12 May 2015 07:01
12 May 2015
PRESIDENT ENERGY PLC
("President" or "the Company")
PARAGUAY UPDATE
PIRITY CONCESSION
President is pleased to provide the following update on its Pirity concession in Paraguay.
Pirity Concession (Operated 64% working interest)
President confirms that the dispute with Petro Victory Energy Corp and its group (the "PV Group") has now been amicably resolved and a joint statement from both President and the PV Group has today been issued. A copy of the statement is attached as an appendix below.
Peter Levine, Chairman, commented:
"We are pleased that the dispute with our partners in Paraguay has been amicably resolved. Our work continues to unlock the value potential of Paraguay."
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
Appendix:
JOINT STATEMENT FROM PRESIDENT ENERGY PLC
AND PETRO-VICTORY ENERGY CORP
PIRITY CONCESSION PARAGUAY
President Energy PLC and Petro-Victory Energy Corp. for themselves and their subsidiary and associated companies (respectively the "PE Group" and the "PV Group") are pleased to jointly announce the following;
1. That the parties have achieved an amicable resolution of all issues between themselves in relation to the Pirity Concession, Paraguay and all claims and actions have been discontinued and withdrawn.
2. The parties are pleased to put the recent events behind them and move forward constructively together led by PE Group as Operator of the Concession in what they hope will be a stronger and closer relationship.
PRESIDENT ENERGY PLC
PETRO-VICTORY ENERGY CORP
12 May 2015