President Energy 'Encouraged' by Paraguay Seismic

South America-focused junior explorer President Energy reported Monday that it has seen "encouraging early seismic results" at its Pirity concession in Paraguay that suggests the firm will have identified several potential drilling targets by the end of the year.

After an initial encouraging view of its 3D seismic survey, President said that it has decided to acquire a further 435 miles of 2D seismic in order to detail additional follow-on potential throughout the basin. The firm said that "more than 20 potential material drilling targets" will be identified by the time 3D and 2D seismic data acquisition and processing are completed in October.

The target high-graded areas identified to date lie within the Cretaceous interval. However, President said, based on the new seismic, the basin may also contain a large Paleozoic play system not identified by the old seismic. Technical work will seek to quantify this enlarged view of basin potential over the next three months.

President added that it expects to report the results of our seismic program in Q4 2013 and preparations for drilling remain on course for the first well of a three-well program to be spud in 2Q 2014.

President Energy Chairman Peter Levine commented in a company statement:

"I am very pleased with the progress of our operations in Paraguay and our findings to date. The additional 2D seismic is a very good opportunity to obtain coverage over the whole of the oil basin, at a great saving, and will add materially to what we consider is a growing investment and value proposition."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Expertise: Geologist
Location: St. Louis, MO
Mudlogger / Wellsite Geologist
Expertise: Geologist|Mud Logging
Location: Midland, TX
Entry Level Geologist
Expertise: Geologist
Location: Blue Bell, PA
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours