PPC.L Regulatory News (PPC)

14 March 2022

PRESIDENT ENERGY PLC

("President" or the "Company")

Publication of Full Year 2021 Argentinian audited financial statements

President Energy (AIM: PPC), the international energy company announces the publication in Argentina of the local audited financial statutory statements for President Petroleum SA, the main operating entity in Argentina, in accordance with filing requirements in connection with Argentine mini-bonds.

These financial statements, which are presented in Argentine Pesos, are not directly comparable to the Argentine US dollar segmental information in the President group for the following reasons:

- They are prepared under Argentine GAAP accounting standards rather than IFRS which results in significant differences;

- They include material inflation accounting adjustments not recognised in the Group US dollar denominated results;

- They include intercompany transactions eliminated in the Group position;

- There are timing differences arising on recognition of certain transactions;

- There are differences in presentational format; and

- A different depreciation basis is applied, e.g., proven as opposed to proven and probable reserves

Whilst no read across is therefore possible between these results and the Group audited results to be published in due course, for completeness, details of these local financial statements can be found on the attached link.

https://aif2.cnv.gov.ar/presentations/publicview/89c1875a-53bc-4f34-ac76-761986fd109d

The Group audited annual results for 2021 incorporating Argentina, USA, Paraguay and the UK are expected to be published at the end of May 2022 in line with previous practice.

Peter Levine, Chairman, commented:

"The filing in Argentina of the local results in local format is a requirement under the US$9 million mini bond we issued last year and is purely for local consumption.

"Filings under the mini bond will now take place quarterly as required by Argentine law and President will issue a similar RNS statement on each occasion they are issued. Going forwards, President's announcement will be accompanied by selected unaudited Group trading highlights derived from the Company's own Group management accounts. With regards to the 2021 year-end statements, selected unaudited Group information was published via an RNS on 14 February, 2022".

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.

It has also a 27.9% investment interest in Atome Energy PLC a green hydrogen and ammonia producer whose shares are traded on AIM of the London Stock Exchange.

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.