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President discovers potential reservoir and prepares re-entry at Paraguay well

13th August 2014

President Energy, as operator, has announced that the PE-PY-J x1 (Jacaranda) well has been successfully drilled and has confirmed that the prolific Devonian petroleum system of SE Bolivia and NW Argentina extends into the Pirity Basin of Paraguay

President discovers potential reservoir and prepares re-entry at Paraguay well
Due to the positive results, Lapacho has been elected as next prospect in sequence

The Jacaranda well has proven the first live Devonian source rock to be discovered in the Pirity Basin, and significantly de-risks the remaining two wells in the drilling campaign.

A potential gas condensate reservoir has been identified below target depth and the well has been suspended for future re-entry.

“Jacaranda is an excellent result for President, being the first basin opening well in Paraguay’s recent history,” said Peter Levine, executive chairman. “Despite not having found conventional pay, this discovery has favourably impacted the potential for success at the company’s Lapacho prospect, which will now be moved up in the drilling sequence.

“The establishment of a live oil generative source rock is the key success factor for the prospectivity of President’s concessions, and we very much look forward to continued drilling success at Lapacho and Tapir.”

The first of the three well programme has encountered over 800 metres of live Devonian source rock in oil and gas condensate window.

Inflows of gas into the wellbore, with background gas of 5 per cent, trip gas of 50 per cent recorded, hydrocarbon shows C1 (methane) to C5 (pentane) indicating liquid generation.

High quality (20 per cent porosity) reservoir sands encountered above source rock, however no seal at primary target at this location.

This is the first time the Paleozoic play system has ever been proved to exist in the Pirity Basin, Paraguay.

Jacaranda results support Lapacho and Tapir prospects

Due to the positive results, Lapacho has been elected as next prospect in sequence.

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