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16 Jul 2012 07:00
16 July 2012
PRESIDENT PETROLEUM COMPANY PLC
("President" or "the Company")
Pending Licence Awards
President Petroleum, with its partner in the Puesto Guardian concession, subsequent to submitting a Private Initiative Application, has participated in the resulting bidding process for three exploration licence areas surrounding Puesto Guardian, namely Matorras, El Olcultar and Pizarro.
These areas cover a combined area of 5,948 sqkm with two of the blocks (Matorras and Pizarro) being on the same structural trend as the Palaeozoic prospect under the Martinez del Tineo field at President's existing Puesto Guardian concession which was the subject of the Gaffney Cline & Associates (GCA) audited resource report announced on 23 January 2012. GCA assessed the un-risked value of that Martinez del Tineo prospect at £2.53 per share with a risked value of £.0.67 per share all net to President.
A Resolution of the final awards is expected from the Salta Province in the coming weeks and a further announcement will be made at that stage. In the event that President is successful in this competitive bidding round, President would operate the new concessions.
For further information contact:
President Petroleum Company
John Hamilton, Director +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
Jefferies Hoare Govett
Simon Hardy, Max Jones +44 (0) 207 029 8316
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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