President Energy announce oil discovery in Paraguayan Chaco

President Energy announce oil discovery in Paraguayan Chaco

President Energy announces an update on its Lapacho well, Pirity Concession, Paraguayan Chaco (President 64% operated interest)
Highlights
Lapacho well discovery
– President has made the first ever oil discovery in the Paraguayan Chaco
– Conventional light oil / condensate discovery – expected to be commercial (subject to testing)
– Drilling is continuing in order to reach the original target of the Santa Rosa sands
Jacaranda well update
– Discovery supports the presence of liquid hydrocarbons in the deeper sandstone reservoirs in Jacaranda
– 250 meters of liquid hydrocarbon saturation now identified in the shales in Jacaranda
– Re-entry of Jacaranda now being proposed
Production
First phase production commencing during 2015 feasible subject to satisfactorytesting
Peter Levine, Chairman, commented;
“This discovery represents a significant milestone for both President Energy and for the country of Paraguay. President has demonstrated beyond doubt that movable conventional oil does exist in the Paraguayan Chaco. “Whilst we are most satisfied with this discovery, President is now focused on drilling down to the original target which still lies in front of us”.
Read Full Release @: PRESIDENT ENERGY PLC
Oil and Gas Press

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