Result of Placing and Open Offer

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of President Energy PLC or other evaluation of any securities of President Energy PLC or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

President Energy PLC

("President" or the "Company")

Result of Placing and Open Offer

On 5th February 2014, President announced a conditional placing ("Placing") of 87,628,500 shares ("Placing Shares") and an open offer ("Open Offer") of up to 11,790,380 shares ("Open Offer Shares"), each at 35 pence per share ("Issue Price").

The Open Offer has now closed and President announces that 1,403,376 Open Offer shares have been conditionally subscribed for by qualifying President shareholders under the Open Offer. This represents approximately 11.90 per cent. of the total Open Offer Shares made available for subscription under the Open Offer. 

In total, President has successfully raised US$50.8 million (£31.2 million) through the Placing and Open Offer.

Admission to trading on AIM of the 89,031,876 ordinary shares to be issued pursuant to the Placing and Open Offer Shares is expected to commence at 8.00 a.m. on Tuesday 25th February 2014, subject to the passing of certain shareholder resolutions at a general meeting to be held later today.

The interests (all of which are beneficial unless stated otherwise) of the directors and of persons connected with them (within the meaning of Section 252 of the Companies Act 2006) in the issued ordinary share capital of the Company and the existence of which is known to, or could with reasonable due diligence be ascertained by, any Director as at Admission are as follows:

As announced on 6 February 2014, International Finance Corporation, a member of the World Bank and one of the Company's existing shareholders ("IFC"), has conditionally agreed to subscribe for its second tranche of ordinary shares pursuant to the terms of a Subscription Agreement entered into between IFC and the Company on 5 December 2013. Following completion of the Placing and Open Offer, IFC shall hold 53,571,428 ordinary shares, representing approximately 13.54% per cent. of the enlarged share capital at the time of Admission.

Upon Admission, the Company's total voting rights will total 395,581,763 ordinary shares of £0.01 each. This above figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, President under the Financial Conduct Authority's Disclosure and Transparency Rules.

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