President Energy spuds Jacaranda well in Paraguay

6/16/2014

President Energy spuds Jacaranda well in Paraguay

LONDON, United Kingdom -- President Energy  the spuds the Jacaranda 1 well, the first deep exploration well drilled in Paraguayan Chaco for almost 30 years.

The Jacaranda prospect will test the potential double play system (Cretaceous and Palaeozoic) in the North West Flank of the Pirity Concession, Paraguay. The well is designed to drill multiple independent reservoir targets. Total gross mean prospective resources of 624 mmboe are being targeted. The well is anticipated to be drilled to a depth of 4200 m and is expected to take approximately 70 days to drill.

A further update will be given after reaching the targeted depth.

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