Project Introduction
• Opportunity for early participation in four contiguous blocks
covering 34,000 km2 and the entire prospective area of
underexplored but highly prospective Pirity Basin
• Both Palaeozoic & Cretaceous play fairways proven & ‘derisked’ by extensive G&G work including existing Palaeozoic
discovery & 50 – 100 MMboe Cretaceous ‘drill ready’ prospects
with analogue fields geologically on-trend only 30km to west
in Argentina
• Current prospect & lead mapping defines 10+Tcf gas
potential in Palaeozoic & 500+ MMbo Cretaceous resource
capable of early development due to accessible infrastructure
across the borders in Argentina & Bolivia.
Introduction: President Energy Plc, the UK-based AIMlisted company, has commissioned Envoi to identify a
strategic partner to help progress and accelerate the
appraisal, exploitation and upside exploration of its four
Concessions (comprising the Pirity & Pilcomayo Blocks
which President operate 100%, plus Hernandarias and Don
Quijote Blocks with a 40% interest and option for up to
80%). This acreage covers a contiguous area of 34,000
km2 (equivalent to 8.4 million acres or the US state of
Maryland) and significantly, encompasses the entire
prospective area of the Pirity sub-basin within northwest
Paraguay, which lies in the more regionally extensive
Chaco Basin.
Key to this exciting opportunity is the combined potential
of the Paraguayan Pirity sub-basin’s Palaeozoic and
Cretaceous plays, which are simply an under-explored,
unexploited extension of proven-producing plays in
adjacent countries including both the Tarija Basin in NW
Argentina and Bolivia, and the Olmeda Sub-basin in
Argentina. President already owns three other
concessions in the latter with production from five fields,
some 200 km to the south west in Argentina. Oil fields
with associated infrastructure are 30km from the nearest
oil prospect in the Paraguayan Pirity Concession along
with existing gas pipeline tie-in points in Argentina and
Boliva; the latter some 150-200 km to the north of
President’s gas prospects at Villamontes in Boliva. This
infrastructure, together with plans for early production
systems utilising a topping plant and a very supportive
Government all ensure that any commercial discoveries
made in President’s acreage could be rapidly
commercialised.
Both play fairways have been defined and ‘de-risked’ by
President’s comprehensive work in their Concessions to
date including interpretation of 6435 km of existing
regional 2D, of which 2098 km has been reprocessed,
together with the acquisition of 1,662 km new 2D and 781
km2 new 3D seismic surveys by President between 2012
& 2014. This was followed by successful exploration
drilling in the Palaeozoic Play on the northern flank of the
sub-basin, which resulted in the Lapacho discovery. This
encountered oil and gas in stacked and fractured (density
1-5/m) Devonian & Silurian reservoirs and in which the
subsequent flow tests were marred by very poor hole
conditions and related engineering problems so although
some hydrocarbon returns were achieved, the test failed
to properly defined a commercial deliverability of the
hydrocarbon pay encountered. The Mesozoic (Cretaceous
sand and volcanics) oil play remains undrilled on the
southern flank of the Pirity sub-basin on the Paraguayan
side of the play fairway, even though exactly the same
good quality Cretaceous sand and volcanic play is already
proven on trend to the south west by the producing
Palmar Largo complex in Argentina. This lies only 30 km
from the nearest of two major complexes of 3D defined
Cretaceous prospects mapped by President in their Pirity
Concession.
President has now mapped over thirty prospects and leads
across their combined Concessions, which have a
combined estimated ‘mean’ potential of 3 billion boe
unrisked prospective conventional resources, with large
areas on trend still with very limited to no seismic. The
Cretaceous potential mapped to date on the relatively
limited focus area for new seismic in the south west part
of the Pirity Concession includes 6 prospects and 3 leads
which have been upgraded by recent studies to include an
estimated combined prospective resource of over 500
MMbo. Significantly, President has just completed a
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geochemical remote-sensing study over proven fields in
Argentina and primary prospects in Paraguay, which
concluded a clear coincidence of anomalies over proven
fields and also the primary, newly defined structures
President has mapped resulting in an upgrade of the
primary Cretaceous prospects to appraisal risk. In addition,
many of Cretaceous leads and prospects have deeper
Palaeozoic play potential as well as unconventional
potential also recognised in the acreage, although this is
at a much earlier stage of evaluation.
