5 Dec 2012 07:00
5 December, 2012
PRESIDENT ENERGY PLC
("President" or "the Company")
Inauguration of Exploration Programme in Paraguay
President is pleased to announce that the company yesterday marked the inauguration of its exploration programme in Paraguay's Pirity Basin with a ceremony attended by the President of Paraguay, Dr. Federico Franco, the Vice President, members of the Cabinet and representatives of other national and regional authorities. The event was held in the town of Neuland in the Department of Boquerón, Paraguayan Chaco.A presentation was made by Peter Levine, Chairman; Richard Hubbard, Chief Operating Officer; Richard Gonzalez, Country President; and Richard Dagner, Chairman of Global Geophysical Services.The presentation highlighted the forthcoming 3D seismic programme, prior to commencement of the drilling programme in 2014.As part of the inauguration event, the President also inspected the first three newly arrived Vibrosies seismic trucks. These will form part of the fleet of ten which will be mobilised as part of the seismic programme. In anticipation of the seismic programme, line clearing work continues with 140km having already been completed.
Paraguay is currently completely dependent on foreign imports and this project aims to develop the national hydrocarbon industry and help achieve hydrocarbon independence.
Peter Levine, Chairman of President Energy said:
"We are extremely honoured to have the President of Paraguay, Dr. Federico Franco, and so many distinguished guests help us mark this important milestone. The commencement of our work programme on the Pirity Basin is not only of huge significance for President Energy, but also for the Paraguayan Chaco region, and the country as a whole. We look forward to continuing to work closely with our host nation and to playing our part in Paraguay's quest for energy independence."
Photographs of the event can be viewed at www.presidentpc.com
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