16th Jun 2014 10:25
LONDON (Alliance News) - President Energy PLC Monday said it has spudded the Jacaranda-1 well, the first deep exploration well drilled in the Chaco region in Paraguay for almost 30 years.
The oil and gas exploration and development company said the Jacaranda prospect will test the potential double play system in the North West Flank of the Pirity Concession in Paraguay.
The well is designed to drill multiple independent reservoir targets, and it is targeting total gross mean prospective resources of 624 million barrels of oil equivalent.
It said the well is expected to be drilled to a depth of 4,200 metres, and is expected to take approximately 70 days to drill.
In a separate statement Monday, President Energy said that the Lapacho prospect in the Chaco region in Paraguay is now anticipated to be a drilling location within the current three exploration well programme.
The Lapacho prospect is estimated to have gross mean unrisked prospective resources of 5.2 trillion cubic feet of gas and 157 million barrels of condensate, in total over 1 billion barrels of oil equivalent. It said 3.3 trillion cubic feet of gas is net to President Energy, with 99 million barrels of condensate.
The company said the three wells comprising the 2014 drilling programme will be drilled back to back, although it said the sequencing of wells two and three has yet to be determined.
"In light of the significance of the Lapacho prospect, the Yacare well will now fall outside the current drilling programme. Each of the three wells in the programme will be targeting independent prospects, each of very significant potential size and follow on scale," the company said.
President Energy shares were trading 0.7% higher Monday morning at 35.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PPC.L