President Energy PLC - energy company with assets focused primarily in South America - Says conditional farm-out agreement has been made at Pirity Concession in Paraguay and term of exploration concession will now expire September 12, 2023. Areas can be converted into exploitation licence if a discovery is made in the mean time. "We continue to proceed step by step," says Chair Peter Levine. "Whilst the necessary regulatory approval is yet to be satisfied, we consider this is only a matter of time before approval is granted given the provenance of the proposed Farminee."
President Energy inks farm-out deal at its Pirity concession in early June with "substantial Northern Hemisphere state-owned energy company". President to farm out 50% stake in Pirity.
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By Josie O'Brien; josieobrien@alliancenews.com
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