President Energy has spudded its latest well in Paraguay after uncovering promising reserve potential.
The South American focused energy firm has drilled its Lapacho well ahead of schedule after discovering definite potential 4,300 metres below the surface.
The company, which spudded its first Paraguayan well in June, said its second well in the area contains gross mean prospective resources of 1 tcf gas and 30 MMb condensate.
In addition to the Lapacho well, President recently completed a preliminary evaluation of the nearby Jacaranda well.
It’s thought the third prospect, located in the Devonian shale formation, contains an exploitable gas potential of up to 20 tcf with additional possible oil reserves trapped in the formation’s northern section.
Peter Levine, executive chairman of President, said: “The preliminary results of the evaluation of the Jacaranda well are very encouraging and while the priority for President remains targeting the very significant conventional prospects in its operated areas, it is clear that significant resource potential has been identified in the Devonian formation, for which flow testing is required. Whilst our current focus is on the underlying sandstone reservoirs in Lapacho, the latest analysis of Jacaranda shows much promise for the future.
“We remain very grateful to the president, government and people of Paraguay for their encouragement, cooperation and assistance as we endeavour to open up a new hydrocarbon province in Paraguay.”
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