President Petroleum Co. Plc.

President Petroleum Co. Plc. has retained Envoi Ltd. to find a drilling partner for two of its 100% owned and operated exploration blocks onshore South Australia.

The areas are in the PEL 82 prospect block on the coast in the Portland trough at the western end of proven and producing Otway Basin play. In addition, it has a separate prospect, the PEL 132 on the East Arrowie Basin the central eastern part of South Australia.

President wants to farm out its remaining exploration program to focus its resources on its South American development projects. Both of its Australian blocks are the sole assets of its subsidiary. It is offering a majority interest on the blocks in return for funding the forward exploration and drilling program.

The two prospects were originally acquired by Meridian Resource Ltd in 2004 and 2007, a wholly-owned subsidiary of Meridian Petroleum Plc. Meridian changed its name to President Petroleum Co. in December 2009.

The PEL 82 license term was extended in 2009 for five years, after a 50% relinquishment which left an area of 137 square kilometers. That is due to expire in September 2014.

The PEL 132 was awarded in 2007 for a five-year term. This was extended another year and is due to expire in August 2013. The block was awarded with an outstanding work commitment of one well. An additional six-month extension was recently granted. This allows a drill or relinquish decision at the end of six months.