RE: Twitter1 Aug 2023 08:08
Starting to be real progress. This was from June 2021 and interestingly a 30% expected a higher chance of success.
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Background to the Pirity Concession
The Pirity Concession, in which President holds 100% and operates, is an exploration block in the Chaco area of Paraguay.
President acquired its initial interest in Pirity in 2012 and conducted an extensive exploration campaign in 2013/14 that commenced with the acquisition of over 1,000 km of 2D seismic and 850 square km of 3D seismic and culminated in the drilling of two exploration wells. Whilst the exploration wells identified a petroleum system in the north of the block with significant shows of hydrocarbons whilst drilling, no commercial production was achieved.
It subsequently became clear from these results and further detailed analysis of data that the most prospective exploration area in Paraguay was the Delray complex of prospects containing what the Company estimates are over 260 MMbo of Pmean Unrisked Resources in place.
It is this complex that bears the nearest similarity to the prolific long life Palmar Largo field complex 100 km across the border in Argentina. It has been determined that, of the usual exploration factors to be taken into account, there is good reservoir rock present in Delray capable of prolific production if charged and an excellent four way closure with seal, with the main exploration risk being migration from the hydrocarbon source. President estimates a 30% chance of success for the exploration well.
Since the previous exploration campaign, President has identified at least one proven analogue to demonstrate that hydrocarbons have migrated some distance from the source rock being the same source which successfully charged the reservoir in Palmar Largo.
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