5 Aug 2013 07:00
5th August 2013
PRESIDENT ENERGY PLC
("President Energy" or "the Company")
PARAGUAY UPDATE
Encouraging early seismic results
Additional seismic to be acquired
President Energy announces that based on the initial encouraging view of the 3D seismic survey being conducted on the Pirity Concession, the Company has decided to acquire a further 700 km of 2D seismic to detail additional follow on potential throughout the basin.
It is now likely that more than 20 potential material drilling targets will be identified by the time 3D and 2D acquisition and processing are completed in October. The target high-graded areas identified to date lie within the Cretaceous interval; however, based on the new seismic, the basin may also contain a large Paleozoic play system not identified by the old seismic. Technical work will seek to quantify this enlarged view of basin potential over the next three months.
The 700km of additional 2D will be acquired and processed by Global Geophysical at a very competitive rate due to the logistical synergies with the recently completed 3D survey. In total, the Company will have acquired 780 km2 of 3D and 800 km of 2D during the 2013 seismic season.
We expect to report the results of our seismic programme in Q4 2013 and preparations for drilling remain on course for the first well of a three well programme to be spudded in 2Q 2014.
Peter Levine, Chairman, President Energy commented:
"I am very pleased with the progress of our operations in Paraguay and our findings to date. The additional 2D seismic is a very good opportunity to obtain coverage over the whole of the oil basin, at a great saving, and will add materially to what we consider is a growing investment and value proposition."
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.
Contact:
President Energy PLCJohn Hamilton, CEO +44 (0) 207 016 7950Ben Wilkinson, Finance Director +44 (0) 207 016 7950
RBC Capital MarketsJeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Jefferies Hoare GovettSimon Hardy, Max Jones +44 (0) 207 029 8316
Pelham Bell Pottinger Mark Antelme, Henry Lerwill +44 (0) 207 861 3232