$re = '~(?:\G(?!^)|/Amalty-WS/)[^"\s]*\K\s(?=[^"]*")~m';
$str = 'Please find the presentations:
href="/Portals/12/Documents/GE-Project/Amalty-WS/Joanna_POT Pb paint health econ env_RUS.pdf">Presentation 1';
$subst = "_";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php