President Energy appoints ENVOI for Paraguay farm-outs

The AIM-traded firm’s four onshore Paraguayan concessions in which it was interested extend to around 34,000 square kilometres, and benefitted from extensive 2D and 3D seismic data acquired by President as well as the two paleozoic exploration wells drilled in 2014, which successfully identified the petroleum system with “significant” oil and gas shows.

During the last two years, further detailed geological and geophysical work had been conducted, which gave strong support to President's view as to prospectivity of its licence areas.

President added that its management estimated that its Paraguayan prospect and lead portfolio identified to date contained a combined mean unrisked prospective resources net to President of three billion barrels of oil equivalent.

That included 10 Tcf of gas resources and 300 MMbbls of drill-ready oil resources in the extension of the light oil play proven by existing producing fields 30-70 km away across the Argentine border.

“With significantly increased investment interest in South America energy, particularly gas and with the significant onshore prospective resources of President's interests in Paraguay, we take the view that it is the right time to take a proactive approach to developing the significant prospective resources of the company in that country,” said chairman and chief executive Peter Levine.

“This is particularly so due to the investment in wells, seismic and other technical work already made and carried out by President providing drill ready prospects and with our experienced management teams across the border at our Puesto Guardian Concession in Argentina.”