18 Apr 2013 07:00
18 April 2013
PRESIDENT ENERGY PLC
("President" or "the Company")
PARAGUAY UPDATE
Commencement of Seismic Programme
President is pleased to announce that seismic acquisition has commenced at its Concessions in the Chaco region of Paraguay.
Approximately 780 sq kms of 3D seismic and 100 kms of 2D seismic will be acquired over high-graded areas of the Pirity and Demattei Concessions respectively. Approximately two hundred people are being deployed in the seismic operations by President's seismic partner, Global Geophysical Inc. of Houston, Texas. Global will provide a full suite of data acquisition, data processing, interpretation and reservoir risk reduction tools, as well as passive microseismic monitoring using their proprietary Tomographic Fracture Imaging technology.
This is the first 3D survey to be shot in Paraguay and the first comprehensive and concentrated modern seismic survey to be undertaken in the prospective Pirity Basin of the Paraguayan Chaco. In line with original timetable, the seismic survey will be completed by the end of August with initial results being available during the latter part of Q4 2013.
Now that the operational phase of seismic acquisition has begun, President's next focus is to plan the drilling phase for the initial three exploration wells in 2014, a programme which will follow review of the seismic results and the high grading of drilling locations.
Peter Levine, Chairman, President Energy commented:
"We have now commenced material activity in a programme which is of national importance and priority to Paraguay, which currently imports all its oil requirements.
We look forward to the successful completion of the seismic survey, a first of its kind for the country, and look forward to results later in the year."
Dr. Richard Hubbard, PhD Geology Stanford University, with 39 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.
Contact:
President Energy PLC
John Hamilton, CEO 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
Mark Antelme, Henry Lerwill +44 (0) 207 861 3232