President will be holding its Annual General Meeting of shareholders at 11 am today and provides the following update.

Paraguay

As previously announced, President is acquiring 100 km of 2D data in the Demattei Concession, and 780 km2 of 3D in the Pirity Concession.

The 2D was acquired in April and the results are very encouraging and confirm the presence of a prospective structural trend. Completion of this 2D fulfils the seismic licence commitment in the Demattei concession for the full four year licence period.

3D seismic acquisition began in May in the Jurumi prospect area of the Pirity Concession, and is now completed. The initial results are equally encouraging. Data quality is excellent and the presence of a prospective structural trend has been confirmed. Detailed prospect mapping will proceed over the next few months.

3D acquisition over the Los Naranjos prospect area of the Pirity Concession will commence this month, and is expected to be completed by early August.

Tags: President Energy