President Energy has procured a rig for its 2014 drilling programme in Paraguay.
The South America-focused exploration company today confirmed preparations for its Paraguay drilling campaign were on track with the first well set to be spudded in May this year.
President said a letter of intent had been entered into for a top drive rig with Brazilian contractor Queiroz Galvão Óleo e Gás. The firm said the rig would be mobilised from Brazil in February.
In November last year, the firm awarded Schlumberger an 18-month contract to oversee drilling services in its Paraguay operations.
President today said Schlumberger experts were in the country, and civil works at two well locations were advanced with drilling pads being prepared.
The firm said results of its extensive seismic programme of the area were still being analysed with the full results due later this month. Results to date suggest gross risked prospective resource potential in excess of 500million barrels of oil equivalent.
“The focus for 2014 is most certainly Paraguay and we are on track operationally,” said chairman Peter Levine.
“The retention of a leading South American drilling company complements the recruitment of Schlumberger as integrated project manager and completes what we consider to be a world class team for our 2014 drilling campaign.”
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