9th Mar 2015 09:28
LONDON (Alliance News) - President Energy PLC on Monday said it has received the presidential decree for the first tranche of the Hernandarias concession in Paraguay and said it also has received a certificate of good standing for the Pirity concession in the country.
President said it has received the decree signed by the president of Paraguay to assign the company the first 40% of the Hernandarias concession. President can be assigned up to 80% of the concession.
The company said it still has USD15.4 million of the total USD17 million to spend to gain the 80% concession.
President also said it has received a certificate of good standing from the Vice Ministry of Mining and Energy of the Ministry of Public Works and Communication for the Pirity concession in Paraguay.
The certificate states that President, as the operator on the concession, has fulfilled all of its obligations and has complied with all filings and reporting obligations on its annual work programme.
President shares were up 1.9% to 13.25 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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