President spuds in Paraguay

Paraguay spud: President spuds well

London-listed President Energy has spudded the first deep exploration well drilled in Paraguayan Chaco in almost 30 years.

The Jacaranda-1 well has been designed to test the potential double play system in the north-west flank of the Pirity concession.

The Cretaceous and Palaeozoic reservoirs will be targeted in this well.

It will drill a number of independent reservoir targets targeting a total gross mean prospective resource of 624 million barrels of oil equivalent.

President said it expected the well to be drilled to a depth of 4200 metres, which is expected to take about 70 days.

The company recently upped its stake in the concession adding at extra 5% to its 59% interest.

The South America-focused explorer took over LCH, a local company that held a 5% interest in the concession.

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