President Energy

completed

IFC is proposing an equity investment of up to $20 million in President, an AIM-listed oil and gas E&P company to finance the development of two concessions in a proven hydrocarbon system in Paraguay’s North West region of El Chaco (Pirity and Demattei), which offer a chance to explore. The Company is currently capturing seismic on the two with a view to commencing a multi-well program in the first half of 2014. A successful discovery in one of the concessions would be transformational to President. President completed Farm-In agreements to the Pirity and Demattei concessions in October 2012. The Farm-In Agreement provided for President to earn up to a 59% interest in the Pirity concession from Pirity Hidrocarburos (a subsidiary of PetroVictory); and up to a 60% interest in the Demattei concession from Crescent Global Oil Paraguay S.A. (a subsidiary of Crescent Oil LLC).Exploration project activities conducted to date include completion of 2D and 3D seismic acquisition with additional 2D activities to be conducted in the later part of 2013, followed by seismic data processing and pre-operational planning phase for exploratory drilling, which is planned to commence during Q2-Q4 2014. President expects to drill at least two exploratory wells. The exact location of the wells will be determined during the pre-operational planning phase for exploratory drilling.