President Energy encouraged by Paraguayan results

14th Jun 2013 08:37

Oil and gas explorer President Energy has encountered 'very encouraging' survey results from one Paraguayan project as imminent production was confirmed at new wells in Argentina. Production was confirmed as remaining "solid" at the company's Louisiana wells in the US, well above 200 barrels of oil equivalent per day with selling oil prices that remained at over $100 per barrel.AIM-listed President said it plans to begin a drilling campaign at at the Pirity Concession in Paraguay end of the rainy season in the second quarter of 2014 after encouraging seismic testing. The company has previously called Paraguay the "jewel in the crown of our portfolio".2D data from neighbouring Demattei produced "very encouraging" results that confirmed the presence of a prospective structural trend. President said stabilised production rates were set to come from new Argentinian wells shortly.Shares in President were up 5.3% to 19.75p at 08:50 on Friday.OH