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President Energy appoints contractor for Paraguay drilling

Last updated: 03:48 24 Mar 2014 EDT, First published: 04:48 24 Mar 2014 EDT

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President Energy (LON:PPC) has appointed Queiroz Galvão Óleo e Gás, one of the largest drilling contractors and production services providers in Brazil, for its 2014 drilling campaign in Paraguay. 

The Top Drive Rig contracted is capable of drilling down to depths of 5,000 metres to explore the deeper Paleozoic play identified in President's seismic survey. 

Mobilisation will commence imminently with the he first well will be drilled on the Jacaranda prospect, on the northwest flank of the Pirity Concession.

The well is scheduled to spud by the end of May 2014.

An independent report estimated the three target prospects at Pirity - Jacaranda, Tapir, Yacare – contain 871mln barrels of oil equivalent, or 514mln net to President.

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