22nd Jan 2016 09:03
LONDON (Alliance News) - President Energy PLC on Friday said the resource estimates for the Pirity and Hernandarias concessions in Paraguay has been increased.
President said the new estimate forecasts the Pirity gas project holds 3 trillion cubic feet of gas, while the Hernandarias concession holds 440 millions barrels of oil.
At least 23 additional leads have been identified across the two concessions, President added.
"President is committed to its' Paraguay assets in which the value proposition remains strong and robust. We view our 2016 objective as laying the foundations for a new exploration campaign in Paraguay, subject to the prevailing macro and micro environment," said Chairman Peter Levine.
Shares in the company were up 6.7% to 6.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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