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President positive about Lapacho well discovery onshore Paraguay

17th November 2014

President Energy believes that its Lapacho well discovery in the Chaco Region of Paraguay may be larger than originally thought

President positive about Lapacho well discovery onshore Paraguay
President will endeavour to drill to the base of the Santa Rosa Formation to a depth of 4,600-metres to fully evaluate the target section

President has now drilled the upper section of the Santa Rosa Formation and considers it is drilling a series of gas or gas/condensate sands.

The well has been drilled to 4,490 metres since setting casing at 4,125 metres, and President has previously announced that a light oil/condensate discovery had been made higher up the well in the Icla Formation and that drilling would continue to penetrate the main Santa Rosa target.

Whilst at this stage it is too soon to state a discovery has been made before a full evaluation is done, there is evidence which gives President encouragement in this regard including constant background gas ranging from 3 per cent to over 12 per cent in the circulated drilling mud to surface throughout the drilling of the hole, an operation which is currently continuing.

Accordingly, President will endeavour to drill to the base of the Santa Rosa Formation to a depth of 4,600-metres to fully evaluate the target section.

Due to the extended drilling period a further progress announcement will be made towards early December.

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