The Pilcomayo Concession has recently been applied for
and is currently pending. Don Quijote is still in the
Prospection period and both areas are at an early stage of
review. The main focus has been the Pirity and
Hernandarias Concessions, which are both partly through
their 4 year Exploration Terms, where drilling programmes
are being planned to prove commercial discoveries in 2018
that will trigger 30 year Exploitation Licences with a view
to near term developments.
President is offering up to 50% interest in one or more of
its Concessions to a strategic partner willing to fund as a
minimum the next wells planned in each of the Pirity and
Hernandarias Concessions estimated likely to cost
between US$ 10 – 15 million each, plus some contribution
to President’s past costs for the exploration that ‘derisked’ the Paraguay plays.
Exploration History: Exploration in the greater regional
area of the Chaco Basin has been ongoing for over 100
years, although the majority of the earliest exploration,
and the first discoveries in the 1920s, was concentrated
within the highly structured pre-Andean foreland basins of
Bolivia and Argentina. Even though over 850 exploration
wells have been drilled to date, and resulted in over 128
fields being discovered, the area is so huge, the well
density remains very low with perhaps only be 1 well per
1,000 km2. The modest exploration success rates
achieved in the early exploration dramatically increased in
the 1990s due to the dramatic improvement in seismic
acquisition and processing. This enabled more accurate
imaging of the thrust closures in the most structured,
western side of the basin closest to the Andean Cordillera.
The Paraguayan part of the southern Chacos, which
includes the Pirity Sub-basin, has by comparison to the
foreland area, been minimally if not largely, unexplored,
with only intermittent exploration over the same period,
resulting in fewer than 50 wells, mostly in the Carandayty
and Curupayty sub-basins to the north and north east of
the Pirity Sub-basin. Only 7 wells were drilled in the 197080s in the Pirity sub-basin, most of which had modest
shows but dry-hole analysis concludes that they were not
valid structures or had no top seal. The drilling techniques
used in many of these historical wells also involved drilling
overbalanced to mitigate near-surface aquifers and local
over pressuring. This had the effect of masking shows and
plugging formations, resulting in poor, if not largely
incorrect pay and charge interpretation, and potentially
missed discoveries. This, combined with the limited
drilling, old seismic, long period of historic low oil prices
during the 1990s, and limited infrastructure and 35 years
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of the Stroessner Dictatorship (1954-89), clearly disincentivised exploration in the southern Pirity sub-basin of
Paraguay’s Chaco Basin.
President’s Concessions: President’s involvement in the
area started in 2012, when they farmed into the Pirity and
what was the Demattei Concessions. A conditional farmout agreement was also signed for Hernandarias, which
became effective upon award of the Prospection,
Exploration and Exploitation Contract. As operator,
President completed geological studies, reprocessed the
old seismic and in 2013 acquired modern infill seismic
including a 791 km2 3D survey and 1,662 km of new 2D
seismic over their licences. During 2014, President drilled
two wells (Jacaranda and Lapacho) in the Pirity Concession
targeting the Palaeozoic gas play which proved for the
first time that the Bolivian Devonian and Silurian
petroleum systems extended into NW Paraguay and the
Pirity Licence. The Lapacho-1 discovered and logged both
oil in the lower Devonian sands as well as gas in the deeper
Silurian sands. Unfortunately, severe instability of the
shales in the Silurian prevented a conclusive open-hole
test which had to be terminated prematurely due to
mechanical problems, although some influx of gas was
achieved. Poor cement isolation also prevented a valid test
of the oil charge in the Devonian sands.
The Lapacho tests also coincided with the onset of the
2014 oil price crash and as a result, President decided to
suspend the drilling campaign and successfully applied to
MOPC to place the Pirity Concession under ‘force majeure’.
During this period, President consolidated its interest in
Pirity and acquired 100% of the concession from its
partner (Petro-Victoria) whilst deciding to relinquish its
interest in Demattei Concession, in which only limited
investment had been made to that point.
By then, President had also earned a 40% interest
Hernandarias Concession having funded new seismic and
G&G studies. This also earned them the right to earn up to
80% conditional on future drilling. Part of the original
Hernandarias Prospection acreage was relinquished as
part of its progression into the Exploration Term which
commenced in November 2015. At the same time
President reapplied for the relinquished area under the
new Don Quijote Prospection Permit.
During 2016, President submitted an application to
progress the Pilcomayo Permit to a Concession into the
Exploration Term, which remains pending. A 1 year
extension to July 2018 for the Prospection period for Don
Quijote has been applied for; after which the Concession
application will follow.
