President Energy has successfully farmed-in to the Hernandarias Block in Paraguay.
The deal was conditionally announced earlier this year, but it has now been officially enacted into law after successfully passing through the country’s Senate and House of Deputies.
President agreed a 40% farm-in with an option to acquire a further 40%.
Chairman Peter Levine said: “We are very pleased to have farmed-in to the Hernandarias Concession, which undoubtedly enhances the value of President’s Paraguay interests and the optionality and flexibility for their development.
“The discovery by President of a substantial, thick, live source rock in the Pirity Concession, just across the Hernandarias Concession border, is very encouraging for the potential prospectivity of this play. We look forward to working with our partner to progress exploration.”
Energy Voice previously reported the South America-focused company completed the drilling of its “proof of concept” Jacaranda well in Paraguay.
The PE-PY-J x1 – the first of a three-well programme in the Pirity Basin – encountered more than 800 metres of live Devonian source rock in oil and gas condensate window.
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