President Energy is to acquire a further 2D seismic scans after encouraging results from 3D work in its Pirity Concession in Paraguay.
The South American-focused firm said it would look for a further 700km of seismic mapping with a view to identifying more than 20 potential drilling targets by October.
Global Geophysical are to provide the new 2D surveys, which will give the US-based company 780 square km of 3D and 800km of 2D surveys during the 2013 season.
“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,” said President chairman Peter Levine.
The company said it was looking to spud the first well in a three well programme by the second quarter of next year.