14th Sep 2015 08:45
LONDON (Alliance News) - President Energy PLC on Monday said early indications from the seismic survey work being carried out on the Hernandarias oil and gas project in Paraguay have been encouraging.
President said that while final processing of the information is ongoing, the seismic data for the site is "of excellent quality" and the company said it is already clear that several drillable Paleozoic prospects exist within the project area.
The company is carrying out a careful analysis of the data and will make an announcement on the full results in due course.
Shares in President were up 4.6% to 9.68 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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