Drilled to 4,490m since setting casing at 4,125m, the well is scheduled to be drilled to the base of the Santa Rosa formation to a depth of 4,600m to fully evaluate the target section.

A light oil/condensate discovery was made higher up the well in the Icla Formation and further drilling would continue to penetrate the main Santa Rosa target.

The Santa Rosa Formation’s upper section has now been drilled and President Energy is planning to drill a series of gas or gas/condensate sands.

South American focused oil and gas company President Energy has significant exploration and development opportunities in Paraguay and production assets in Argentina.

President intends to build a primarily South American focused oil and gas production business, targeting reserve and production growth.