President has now completed the acquisition of over 1000 km of 2D seismic in addition to the 793 km² of 3D seismic acquired earlier this year on its two very large Concessions (16,000 km²) in the Pirity Rift Basin of the Paraguayan Chaco.

The Company decided to acquire 300 km of further additional 2D seismic above the 800 km previously announced to add greater value, at a very competitive cost, to the newly identified prospective areas.

There is now only 100 km seismic left to be acquired, which will bring the total to 1100 km of 2D in the 2013 seismic season.

Early seismic processing and interpretation results are very positive and show the possibility for a significantly expanded resource potential compared to the basin estimate of 159 mmb of oil risked published in the CPR last year.

At least two major structural play fairways have now been identified and although early in the interpretation, management believes the total resource potential of greater than 500 mmb oil risked could be a realistic possibility.

President Energy chairman Peter Levine said, "Schlumberger has been involved with the project from the earliest stages of basin study and we feel their desire to tender these services in the operational phase is a significant vote of confidence for our project."

 

 

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