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."
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