South-America focused President Energy says its 2014 drilling programme will open up a “significant new hydrocarbon province” in Paraguay.
The firm today released results of an independent audit of its three 2014 drilling target prospect areas in the country’s Pirity Rift Basin – Jacaranda, Tapir and Yacare.
The audit was carried out by consultancy firm RPS based on results of President’s 2013 3D and 2D seismic campaign.
According to the audit, the three prospects have unrisked resources of up to 1.09billion barrels of oil equivalent, which equates to a net of around 647million barrels to President.
The first well in the drilling campaign is set to be spud during May.
“The outcome of the independent audit by RPS is very positive and in addition to demonstrating the potential for a material prize from the 2014 drilling campaign commencing in May, it has the benefit of indicating the opportunity for us to open up a significant new hydrocarbon province in north-western Paraguay,” said chairman Peter Levine.