President Energy PLC Paraguay Update (7396H)

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                 [phone] 
 Peel Hunt LLP (Nominated 
  Advisor & Joint Broker) 
  Richard Crichton, Ross Allister    [phone] 
 BMO Capital Markets (Joint 
  Broker) 
  Jeremy Low, Neil Haycock 
  and Tom Rider                      [phone] 
 Vigo Communications 
  Chris McMahon 
  Patrick D'Ancona                   [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 12, 2017 02:00 ET (06:00 GMT)