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17 Dec 2012 07:00
17 December 2012
PRESIDENT ENERGY PLC
("President Energy" or "the Company")
Competent Persons Report for Pirity & Demattei Concessions, Paraguay
President Energy is pleased to announce that further to its statement made on 13 November 2012, DeGolyer & MacNaughton ("D&M"), the international reserves and resources auditors, have completed an independent evaluation of President Energy's concessions in Paraguay.
The estimated mean gross prospective recoverable oil resources assessed by D&M adjusted for probability of geologic success (Pg) are 159 million barrels. This supports President Energy's internal estimates made at the time of the farm-in to the relevant concessions in Paraguay. The estimated mean net Pg-adjusted prospective recoverable oil resources to President Energy are 94 million barrels on the basis that President Energy fully completes its staged earn-in to achieve a 59% working interest in the Pirity concession and 60% interest in the Demattei concession. The combined size of the two concessions is in excess of 16,000 km².
The full D&M report is available on President Energy's website, www.presidentpc.com.
Peter Levine, Chairman of President Energy PLC commented:
"This first CPR from DeGolyer and MacNaughton independently validates the significant prospectivity of our Concessions in Paraguay and the material extent of the promise we have identified there.
"The next Report is expected be made in H2 2013 following results from the 3D seismic programme currently being undertaken."
Dr. Richard Hubbard, PhD Geology Stanford University, with 35 years of experience in the oil and gas sector, as President Chief Operating Officer, meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.
Contact:
President Energy PLC
John Hamilton, CEO +44 (0) 207 811 0140
Ben Wilkinson, Finance Director +44 (0) 207 811 0140
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Jefferies Hoare Govett
Simon Hardy, Max Jones +44 (0) 207 029 8316
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme, Henry Lerwill
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