President Energy (LON:PRES) has put back the publishing date for the results of seismic work at Hernandarias in Paraguay due to its significance.
The independent contractor is still analysing the data, President said, but it added the seismic is of excellent quality and it is already clear that several drillable Paleozoic prospects, in line with the company's pre-acquisition expectations, exist at 2,500-3,000m depth.
This is some 1,000m shallower than the Lapacho and Jacaranda wells drilled last year.
“In the light of the importance of such results, management is carrying out careful analysis and peer review before announcing the full results together with Prospective Resource estimates.
“An announcement will be made forthwith after President and its partner in the Block, Hidrocarburos Chaco, first brief the relevant Regulatory Authority and Ministries in Paraguay, due to take place in October this year.”