16 June 2022

PRESIDENT ENERGY PLC

("President" or the "Company")

Corporate and Commercial Update

President Energy (AIM: PPC), the international energy company announces a corporate and commercial update

Highlights:

·      President Argentina credit rating reaffirmed at Investment Grade A -

·      Further Argentine bond issue of US$3.585 million at 3.89% p.a. interest rate

·      Success for new well PG 13-1 at Puesto Guardian Concession, Argentina

·      Argentina new law allowing oil producers to transfer dollar funds abroad under conditions

·      Update on annual report and accounts

New Bond Issue

President Argentina has issued a further tranche of US$3.585 million in bonds to the local market to fund further working capital and capital expenditure. The interest rate is 3.89% with a 25-month repayment period and an initial 16 capital repayment month holiday.

In parallel with the issue, Fix SCR, the Argentina affiliate of Fitch, the worldwide credit agency, has re-affirmed the credit rating of President Argentina's bonds at Investment Grade A-.

Puesto Guardian Concession, Salta, Argentina, Update

The new well PG13-1 is now successfully in production and currently producing over 200 bopd. The old well PE-8, which has not flowed oil for many years, has been worked over and is also now in production with a much more modest 10 bopd, but every little helps.

Realised prices for domestic sale of President's Salta crude continue to increase with prices currently US$66 per barrel, an increase of 12% from the start of the year.

New Law

President notes the new decree that has been issued by the Argentine government allowing access for oil and gas companies to the currency markets in order to transfer United States Dollars abroad under certain conditions, including relevant amounts being proportionate to incremental production year on year.

Whilst President welcomes any change of law allowing repatriation monies to the UK, the Company is considering the full terms and conditions relating to this new legislation and will advise the market in due course if, and/or to the extent that, the relaxation covered by this new decree is applicable and can be utilised.

Annual Report and Accounts

The announcement of the Annual Report and Accounts for year-end 2021 will be issued before the end of this month together with an update of current trading with the Annual General Meeting expected to take place in July.

Glossary

Bopd means:    barrels of oil per day

Contact:

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.