President Energy Spuds 1st Well In Paraguay
President announced the spudding of the Jacaranda 1 well, the first deep exploration well drilled in Paraguayan Chaco for almost 30 years.
The Jacaranda prospect will test the potential double play system (Cretaceous and Palaeozoic) in the North West Flank of the Pirity Concession, Paraguay. The well is designed to drill multiple independent reservoir targets. Total gross mean prospective resources of 624 mmboe are being targeted. The well is anticipated to be drilled to a depth of 4200 metres (true vertical depth) and is expected to take approximately 70 days to drill.
A further update will be given after reaching the targeted depth.
Dr. Richard Hubbard, PhD Geology Stanford University, with over 35 years of experience in the oil and gas sector, as President Chief Operating Officer, who meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.
