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President Energy chair Peter Levine tops up shareholding

Published: 04:38 21 May 2014 EDT

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President Energy (LON:PPC) chairman Peter Levine has increased his stake in the company to 19.38%, with the purchase of 250,000 shares at a price of 30p each on May 20.

This topping up comes ahead of a hotly anticipated drill programme in Paraguay. 

Before the end of May, drilling is expected start on the group's first well in Paraguay, where the potential has been estimated in excess of 1bn barrels - which has, in turn, helped put President on the radar for small cap investors.

The programme will see three wells drilled, and it is expected to be a closely followed catalyst.

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