861 3232

James Henderson, Mark Antelme, Henry Lerwill