30 Apr 2014 07:00
30 April 2014
President Energy PLC
("President" or the "Company")
AUSTRALIAN UPDATE
New Independent Experts Report
President is pleased to announce the results from the recently commissioned comprehensive seismic reprocessing and consequent re-interpretation of existing 3D data on its Australian license, PEL82 (President 100%).
Ausgeos Pty ("AG"), an experienced local Australian Independent Geological and Geophysical Consultancy, has delivered their independent experts report which indicates, that in addition to President's conventional play, a previously unidentified new unconventional play exists in PEL82, to which AG attribute gross Prospective Resources of 904 Bcf on a best (P50) case basis.
Notwithstanding that President continues to adopt a conservative view, the positive report has nevertheless re-energised ongoing discussions to find industry participation for further activity on PEL82. President has extended the PEL82 licence to September 2015 in order to provide time for consideration of those discussions.
Peter Levine, Chairman, President Energy commented:
"Whilst our focus remains firmly on Paraguay as we approach our material drilling campaign starting in May, this is a positive development for President with the licence extension allowing us time to progress our discussions with potential partners."
Miles Biggins, Bsc Joint Honours University College London, with 22 years of experience in the oil
and gas sector, is a Petroleum Engineer and member of the Society of Petroleum Engineers who
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.
For further information contact:
President Energy PLC
John Hamilton, CEO +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Canaccord Genuity Limited
Tim Redfern, Henry Fitzgerald-O'Connor +44 (0) 207 523 8000
Bell Pottinger +44 (0) 207 861 3232
Gavin Davis, Henry Lerwill