Result of General Meeting - Replacement

18 October 2010

President Petroleum Company PLC

Result of General Meeting - Replacement

The following amendment has been made to the "Result of General Meeting" announcement released on 18th October 2010 at 12.30pm under RNS No 5565U:

The voting on the resolution was taken on a show of hands and was passed unanimously.

Should instead read:

The voting on the resolution was taken on a show of hands and was passed by a majority.

All other details remain unchanged.

The full amended text is shown below.

President Petroleum (AIM: PPC), the oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia, is pleased to announce that at a General Meeting of the Company relating to the Placing announced on 30 September 2010, which took place earlier today, the resolution put to Shareholders was duly passed.

The voting on the resolution was taken on a show of hands and was passed by a majority. For the information of Shareholders, the proxy votes cast before the meeting were as follows:

The Placing remains conditional, inter alia, upon Admission which is expected to occur at 8.00a.m. 19 October 2010.

Capitalised terms used in this announcement shall have the same meaning as ascribed in the circular dated 30 September 2010, unless the context otherwise requires.

For further information please contact: