President Energy has entered into an eighteen month contract with Schlumberger for the provision of project management and integrated drilling and completion services, including well site supervision and engineering, for its Paraguay drilling program.

President has now completed the acquisition of over 1000 km of 2D seismic in addition to the 793 km2 of 3D seismic acquired earlier this year on its two very large Concessions (16,000 km2) in the Pirity Rift Basin of the Paraguayan Chaco.

The Company decided to acquire 300 km of further additional 2D seismic above the 800 km previously announced to add greater value, at a very competitive cost, to the newly identified prospective areas. There is now only 100 km seismic left to be acquired, which will bring the total to 1100 km of 2D in the 2013 seismic season.

Tags: President Energy, Schlumberger