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Regional Evolution & Petroleum Geology: Present
day, Paraguay is regionally dominated by two major
basins, comprising the Chaco and the Parana Basins. The
large intra-cratonic Parana Basin dominates the eastern
part of Paraguay and extends into Brazil, Argentina and
Uruguay. This is separated from the Chaco Basin to the
west by the Asuncion Anticline which follows the line of
the Paraguay River. The Chaco Basin is itself an
asymmetric foreland basin developed on the eastern side
of the Andes Cordillera which today covers most of
northwest Paraguay and extends into Argentina and
Bolivia. It can be subdivided into four sub-basins
comprising the Pilar Sub-basin to the south east, the
Carandaity Sub-basin to the northwest, Curupaity Subbasin in the northern east and the Pirity Sub-basin in the
western part of the Chaco, which is largely incorporated
within President’s acreage in Paraguay and extends south
into Argentina where it is called the Olmeda Sub-basin.
The tectonic and stratigraphic evolution which created the
region’s present-day geology, although complex, resulted
in the deposition of marine to continental sedimentary
sequences into a series of intracontinental rift basins,
which were subject to, controlled and overprinted by
several accretionary orogenic events.
Key to the newly defined hydrocarbon prospectivity of NW
Paraguay is a clear understanding of the region’s
evolution and its effect on the present plays the area
contains, albeit largely undrilled. This is the result of
President’s extensive work over the last 4 years including
all the new and reprocessed seismic and their two new
wells. The region’s evolution and prospective geology can
now briefly be summarised in three episodes:
Phase I - The Paleozoic sequence is dominated by
interbedded organic-rich marine shales and shallowmarine clastics, with some glacial influence contained in
the primary Silurian-Devonian stratigraphy which contains
the main hydrocarbon plays as proven by the many
existing producing fields in Bolivia and NW Argentina.
Organic-rich shales in both the Devonian and Silurian,
constitute the primary hydrocarbon source intervals.
These source rich shales also act as top-seals to
interbedded sandstone sequences as well as acting as
localized glide planes aiding thin-skin tectonics during
orogenic episodes. Interbedded sandstone reservoirs are
mostly present in the Emsian Devonian (Huamampampa
Formation) to Wenlockian (Upper Silurian) stratigraphies
but most of the upper Devonian has been eroded.
Secondary potential may also exist in certain
Carboniferous fluvial/deltaic and glacial formations.
Multiple sediment sources contributed to the Chaco region
during the lower Paleozoic with an extensional marine
environment responsible for the range of shallow to deep
water sediments, eroded from exposed cratonic areas that
supplied sediments from the north, east and south, while
accreting terranes supplied sediments from the west.
President’s Lapacho discovery well has provided critical
evidence of the transition from Silurian proximal to distal
facies in the west, as well as support for the new
structural modeling of the deeper Pirity Basin of Paraguay.
The well confirmed the presence of the regionally
extensive, fractured, distal deep sea fan facies of the
Devonian Icla Formation, the fractured sandstones of the
Lower Devonian Santa Rosa Formation, and deep water
turbidites of the Upper Silurian Tarabuco Formation. Thick
Ludlovian aged sands in the Silurian encountered at the
base of the Lapacho well, however, are considered
equivalent to the more proximal facies of the upper El
Carmen Formation (Sara member) which is productive in
the Boomerang area of Bolivia. This raises the possibility
of a discrete exposed highland in the region of the
Quirquincho/Hayes Arch, which could have been an
additional sediment source into the Pirity Basin.
President’s new seismic and well data show Paleozoic
sediments undergo a progression from more continental
nearshore sediments in the north, south and east, to
progressively deeper water distal environments
westwards towards the Michicola Arch at as encountered
in the Don Quijote#1 well location. Basin asymmetry is
now also very notable, with increased fault-induced
deformation and steepening near the Michicola Arch due
to Andean-related shortening. As a result, the current
position of interpreted Devonian subcrop edge is now also
likely to be located significantly eastward, at least to the
South Flank of Pirity.
Whilst not an immediate focus, the new well data also
supports the conclusions of a recent U.S. Energy
Information Administration (EIA) and Advanced Resources
International, Inc. report on international shale formations
(Ref: World Shale Gas and Shale Oil Resource Assessment
dated 17 May 2013). This quotes technically recoverable
resources for just the unstructured Palaeozoic areas of the
Paraguayan Chaco as 67 Tcf of gas and 3.2 Billion bbls of
oil.
