Paraguay’s capital, Asuncion
President poised to drill in Paraguay
The independent is set to sink its first exploration well at the Pirity concession this year
AIM-listed producer President Energy plans to spud its first exploration well at the Pirity concession in Paraguay this year. The company brought in Taiwanese state oil company CPC as a partner in the project last year last year, completing the farm-out process in November. President operates Pirity with a 50pc stake, while CPC holds the remaining 50pc. “We are due to commence drilling of the first exploration well later this year,” says President chairman Peter Levine. Drilling will take place at the Delray complex, part of the wider Pirity concession, where the AIM-listed firm estimates there could be 230mn bl of unrisked oil in place. President has previously said it plans to drill after
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