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3 Nov 2011 07:00
3 November 2011
PRESIDENT PETROLEUM COMPANY PLC
("President" or "the Company")
Drilling Update
McKerall 1 logs identify prospective oil pay
Louisiana
President announces that evidence from electric wire line logs at the McKerall 1 sidetrack indicates that commercially productive oil reserves have been identified totalling some 15 feet of projected pay.
The reason for drilling the sidetrack was to capture reserves not able to be produced from the original hole at McKerall 1.
The well is expected to be completed as a producer and placed on-line shortly. President has a 49% net revenue interest in the production from the sidetrack.
President is currently achieving realisations in excess of US$100 per barrel for its oil in Louisiana and enjoying net backs after tax in excess of US$75 per barrel.
President is also pleased to announce that Well 53 at East White Lake, Louisiana, the twin to the previously drilled Well 49 which encountered higher than anticipated pay, is expected to spud in mid-November.
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, Jenny Renton
Dr Jonathan M Cohen, FGS, C Geol, Executive Vice President of Exploration, as a
qualified person 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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