President Energy slumped by as much as a third on Monday following an update on testing of the Silurian Santa Rosa and Devonian Icla reservoirs in the Lapacho well in Paraguay's Chaco. A test of Santa Rosa was cut short, although management reckons that it can be commercialized, and a test of Icla recovered only gas and no oil.
UK Minister for Latin America, Hugo Swire, spoke of the growing presence of UK in Latin America and more specifically on the expanding links with Paraguay. Minister Swire said UK was determined to deepen its commercial ties with a rising Latin America and described Paraguay as a perfect trade and investment partner for UK, particularly since British oil industry has struck oil in the Chaco region.
President Energy announced on Monday it has discovered good oil-bearing zones at its Lapacho drill in the Paraguayan Chaco and confirms strong hydrocarbon pay at its Jacaranda well.
London AIM listed President Energy PLC, has spudded what it calls the first deep exploration well in the Paraguayan part of the Chaco basin in almost 30 years.