President Energy : Result of General Meeting

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President Energy PLC - PPC Result of General Meeting Released 12:57 06-Feb-2020

RNS Number : 2337C

President Energy PLC

06 February 2020

6 February 2020

PRESIDENT ENERGY PLC

('President' or the 'Company')

Result of General Meeting

President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily South America, announces that the resolutions proposed at its General Meeting held earlier today, and as set out in the Circular sent to shareholders on 21 January 2020, were all duly passed.

Application has been made for the 37,048,915 Loan Conversion Shares to be admitted to trading on AIM and dealings are expected to commence on 7 February 2020 ('Admission').

The Loan Conversion Shares will be issued to PLLG Investments Limited ('PLLG'). Following admission of the Loan Conversion Shares becoming effective in accordance with Rule 6 of the AIM Rules, PLLG will own 374,453,462 ordinary shares in the Company, representing 29.86% of the Company's enlarged issued share capital.

The Loan Conversion Shares will rank pari passuwith the existing shares of the Company. Following Admission, the Company's issued share capital will consist of 1,253,974,179 Ordinary Shares. Accordingly, the figure of 1,253,974,179 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

ENDS

President Energy PLC Peter Levine, Chairman Rob Shepherd, Group FD	[phone]
finnCap (Nominated Advisor) Christopher Raggett, Scott Mathieson	[phone]
Whitman Howard (Broker) Hugh Rich, Grant Barker	[phone]
Tavistock (Financial PR) Nick Elwes, Simon Hudson	[phone]

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 Puesto Flores, Estancia Vieja, Puesto Prado, Angostura and Las Bases, Rio Negro Province 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.

The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support, including the IFC, part of the World Bank Group, an in-country management team as well as a Board whose interests are aligned to those of its shareholders, President Energy gives UK investors rare access to the Argentinian growth story combined with world class standards of corporate governance, environmental and social responsibility.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014

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END

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Result of General Meeting - RNS