Phase II – The Mesozoic was regionally a period of largely
continental sedimentation resulting from intense rifting
with associated magmatism. The Pirity Basin is itself a
failed arm of the rifting into which continental rift-fill was
also accompanied by shallow marine sedimentation due to
a brief inundation of the sea related to the Atlantic Basin.
The present day stratigraphy includes stacked regionally
proven play potential comprising thick syn-rift lacustrine
and fluvial deposits of the Pirgua Group, together with the
largely aeolian to incipient shallow marine facies of the
Lecho Formation, and restricted shallow marine
carbonates, sands and shales of the Yacoraite Formation.
These are interpreted in President’s acreage to include
extrusive volcanic and volcaniclastic reservoirs equivalent
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to the highly productive Palmar Largo formation at the
nearby Palmar Largo complex, immediately across the
border in Argentina, from which cumulative production to
date has been over 50 MMbo. Organic rich intervals in the
Yacoraite carbonates and the lower Puesto Guardian
shales are the region’s primary source rocks whilst the
Olmedo halite and shales provide an effective regional
seal.
The Carmen-1 well, although drilled off structure by Oxy
in 1985 in the southern part of the present day Pirity
Concession acreage, has confirmed the presence of good
quality Lecho reservoir, source rocks and top seals only
5km east from the newly revised Imperial prospect
complex in President’s acreage. These play elements are
proven by the Palmar Largo play analogue 30 km to the
west in Argentina and are also now confirmed by
President’s seismic mapping to extend east of the Imperial
prospects in President’s acreage and expected in the
follow-on Delray prospect complex 40km to the east of
the Imperial complex.
Mesozoic rift-related fold anticlines, with pervasive
deformation-related fracturing, and effective top-seals
seen in Argentina’s Puesto Guardian-Palmar Largo trend,
have already confirmed the trap integrity of the Pirity
Basin structures; and also that these Mesozoic structures
are full to spill. This is supported by a major study
conducted by Schlumberger which models the YacoriateLecho / Palmar Largo volcanics including Paraguay’s
petroleum systems, and concluded that the structures in
President’s Pirity Concession are also full to spill.
Phase III - Cenozoic deformation related to the Andean
Orogeny led to extensional faulting and uplift in NW
Argentina and Bolivia. As Andean mountain building
continued, crustal loading from the west in the Bolivian
foothills and resulted in the formation of most of the
region’s structural traps and caused most of major
structural features and associated fields of the western
Chaco Basin. The impact on the Pirity basin is noted with
the increased fault-induced deformation and steepening
near the Michicola Arch which, together with the Mesozoic
rift-related folding, produce the pervasive deformationrelated fracturing mechanisms observed in the Paleozoic
wells.
Prospectivity: President’s comprehensive technical
work now shows considerable potential in each of their
Concession from both the primary Palaeozoic gas /
condensate Play and the Cretaceous light oil Plays. The
prospectivity of each can be summarised:
Pirity Concession: The Palaeozoic play was targeted by
President’s first well, PE-PY-J x1, drilled to test the
Jacaranda prospect which TD’d at 4,500m in the lower
Devonian. The well encountered shows in the secondary
Cretaceous and Carboniferous targets which are now
thought to have been inadequately sealed. The primary
Devonian Huamampampa sands being targeted turned
out, where drilled, to be siltstones. Over 800m of Los
Monos source rock shales were encountered, however,
proving the presence of an active Devonian petroleum
system with an oil window determined down to 4,000m.
An FMI log showed the whole interval, including the
siltstones to be heavily fractured before the well was
suspended.
President’s second well, PY-PE-L x1, drilled to test the
Palaeozoic play in the Lapacho prospect, logged 24m of
fractured oil bearing lower Devonian Icla sandstones at
3,926m which were cased-off before the Silurian section
was drilled. The well encountered overpressures and
mechanical instability in the Silurian section and was TD’d
early due to the poor hole conditions at 4,543 m. Based
upon significant drilling shows and the limited logging
suite that was achieved, the well is now interpreted to
have penetrated 54 m of clean gas bearing sandstones
with individual sand beds up to 10m thick. Deeper
sandstone potential is predicted from the seismic, below
the current TD, which suggests a total Silurian sand
thickness of more than 80m would have been penetrated
if the poor hole conditions has not prevented the early TD.
Evaluation of the source rocks has also established the
presence of an active Silurian gas/condensate petroleum
system with a gas / condensate window below 4,060m.
