StockMarketWire.com - Oil company President Energy said it had agreed to sell a 50% stake in its Pirity prospect in Paraguay to a 'a substantial Northern Hemisphere state-owned energy company'.

The buyer had agreed to pay 60% of the costs of an exploration well currently scheduled to commence during the first half of 2022.

The buyer also would pay President $4m 'in consideration of the company agreeing to enter into its performance obligations under the agreement', President said.

The exploration well would target the Delray complex of prospects, estimated by President to contain in aggregate over 260 million barrels of oil.

Costs of the well were estimated at between $10 million and $15 million with an estimated chance of success of 30%.

President would continue as the operator of Pirity.


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