||President Energy Plc, the UK-based AIM-listed company, has commissioned Envoi to identify a strategic partner for the appraisal, exploitation and upside exploration of its four Concessions, which cover an adjacent area of 34,000 km2 over the entire prospective area of the Pirity sub-basin, onshore northwest Paraguay. Key to the opportunity is the underexploited nature of the sub-basin which is an extension of the proven-producing Tarija Basin in NW Argentina/Bolivia and the Olmeda Sub-basin in Argentina, where President owns three other concessions with production from five fields. Their activities in Paraguay to date have included extensive acquisition of 1,054 km 2D and 791 km2 of 3D seismic data, and two wells, which resulted in their Lapacho discovery. Two play fairways have been defined by President’s work including: i). the Cretaceous play known to extend from the Palmar Largo trend in Argentina, which remains essentially untested in Paraguay, and ii). the Palaeozoic play, a prolific producer in Bolivia and Argentina but newly discovered by President in the Pirity Basin. President has mapped over thirty Palaeozoic prospects and leads across their Concessions, with an estimated combined ‘mean’ potential of 3 billion boe unrisked prospective resources. Their focus is on the Pirity and Hernandarias Concessions, as Don Quijote and Pilcomayo are both still in the Prospection Permit stage. The proximity to existing infrastructure in Bolivia and Argentina, where gas prices are high (US$ 6-8 mmbtu), ensures access to profitable markets.
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