14 Sep 2015 07:00
14 September 2015
PRESIDENT ENERGY PLC
("President" or "the Company")
Update on new Seismic
Hernandarias Block, Chaco Region, Paraguay
On 13 July it was announced that seismic data acquisition had been completed on time and on budget on the Hernandarias Block and that final analysis of the results of processing would be announced approximately two months thereafter.
Whilst final processing by President's independent contractor and its analysis is still ongoing, the seismic is of excellent quality and it is already clear from the data that several drillable Paleozoic prospects, in line with the Company's pre-acquisition expectations, exist at 2,500-3,000m depth being some 1,000m shallower depth than the Lapacho and Jacaranda wells drilled last year.
In the light of the importance of such results, management is carrying out careful analysis and peer review before announcing the full results together with Prospective Resource estimates. An announcement will be made forthwith after President and its partner in the Block, Hidrocarburos Chaco, first brief the relevant Regulatory Authority and Ministries in Paraguay, due to take place in October this year.
Miles Biggins, Bsc Joint Honours University College London, with 25 years of experience in the oil and gas sector, is a Petroleum Engineer and member of the Society of Petroleum Engineers 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.
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Miles Biggins, COO +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
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor +44 (0) 207 523 8000
Bell Pottinger
Gavin Davis, Henry Lerwill +44 (0) 203 772 2500