1 March 2022

PRESIDENT ENERGY PLC

("President" or the "Company")

Operational update

Production success in Argentina and Louisiana

 Management update

President Energy (AIM: PPC), the international energy company provides an operational and management update

Operational update

Puesto Guardian Concession, Salta, Argentina

The Company is pleased to announce that the first two wells drilled in Salta in the current programme have been in successful commercial production for over one week.

Well DP 2001, currently successfully commercially producing in the first phase of testing will within the next 10 days undergo planned stimulation in two parts under the second phase of the production testing programme. Whilst each well behaves differently there is no present evidence to expect post stimulation anything materially contrary to the stated well performance expectations in this well of approximately 250 bopd.

Well DP 2003 is in an earlier stage of first phase of production testing although it is already clearly commercial. 

As such testing will continue for a period of time to optimise production and assess reservoir capabilities, the drilling rig has moved to and is in the process of setting up at well PG 13-1 at the Puesto Guardian field within the Salta Concession, some 45 km away from the Dos Puntitas field. This well is planned to be a side track from an existing well location. Work is currently projected to commence this week with timing for the drilling rig work approximately 21 days.

The benefit of the recent increased production is already being felt in Salta where realised domestic prices are currently approximately US$60 per barrel.

South Louisiana, USA

The workover at the Triche well has now been successfully completed and President is pleased to advise that both this well and the Simmons well are back on normal production as from 25 February.

The Triche well is still settling down producing 180 bopd gross with 60 boepd of gas. The Simmons well is estimated to be producing 50 bopd gross.

Management update

The Company is pleased to announce that it has recruited Daniel Musri, an Argentine national, to the position of CEO of President Argentina. Whilst it is a non-main board position, Daniel has overall responsibility for President's operations in that country. Daniel, who joins us from Vista Oil and Gas, the Mexico/Argentina public oil and gas company, is a reservoir engineer by training and, prior to Vista, worked for 10 years as Vice President for Schlumberger in their Production Management arm, and before that for 18 years at the large Argentine oil and gas company Perez Companc, rising from junior reservoir engineer to asset manager. Daniel has been tasked with reviewing all operations within President's Argentinian business with a view to improving the returns from these operations and ensuring targets that are set are met with the appropriate accountability for results.

Jordan Coleman, our hard working COO for Latam will continue to work with Daniel during the transition. His future focus will centre on our Paraguay exploration project, overseeing the business in the United States as well as providing such continuing support for Daniel as may be necessary.

Peter Levine, Chairman, commented:

"President has many things to look forward to in 2022 from a very robust trading, shareholder and strategic relationship base. The production news today announced are welcome additions to Group cash flow

"The future for President must be driven by a dynamic, motivated and incentivised  operations and management team able to capitalise on these attributes to expand the Group materially, particular in different geographies. Daniel's appointment is a part of this strategy and we welcome him to the Group

"I look forward to informing you of further developments over the coming months."

Glossary

Bopd means barrels of oil per day

Boepd means barrels of oil equivalent per day (oil and gas)

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Notes to Editors

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.

The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Río Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

It has also a 27.9% investment interest in Atome Energy PLC a green hydrogen and ammonia producer whose shares are traded on AIM of the London Stock Exchange.

With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.