Argentina Update - Well DP-1001 Spud

3 February, 2012

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

Argentina Update - Well DP-1001 Spud

President announces the spudding of its second well, DP-1001, at the Dos Puntitas field on its Puesto Guardian concession, Argentina. The well is targeting Proved Undeveloped Reserves and is expected to take approximately 45 days to drill.

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, Max Jones

Pelham Bell Pottinger +44 (0) 207 861 3232

James Henderson, Mark Antelme