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29 May 2014 07:00
29 May 2014
President Energy PLC
("President" or the "Company")
Paraguay Update
President is pleased to provide an update on the Pirity Concession and its drilling operations in Paraguay.
Pirity Concession Farm-in
President has now achieved its full Participating Interest in the Pirity Concession pursuant to its farm-in, resulting in the Company now having a 59% beneficial Participating Interest.
All three wells in the 2014 drilling programme are targeting prospects located within the Pirity Concession.
Operational Progress
The drilling rig has now arrived at the Jacaranda well site, being the location for the first exploration well of the 2014 programme.
Rigging up is in process with over 70% complete and, weather willing, it is anticipated that President will be able to announce spudding of the well within the next 14 days.
For further information contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
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
Canaccord Genuity Limited
Tim Redfern, Henry Fitzgerald-O'Connor +44 (0) 207 523 8000
Bell Pottinger
Gavin Davis, Henry Lerwill +44 (0) 207 861 3232
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