14 Jun 2013 07:00
14 June 2013
PRESIDENT ENERGY PLC
("President" or "the Company")
OPERATIONS UPDATE
President will be holding its Annual General Meeting of shareholders at 11 am today and provides the following update.
Paraguay
As previously announced, President is acquiring 100 km of 2D data in the Demattei Concession, and 780 km2 of 3D in the Pirity Concession.
The 2D was acquired in April and the results are very encouraging and confirm the presence of a prospective structural trend. Completion of this 2D fulfils the seismic licence commitment in the Demattei concession for the full four year licence period.
3D seismic acquisition began in May in the Jurumi prospect area of the Pirity Concession, and is now completed. The initial results are equally encouraging. Data quality is excellent and the presence of a prospective structural trend has been confirmed. Detailed prospect mapping will proceed over the next few months.
3D acquisition over the Los Naranjos prospect area of the Pirity Concession will commence this month, and is expected to be completed by early August.
We look forward to announcing the final prospect evaluation, including the selection of initial drilling locations by the end of November. An updated CPR will also be published.
Planning continues to be made with a view to commencing the drilling campaign at the end of the rainy season in Q2 2014.
Argentina
Good progress has been made on President's work over and well stimulation campaign.
Two out of the three stimulations, on wells PE7 and PE8, have been successfully completed and are awaiting clean up prior to being brought on production. The third, on well DP1001, is due within the next few days. President will announce the stabilised production rates of all three wells shortly.
Louisiana
Production remains at solid levels well above 200 boepd, and oil prices remain at over US$100 per barrel.
Dr. Richard Hubbard, PhD Geology Stanford University, with 35 years of experience in the oil and gas
sector, as President Chief Operating Officer, who 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.
For further information contact:
President Energy PLC
John Hamilton, CEO +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
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