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19 Mar 2012 07:00
19 March 2012
PRESIDENT PETROLEUM COMPANY PLC
("President" or "the Company")
Drilling Update: DP-1001 Well
Following 45 days of drilling operations, President announces that the DP-1001 Well, at the Dos Puntitas field on the Puesto Guardian concession, has now penetrated the top of the target reservoir at a preliminary true vertical depth of 2,739m, some 12-15m higher than projected. The well has been successfully cased to the top of the reservoir. A decision has been taken during drilling to obtain core samples, the information from which is valuable to President's greater understanding of the field, given the extensive production and fraccing work during 2012. The coring has extended the anticipated drilling timetable.
The first 6m of core sample have now been taken from the top of the reservoir. Whilst cutting this first core, good oil shows in the mud pits and C1-C5 gas readings were observed in the mud returns. The next core sample is now being taken.
Once the second core sample has been taken, the Company will continue drilling in the reservoir until the oil water contact is identified and then the well will be logged, at which time the Company will make a further announcement.
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
Pelham Bell Pottinger +44 (0) 207 861 3232
James Henderson, Mark Antelme
Dr Jonathan M Cohen, FGS, C Geol, Executive Vice President Exploration, meets the criteria of
qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed
and approved the technical information contained in this announcement.
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