At the end of the year both David Jenkins and David Wake-Walker are retiring as non-executive directors. President Energy will not be taking any immediate steps to appoint new non-executives to replace those outgoing but will consider appropriate candidates in due course. Rob Shepherd will become the senior non-executive director.

Miles Biggins, Bsc Joint Honours University College London, with 25 years of experience in the oil and gas sector, is a Petroleum Engineer and member of the Society of Petroleum Engineers who meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.