29th May 2014 10:19
LONDON (Alliance News) - President Energy PLC Thursday said it now has a 59% participating interest in the Pirity concession in Paraguay after it completed a farm-in deal, and all three wells in the 2014 drilling programme are targeting prospects in the concession.
In a statement, the company said the drilling rig has now arrived at the Jacaranda well site, the first exploration well to be drilled in the 2014 programme. It is hoping to start the well within the next fortnight, weather permitting.
President Energy shares were trading up 5.5% at 33,767 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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