President is pleased to provide an update on the Pirity Concession and its drilling operations in Paraguay.
Pirity Concession Farm-in
President has now achieved its full Participating Interest in the Pirity Concession pursuant to its farm-in, resulting in the Company now having a 59% beneficial Participating Interest. All three wells in the 2014 drilling programme are targeting prospects located within the Pirity Concession.
Operational Progress
The drilling rig has now arrived at the Jacaranda well site, being the location for the first exploration well of the 2014 programme. Rigging up is in process with over 70% complete and, weather willing, it is anticipated that President will be able to announce spudding of the well within the next 14 days.
