President Energy Appoints Advisors for Paraguay Farm-outs

Source: www.gulfoilandgas.com 6/12/2017, Location: Not categorized

President Energy (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 km2, 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.

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”.


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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