UK-registered exploration firm President Energy has reported “excellent” results from the seismic data from its assets in the Hernandarias block in Paraguay.
Final processing by President’s independent contractor and its analysis is still ongoing, however the company said it is already clear from the data several drillable prospects exist at 2,500-3,000m depth. This is 1,000m shallower depth than the Lapacho and Jacaranda wells drilled last year.
President is carrying out analysis and peer review before announcing the full results together with prospective resource estimates.
An announcement will be made after President and its partner, Hidrocarburos Chaco, brief the relevant Paraguayan authorities next month.