PRESIDENT PETROLEUM COMPANY PLC
Previous company name
MERIDIAN PETROLEUM PLC
Name change date
Meridian Petroleum PLC, with registered office address in London W1J 5AW, is a public limited company engaged in the exploration and production of oil and gas. The company was formerly known as Meridian Petroleum Resources PLC which lasted until 2004. The company was incorporated in 2004.
Meridian Petroleum is an oil and gas exploration and production company whose principal activity is to seek to invest in, and to operate, oil and gas exploration and production properties in the United States of America, Australia and elsewhere.
Meridian Petroleum owns the entire issued share capital of Meridian Resources that has two operating subsidiaries includes Meridian Resources (USA) Inc., incorporated in Delaware, which owns and operates the Group’s US oil and gas interests; and Meridian Resources Pty Limited, incorporated in South Australia, which owns and operates the Group’s Australian oil and gas interests.
Meridian Petroleum has acquired interests in six properties, production at one of which commenced in July 2004.
Meridian Petroleum’s strategy has been to build a portfolio of oil and gas production assets in the USA which have, in the opinion of the Directors, the capacity to provide sustainable cash flow to fund exploration programmes and provide an early return on investment.
The Company’s activities are the exploration for and the evaluation and production of oil and gas.
Description and history
The Company’s activities are exploration for and the evaluation and production of oil and gas. The Company’s principal activity is to invest in and to operate oil and gas exploration and production properties in the USA, Australia and elsewhere.
The Company incorporated on 16 April 2004 is an exploration and production company. Nowadays, the Company has acquired interests in six properties, production at one of which commenced in July 2004. Its shares were listed on London Stock Exchange on 20 July 2004.
The Company’s strategy has been to build a portfolio of oil and gas production assets in the USA which have, in the opinion of the Directors, the capacity to provide sustainable cash flow to fund exploration programmes and provide an early return on investment. It is intended that this cash flow will be used to fund large scale exploration activities in Australia and elsewhere and to locate and exploit prospects which have the potential to yield substantial oil and gas reserves and commensurate production. The Directors believe that the Company’s current portfolio of projects provides a sound basis for growth because the Directors expect them to provide early cash generation with relatively low drilling costs. The Company has financed its recent development principally through two fund raisings with an institutional investor. The Company has established its head office in London, with a corporate office in Houston, USA and a representative office in Adelaide, Australia. The Company’s management team has extensive experience in the financing, exploration and development of oil and gas assets in the USA, Australia and elsewhere.
On 23 October 2008, the Company’s share capital was consolidated on the basis of one New Ordinary Share of 30pence for each Ordinary Share of 5pence. Following the consolidation the share option and share warrant agreements were varied so that the rights of the holders were preserved.
Change of name
The Company changed its name from Meridian Petroleum plc to President Petroleum Company plc with effect from 1 December 2009. The ticker on the London Stock Exchange changed to ‘PPC’.
Formerly known as Meridian Petroleum Resources PLC
Invest in, and operate, oil and gas exploration and production properties in the United States of America, Australia
MERIDIAN PETROLEUM LIMITED
GRANT THORNTON UK LLP
US SIC Code
13, Regent Street
City province or state postal code
SW1Y 4LR, LONDON
Phone: +44 20 7811 0140
Country address: UNITED KINGDOM
Website url: www.presidentpc.com