LONDON (Alliance News) - South America-focused oil and gas firm Amerisur Resources PLC on Friday said it has spud the Jaguarete-1 well in Paraguay.
The well is located in the San Pedro block of the Parana basin in the east of the country.
The well is expected to take around 40 days to drill and will target the Santa Elena and Lima formations. It carries prospective resources of 106 million barrels of oil, Amerisur said.
"We are delighted to have commenced the drilling of Jaguarete-1 in the San Pedro block, the first exploration well in our active, fully funded 2016 work programme," said Chief Executive John Wardle.
"Jaguarete-1 is an exploration well which carries risk in this new basin. I look forward to an efficient execution of the programme and hope for positive results," he added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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