Drilling Update

29 September 2011

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

Drilling Update

President Petroleum today announces that Well A49 East White Lake, Louisiana ("EWL") has identified potential oil reserves at least 50% higher than expected.

Well A49 EWL (President 21.875% net interest)

This well was a re-drill of an old well and was drilled to a total measured depth of 10,170 feet targeting some 35 feet of pay in the Y1 sand. Preliminary analysis indicates that 37 feet of what is considered to be oil pay was identified at about 9,490 feet MD.

After drilling on, a further 60 feet of potential oil pay was unexpectedly encountered in the Y2 Sands at about 9,700 feet. This sand, together with the Y1 above, results in at least 50% more oil reserves than expected. There is a further 20 feet of possible pay higher up from the Y1 sand.

After reaching the above depths, integrity issues arose on the old surface casing of the re-entered well, compromising its reliability for further drilling and completion. Given the significance of the pay so far identified, with the deeper DB sands potential still to drill, and in order to preserve local tax incentives, it has been decided to drill a new "twin" well as soon as possible. Electric logs will then be run on all identified and further possible pay zones, and then the new well will be completed as a producer.

Peter Levine, Chairman of President Petroleum Company Holdings BV commented:-

"The preliminary results of A49 EWL are extremely encouraging indicating a substantially greater net pay than expected with increased oil production and reserves. We look forward to completing this and the upcoming McKerall 1 well, which should further benefit our Louisiana production base"

For further information contact:

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.