4th Nov 2013 13:08
LONDON (Alliance News) - President Energy PLC Monday said it has entered into an eighteen month contract with Schlumberger, to provide project management and integrated drilling and completion services at its Paraguay drilling project.
The oil and gas exploration and development company, with operations in South America, said it has acquired further seismic studies at the site and Schlumberger will also provide well site supervision and engineering.
President Energy declined to comment on the price of the deal but said it is on course for test production from its first well at the site in the second quarter 2014.
The company also said negotiations are in an advanced stage with drilling rig contractors, with long lead items to be ordered imminently.
President energy shares were up 5.1% to 30.75 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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