24th Mar 2014 11:14
LONDON (Alliance News) - President Energy PLC Monday said it has entered into a firm drilling contract with Queiroz Galvão Óleo e Gás, a major Brazilian service provider, for its 2014 drilling campaign in Paraguay.
The oil and gas company said Queiroz' Top Drive Rig is capable of drilling depths of 5000 metres to explore deeper oil and gas regions identified in a recent seismic survey of President's Paraguay site.
The company said mobilisation of the rig from Brazil will start immediately and the first well will be start drilling on the Jacaranda prospect, in the Pirity concession, by the end of May.
President Energy shares were trading up 0.4% at 35.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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