Registration as Argentine Oil Operator

05 January 2012

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

Registration as Argentine Oil Operator

Following completion of all regulatory requirements, the Company is pleased to announce that President Petroleum S.A. ("PPSA") has now been registered as an Argentine Oil Operator with the Registry of Oil Companies of the National Secretary of Energy.

Commenting on today's announcement, Peter Levine, Chairman of President Petroleum Company Holdings BV said:

""The registration of PPSA is a very important step in the development of the Company, granting President the official status to operate assets, acquire new licenses, and accordingly build our business as a fully fledged Argentine oil company."

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

Max Jones, Simon Hardy

Pelham Bell Pottinger +44 (0) 207 861 3232

James Henderson, Mark Antelme