Operations Update

10 April 2012

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

Operations Update

President announces that Well DP-1002 at the Dos Puntitas field in its Puesto Guardian concession has now spudded. It is estimated that drilling will take some 45 days. The well has been planned to intersect the same intervals and at a similar structural elevation to Well DP-1001.

Testing of DP-1001 will commence this week. As each of the A5, A6 and limestone intervals are being separately tested, President will make a further announcement once the result of all intervals is completed, estimated to be up to 21 days. The Company continues to anticipate that full production from DP-1001 will have commenced by the end of April.

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

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.