25 Oct 2010 07:00
Monday 25 October 2010
PRESIDENT PETROLEUM COMPANY PLC
("President Petroleum" or "the Company")
Kafoury 3 Drilling Update
President Petroleum (AIM: PPC), the oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia, announces a drilling update.
The drilling rig for the Kafoury 3 well has been unexpectedly detained at its current location close to East Lake Verret.
The delay is not expected to be material and the drilling of the Kafoury 3 well is still expected to be in-line with the original November schedule announced at the time of the recent Placing.
For further information contact:
| President Petroleum Company |
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| Stephen Gutteridge, Chairman | +44 (0) 207 811 0140 |
| John Hamilton, Non-executive Director | +44 (0) 207 036 9369 |
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| Evolution Securities | +44 (0) 207 071 4300 |
| Robert Collins, Tim Redfern, Adam James |
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| RBS Hoare Govett | +44 (0) 207 678 8000 |
| Stephen Bowler, John MacGowan, Max Jones |
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| Financial Dynamics | +44 (0) 207 831 3113 |
| Ben Brewerton, Ed Westropp |
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Ed Childers, the Company's Chief Operating Officer, and Dr Michael Cochran, the Company's Exploration Director, who meet the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, have reviewed and approved the technical information contained in this announcement.
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