- President Energy has appointed specialist global oil and gas adviser ENVOI to support the prospective farm-outs of its Paraguay interests, and has also provided an updated management estimate of prospective resources.

The company's four onshore Paraguayan concessions, in which it was interested, extended to some 34,000 sq km, and benefited from extensive 2D and 3D seismic data.

There were also two Paleozoic exploration wells drilled in 2014 that successfully identified the petroleum system with significant oil and gas shows.

"During the last two years, further detailed geological and geophysical work has been conducted which gives strong support to President's view as to prospectivity of its Licence areas," the company said.

"President's management estimates that its Paraguayan prospect and lead portfolio identified to date contains a combined mean unrisked Prospective Resources net to President of 3 Billion BOE.

"This includes 10 Tcf of gas resources and 300 MMbbls of drill-ready oil resources in the extension of the light oil play proven by existing producing fields 30-70 km away across the Argentine border."

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