CDS Renews Boqueron Block Exploration
UK company CDS Oil & Gas Group's subsidiary CDS Energy has renewed gas and oil exploration in the Boqueron block in Paraguay's Chaco region, the latter country's public works and communications ministry said in a statement.
CDS will invest US$13mn over one year on the work, according to company executive Daniel Morrison, who met with minister Rogelio Benitez and mines and energy deputy minister Hector Ruiz Diaz.
Earlier this year, Morrison said CDS would renew its exploration program in Paraguay after raising capital on the LSE.
The work entails seismic sampling and the use of planes for aerogeophysical and aeromagnetometry work.
Depending on results, CDS will continue to drill the Independencia III well or drill new wells. The company in 2005-06 drilled Independencia III to 1,600m, although the goal was 3,200m.
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