President has entered into a firm-drilling contract with Queiroz Galvao Oleo e Gas, one of the largest drilling contractors and production services providers in Brazil, for its 2014 drilling campaign in Paraguay.
The Top Drive Rig contracted is capable of drilling down to depths of 5000 metres to explore the deeper Paleozoic play identified in President's seismic survey. Mobilisation from Brazil will commence imminently. The first well will be drilled on the Jacaranda prospect, on the northwest flank of the Pirity Concession, and will target multiple horizons. The well is scheduled to spud by the end of May 2014.
Miles Biggins, Bsc Joint Honours University College London, with 22 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.
