President Petroleum has said that the drilling of its Kafoury 3 exploration well in Louisiana will commence soon as the drilling rig contracted to drill its exploration well will arrive on the location by 22 October 2010.

The company has planned to drill the well to a target depth of 14,600ft, which is expected to take around 40 days.

The company has an option to retain the rig on location to drill a second well, which would most likely be a shallow producing well.

The independently assessed gross 3P reserves attributable to the prospect are 110bcf of gas and
1.2mmbbls of oil totaling 19.6 million barrels of oil equivalent (mmboe), of which around 85% is located in the deeper sands.

If the Kafoury 3 well is successful, up to three deep wells will be drilled in 2011 in addition to a shallow well.