PPC.L Regulatory News (PPC)

11 March 2019

PRESIDENT ENERGY PLC

("President", the "Company" or "President Energy")

Result of Offer for Subscription and Loan Conversion

(Capitalised terms not otherwise defined in this announcement shall have the same meaning ascribed to such terms in the circular sent to shareholders on 25 February 2019 unless the context requires otherwise. US$ / £Sterling exchange rates used in this announcement are the same as the rates quoted in the circular sent to shareholders on 25 February 2019)

President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in South America, announces the results of the Offer for Subscription and Loan Conversion, details of which were set out in the circular sent to shareholders on 25 February 2019.

Offer for Subscription ("the Offer")

The Offer has closed for acceptances and the Company announces that valid applications were received in respect of, in aggregate, 43,770,415 Offer Shares at a price of 8 pence per Offer Share. Accordingly, the Offer has raised total gross cash proceeds of approximately US$4.56 million (£3,5 million).

PLLG/Loan Conversion

Peter Levine, through his beneficially owned related party, PLLG, participated in the Offer to the extent of subscribing in cash for 6,250,000 Offer Shares. Following the completion of the Offer, IYA, a member of the PLLG Group which is beneficially owned by Peter Levine, the Company's Chairman and largest shareholder, will capitalise approximately US$1,036,264.64 of its Existing Loan Facility (£796,000.00) through the issue of 9,950,000 Loan Conversion Shares to IYA or its nominee at 8 pence per Loan Conversion Share.

Following Admission of the Offer Shares and the Loan Conversion Shares, Peter Levine will be beneficially interested in 337,404,547 Ordinary Shares representing approximately 29.95 % of the Company's enlarged issued share capital.

Conversion will enhance the solid financial position of the Company by increasing the equity base, reducing both balance sheet debt and interest costs.

Related Party Transaction

The Conversion constitutes a related party transaction under AIM Rule 13 by virtue of the fact that IYA is beneficially owned by Peter Levine who is a Director and Substantial Shareholder of the Company ("Related Party Transaction").

For the purposes of the Related Party Transaction, Jorge Dario Bongiovanni and Alex Moody-Stuart are considered to be independent directors for the purpose of AIM Rule 13 and, having consulted with the Company's nominated adviser, consider that the terms of the proposed Loan Conversion to be fair and reasonable insofar as the Company's shareholders are concerned.

Admission and Total Voting Rights

Application has been made for 53,720,415 New Ordinary Shares (being the Offer Shares and the Loan Conversion Shares) to be admitted to trading on AIM ("Admission") and dealings are expected to commence at 8.00 a.m. on 13 March 2019. The New Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.

Following Admission, the Company will have 1,126,560,677 Ordinary Shares in issue. Accordingly, the figure of 1,125,560,677 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 Peter Levine, Chairman of President, commented:

"We are grateful to those existing shareholders who participated in the Offer for their support and welcome new shareholders to the register. Each one, big or small, makes a difference and their views will always be respected, as with all our shareholders.

"Over the last year, the Group has achieved exceptional growth in all key performance areas; revenues, production, positive cash flows, profits and value of reserves. We believe this is only the start as we target and implement a programme to achieve 50% year on year production growth for the next three years with the concomitant increases in profits and cash flows.

"The drive for accelerated gas production has already commenced and we look forward to updating the market on this, as well as in respect of all aspects of our growing business, in due course as we move into an era of being a balanced energy business.

"Accordingly, we view the future with increasing confidence and are determined in our objective that President will continue to be an increasingly successful, profitable, cash positive and professionally managed business fulfilling and exploiting the excellent prospects for growth, both organically from its current assets as well as by acquisition."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014 ("MAR").

For further information please contact:

Notes to Editors

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.

The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, Rio Negro Province as well as in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support, including the IFC, part of the World Bank Group, an in-country management team as well as a Board whose interests are aligned to those of its shareholders, President Energy gives UK investors rare access to the Argentinian growth story combined with world class standards of corporate governance, environmental and social responsibility.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014