President Energy has made the first ever oil discovery in the Paraguayan Chaco. Conventional light oil / condensate discovery - expected to be commercial (subject to testing). Drilling is continuing in order to reach the original target of the Santa Rosa sands
Peter Levine, Chairman, commented, "This discovery represents a significant milestone for both President Energy and for the country of Paraguay. President has demonstrated beyond doubt that movable conventional oil does exist in the Paraguayan Chaco.
"Whilst we are most satisfied with this discovery, President is now focused on drilling down to the original target which still lies in front of us".