President is pleased to provide an Operational Update on its Paraguay and Argentina Assets.
•Commencement of a multi aspect work programme on the Puesto Guardian Concession to release significant upside
•Work programme to include a combination of up to 10 well work-overs and some 17 new wells
•Farm-out process commencing in March on the large deep Palaeozoic Gas Prospect at the Martinez Del Tineo field in the Puesto Guardian Concession which has independently assessed unrisked recoverable Best Estimate Prospective Resources of 570 Bcf of gas and 14.5 MMbbls of condensate with an NPV10 value of US$1.03 billion calculated at historically lower prices
•President will continue the exploration programme on the very prospective Hernandarias Concession with a 600km 2D seismic acquisition currently targeted to commence in the Spring
•The Hernandarias seismic survey will focus on three significant leads identified by previous surveys and the information gained from the Jacaranda and Lapacho wells
•Though no formal process has begun, President has received encouraging levels of interest in its Paraguay assets from major industry players following discovery of contingent resources at Lapacho and significantly de-risked neighbouring prospects