Contracting and Mobilisation of Drilling Rig

24 March 2014

President Energy PLC

("President" or the "Company")

Contracting and Mobilisation of Drilling Rig

President is pleased to announce it has entered into a firm drilling contract with Queiroz Galvão Óleo e Gás, one of the largest drilling contractors and production services providers in Brazil, for its 2014 drilling campaign in Paraguay.

The Top Drive Rig contracted is capable of drilling down to depths of 5000 metres to explore the deeper Paleozoic play identified in President's seismic survey. Mobilisation from Brazil will commence imminently. The first well will be drilled on the Jacaranda prospect, on the northwest flank of the Pirity Concession, and will target multiple horizons. The well is scheduled to spud by the end of May 2014.

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