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Paraguay: President Energy announces completion of Pirity Concession farmout, Paraguay.

25 Nov 2021

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President Energy has announced the completion of its farm-out of the Pirity Concession, Paraguay.

President is pleased to confirm that the farm-out to CPC Corporation, Taiwan, the state-owned energy company of Taiwan as inter alia referred to in the Company announcements of 8 June and 3 September 2021, has now fully completed, on the terms referred to in the announcements, after satisfaction of all applicable conditions.

CPC and President, through their subsidiary companies, now have an equal 50/50 interest in the Pirity Concession, Paraguay with President continuing as operator under an international form of Joint Operating Agreement.

Both CPC and President look forward to the drilling of the exploration well at the Delray Complex within the Concession. The Company estimates that this complex has 230 million barrels of Pmean unrisked original oil in place. The location of the exploration well within the complex has been identified and planning has begun for the drilling of the well in H1 2022 after the end of the rainy season.

The well to be drilled is in a different part of the Concession, with completely differing sub-surface features and structure to the two wells drilled by President in 2014. Whilst all exploration drilling is prudently and necessarily weighted heavily to the downside in terms of success, Delray with its complex of prospects is the stand-out exploration location to be drilled in the Concession geologically as well as in relation to the size of the container aka the prize.

A brief presentation of the Delray prospects dated 8 June 2021 can be found within the Investor Presentation section of President's web site.

Peter Levine, Chairman of the Company commented:

'We are very pleased to have CPC as a partner in our oil business in Paraguay and look forward to working with them

'It is obvious that all exploration carries a health warning with material risks to the downside. However, the learnings from our previous wells in an entirely different structure within the Concession together with subsequent sub-surface studies at Delray points to the fact that the forthcoming exploration well and size of the prize is a compelling well to drill

'The Taiwanese authorities have acted honourably and transparently throughout our discussions which were intersected and understandably lengthened by the COVID epidemic. It is clear CPC have significant in-house expertise and that their involvement in this project has been carefully and thoroughly considered from a technical point of view. Their expertise will be mutually beneficial going forward

'Taiwan has long established links with Paraguay and is a great and valued friend of the country. We look forward to playing our part in strengthening those relations further by this newly established venture and also look forward to possibilities of expanding our relationship with CPC as opportunities may present themselves'.

Original article link

Source: President Energy

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