PPC.L Regulatory News (PPC)

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."

Note for Editors:

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.

Peter Levine, a Swiss resident, is the founder and former Chairman of Imperial Energy Corporation plc.

Levine Capital Management Limited ("LCM"), a BVI registered entity and Peter Levine's private investment fund, is the largest shareholder in President Petroleum

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