President Energy PLC Paraguay Update (7396H)
12 June 2017 - 4:00PM
UK Regulatory
TIDMPPC
RNS Number : 7396H
President Energy PLC
12 June 2017
12 June 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Appointment of Advisors for Paraguay Farm-outs
Management Estimate of Paraguay Resources
President Energy (AIM: PPC), the upstream oil and gas company is
pleased to announce that it has appointed the specialist global oil
and gas adviser ENVOI to support the prospective farm-outs of its
Paraguay interests together with an updated management estimate of
Prospective Resources.
The Company's four onshore Paraguayan Concessions in which it is
interested extend to some 34,000 km(2) , and benefit from extensive
2D and 3D seismic data acquired by President as well as the two
Paleozoic exploration wells drilled in 2014, which successfully
identified the petroleum system with significant oil and gas
shows.
During the last 2 years, further detailed geological and
geophysical work has been conducted which gives strong support to
President's view as to prospectivity of its Licence areas.
President's management estimates that its Paraguayan prospect
and lead portfolio identified to date contains a combined mean
unrisked Prospective Resources net to President of 3 Billion BOE.
This includes 10 Tcf of gas resources and 300 MMbbls of drill-ready
oil resources in the extension of the light oil play proven by
existing producing fields 30-70 km away across the Argentine
border.
Further details of ENVOI and President's assets can be found at:
http://envoi.co.uk/projects/active-projects/americas/paraguay/
Peter Levine, Chairman and Chief Executive commented:
"With significantly increased investment interest in South
America energy, particularly gas and with the significant onshore
prospective resources of President's interests in Paraguay, we take
the view that it is the right time to take a pro-active approach to
developing the significant Prospective Resources of the Company in
that Country.
"This is particularly so due to the investment in wells, seismic
and other technical work already made and carried out by President
providing drill ready prospects and with our experienced management
teams across the border at our Puesto Guardian Concession in
Argentina".
Glossary of Terms
Tcf: Trillion cubic feet of gas
MMbbls: Million barrels of oil
Note
Miles Biggins, BSc Joint Honours University College London, with
25 years of experience in the oil and gas sector, is a Petroleum
Engineer and member of the Society of Petroleum Engineers who meets
the criteria of qualified persons under the AIM guidance note for
mining and oil and gas companies, has reviewed and approved the
technical information contained in this announcement.
This announcement is inside information for the purposes of
article 7 of Regulation 596/2014
Contact:
President Energy PLC
Peter Levine, Chairman
Miles Biggins, COO +44 (0) 207 016 7950
Peel Hunt LLP (Nominated
Advisor & Joint Broker)
Richard Crichton, Ross Allister +44 (0) 207 418 8900
BMO Capital Markets (Joint
Broker)
Jeremy Low, Neil Haycock
and Tom Rider +44 (0) 207 236 1010
Vigo Communications
Chris McMahon
Patrick D'Ancona +44 (0) 207 830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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