PRESIDENT ENERGY PLC

("President" or the "Company")

GREEN HOUSE CAPITAL MOVES INTO LITHIUM

GROUP STRATEGY EVOLUTION

President Energy (AIM: PPC), the international energy company provides an update on the first steps made by its new Green House Capital subsidiary ("Green House or GH") and an update on Argentina and Group.

GREEN HOUSE CAPITAL

On 28 June 2022, President announced that as part of its stated objective of demonstrable diversification of the Company's interests and migration to businesses to which investors will ascribe higher value, it has become a 75% beneficial shareholder in Green House, a company intended to be an incubator for/investor in alternative energy.

Business Model

The business of GH will be to source, seed finance and incubate early-stage opportunities in the green and/or alternative energy sub-sector. GH is intended to hold its interest in each business within a separate special purpose legal entity ("SPV") domiciled in an appropriate jurisdiction for business efficacy.

Whilst it is intended that GH will initially be seeded by President in each of its businesses, subsequent material funding will be determined by the specific needs and characteristics of the relevant business. GH will consider in each SPV the various monetization possibilities of the equivalent of farm out, joint venturing, venture capital / private equity funding or IPO. This will provide flexibility to GH to both mobilise and/or release capital in due course. The structure will also facilitate the ability of the Group to divest itself of any appropriate component parts to the benefit of President shareholders.

In identifying opportunities, as stated on 28 June, GH will capitalize on contacts and experience of its and President's shareholder and stakeholder base.

Lithium identified as first project

The importance of lithium to the global commitment to Net Zero is well known.

The Lithium Triangle, a resource rich region of the Andes around the borders of Chile, Bolivia and Argentina is considered to hold over 50% of the World's commercial lithium reserves. In Argentina, one of the largest lithium producers in the world, the resource is mostly found in the Province of Salta - the region in which President has the Puesto Guardian Concession from which it produces oil.

President has now entered into a Memorandum of Understanding with the Argentina State owned company responsible for managing the energy and mining resources of the Salta Province, Recursos Energéticos y Mineros de Salta S.A ("REMSA").

REMSA has certain properties that may have potential for lithium mining and extraction. REMSA and the Company have agreed to set up a joint committee for selecting areas of a minimum size of 1,000 hectares for prospecting and initial topical exploration to determine next steps.

Whilst the Memorandum does not guarantee that President would be able to acquire any prospective areas that REMSA and it identifies, there is a written understanding that President would have, under a private initiative process, both first offer and last offer rights to any areas that the Company wishes after making such initial exploration and marks a first significant step in the start of cooperation with REMSA in a Province in which President is already a major investor and where it has established business and management structure.

President is confident that the lithium market and global demand for the metal has long term attractive prospects with the Salta Province having significant interest from international companies including the recently announced investment of US$825 million by Rio Tinto in December 2021 and US$962 million by the Chinese lithium giant Ganfeng earlier this month.

Lithium, like President's oil and gas businesses, is a dollar-based business. As such they are shielded to a material extent by the high inflation currently being experienced in Argentina, as is further reinforced by the interest of many international companies in both hydrocarbon and mineral production in Argentina.

PRESIDENT'S EVOLUTION

It is important to view this announcement in the context that President has a solid core business and robust trading position, as referred to in the announcement dated 28 June 2022 providing shareholders with details of the 2021 Annual Results together with a 2022 trading update and outlook.

The strategic transition is intended to re-energise President with the Group evolving into new horizons whilst at the same time benefitting from its profitable core business which delivered profits after tax of nearly US$5 million in 2021, free cash generation of some US$13 million with turnover projected for 2022 at over US$40 million and significant current operating profits, material exploration opportunities as well as the 28% investment interest in ATOME.

The intention going forward is that each division of President will evolve to have its own separate management under the Group main board. As part of the Group refreshing and re-imagining itself whilst making use of its current asset base, the following steps are intended:

Peter Levine, Chairman, commented:

"It is fact that the creation of ATOME Energy by President, its spin out and flotation has been value accretive to President shareholders. However, the value of the retained investment interest of nearly 28% in ATOME has clearly not been reflected in President's share price. Our conclusion is that investors do not ascribe proportionate value to President's core hydrocarbon business, which therefore acts as a negative influence to the value proposition of President as a whole. Green House marks the commencement of the evolution of the AIM listed President Energy and emergence from the past whilst at the same time not neglecting its present core hydrocarbon business

"The progression to a Group with separate business divisions having their own motivated management and funding capabilities yet delivering value to the public company shareholders has been successfully demonstrated by the spin off and listing of ATOME Energy PLC. ATOME has created for shareholders in President multiples of the value of money originally invested in its creation and continues to benefit the Group through its near 28% holding

"The move of Green House into the strategically important lithium market is a first step. We believe that by the end of this year there will be other prospective projects coming under the Green House division

"President will capitalize on this experience and create more such opportunities within the broader alternative energy economy

"Nevertheless, for now we must also not neglect the fact that we are also a traditional energy company, currently with increasing turnover and profitable core earnings from hydrocarbons. This will continue to be the case for the foreseeable future, but with this business unit in good operational shape I personally can turn my focus to deal-making where I believe can be of most value

"I am energised by moving to have a focused emphasis on the innovation and deal making I thrive upon. I will remain a major shareholder and principal funder of President. A new, motivated Group CEO / Management team at the top of the Group structure will be put in place before this move."

Contact:

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.

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.

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