President Energy has received the decree signed by the President of Paraguay to assign to the Company the first 40%, of up to 80%, of the Hernandarias Concession. President has $15.4m remaining to spend of $17m to earn the full 80% farm-in entitlement.

As detailed in the Circular published by the Company on 4 March 2015 relating to the Company's recent fundraising, the $4m allocated towards the purchase of 600km of 2D seismic on the Hernandarias Concession as a use of funds from the placing will count towards this $15.4m.

Pirity Concession

President has also received a certificate of good standing from The Vice Ministry of Mining and Energy of The Ministry of Public Works and Communication in relation to its Pirity Concession in Paraguay, stating that as operator of the Pirity block President has fulfilled all of its obligations and has complied with all filings and reporting obligations, and the annual work program.

Tags: President Energy