1st Oct 2014 09:44
LONDON (Alliance News) - President Energy PLC Wednesday said it has completed the first phase of drilling its Lapacho well in Paraguay, with its target depth expected to be reached in November.
The well is targeting 1 trillion cubic feet of gas and 30 million barrels of condensate. President began drilling the well on September 2, with the intention of reaching the target depth within 70 days. The company says the project is on schedule.
President has drilled to a depth of 3,200 metres, approximately 1,100 metres above the target resevoir.
"The company does not expect to intercept the target reservoir until towards the end of the drilling timetable," it said in a statement.
President shares were up 1.2% to 17.07 pence per share Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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