President Energy provides an update on its operations in Louisiana, Paraguay and Argentina.

Louisiana

Well A-54 at President's East White Lake Field (President 21.75% net revenue interest) has been drilled to a depth of 9400 feet. Logs have successfully identified approximately 30 feet of net oil bearing pay.

The well has now been cased and lined ready for completion. Production is estimated to commence in approximately four weeks, following the completion using a work-over rig which is currently in the process of being mobilised. Flow rates will be announced once the well is completed.

Paraguay

Progress remains on track in Paraguay with over 450kms of line clearing already completed.

It is anticipated that the shooting of the 780 sq kms of 3D and 100 kilometers of 2D seismic will commence around the end of March and be completed in June, as previously announced. Initial results after processing and interpretation will be available in the first part of Q4.

Tags: President Energy