President Energy PLC Paraguay Update (8740Y)
14 September 2015 - 8:00AM
UK Regulatory
TIDMPPC
RNS Number : 8740Y
President Energy PLC
14 September 2015
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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