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Due to the hole conditions, only an open hole test was
possible over the smaller penetrated interval. Age dating
palynology of these sands confirmed a progression from
Lochkovian (lower Devonian Santa Rosa), to Pridolian
(upper Silurian Tarabuco) and high quality Ludlovian sands
at the base of the well equivalent to the more proximal El
Carmen (Sara member) sands seen in the Boomerang area
of Bolvia. The interval flowed some gas condensate before
the test had to be terminated prematurely whilst still
lifting the open hole fluids due to either collapse of the
hole, or the blockages in the DST string which were
observed when the tool was retrieved to surface. A cased
hole test was carried out on the Icla sands, although only
fresh water from the overlying permeable Pirgua
sandstones was produced indicating poor cement
isolation.
The highly prospective Cretaceous play potential defined
on the southern flank of the Pirity Concession, has yet to
be drilled even though the southern extension of the play
has already been proven and is producing from fields in the
Palmar Largo trend just over the border in Argentina.
Whilst seismic coverage is still limited regionally, 2 major
complexes (Imperial and Delray) including 6 prospects
have recently been remapped in President’s concession
where covered by 3D, with a further 3 leads covered by
2D. These have an estimated total mean prospective
resource of over 500 MMbo. Of these, one of President’s
newly defined Cretaceous prospects is 30 km on strike
with the Palmar Largo field across the Argentine border. A
recent geochemical remote-sensing study has further derisked and upgraded primary prospects in these complexes
to appraisal risk.
Hernandarias Concession: The Hernandarias Concession
covers the northerly extension of the Palaeozoic play
trend, proven in 2014 by President’s Jacaranda and
Lapacho wells in the Pirity Concession further south. The
Hernandaries concession consequently has a higher
density of rotated fault blocks and associated undrilled
prospects as well as being shallower. These prospects
include at least one large ‘drill ready’ three-way dip
anticline against a major bounding fault estimated capable
of containing up to 1.5 Tcf gas resource and where the
tectonics are most likely to have fractured the Devonian
and Silurian section interpreted between 2,000 – 3,500 m.
Recent geochemical remote-sensing study in this area and
tied to producing Paleozoic fields in Argentina, has further
de-risked and upgraded these prospects.
Pilcmayo & Don Quijote Concession: These blocks are
both in process of Licence transitions including Pilcomayo
which is pending approval for conversion from a
Prospection permit to a Concession with a 4 year
exploration term. The Don Quijote remains in the
Prospection period. Both areas were applied for as
protection to extensions of the existing acreage and the
new prospectivity identified in the Hernandaries and Pirity
Concession immediately to the south.
Potential: In summary, Presidents G&G work in their two
key Concessions have confirmed stacked play potential
containing multiple leads and prospects. The 3D defined
prospects on the southern flank of the basin alone
contains Cretaceous oil prospects with a combined
estimated ‘mean’ prospective oil resource potential of 350
Million bbls recoverable. On the northern flank, just the 3
main Palaeozoic Play prospects defined by good quality 2D
seismic, contain an estimated 3 Tcf of ‘mean’ prospective
gas resources. In addition, President has identified in
excess of 23 additional Cretaceous and Palaeozoic leads
on the existing seismic in their acreage giving a total
combined estimated unrisked resource potential of 3
billion boe.
Commercial: Paraguay currently has no domestic
production, so all of its 35,000 bopd hydrocarbon product
requirements are currently imported. The currently
mothballed 7,500 bpd Villa Elisa refinery near the capital,
Asuncion, could however, be restarted if a suitably large
new in-country source of oil was discovered when it would
be contractually obliged to purchase oil at Brent price.
The value of oil in Paraguay is further enhanced by the
very favourable tax / royalty fiscal regime which enables
even modestly sized discoveries to be commercialised and
very good returns from even medium sized fields
compared to many other surrounding countries which
have mature oil and gas industries.
Scoping economics indicate that even at current
commodity prices, discovery of a small few million barrel
discovery in the Cretaceous play in President’s Pirity
Concession would be commercial for an early production
system based immediately on either barging oil down
river to Argentine refineries or processing it through
existing Argentine facilities some 30 km away across the
border. Various options exist for gas which could be
exported via pipeline as well as developing local markets
such as gas-to-power and LPG projects.
Discovery of a 50 MMboe resource as defined in the ‘ready
to drill’ 3D defined Cretaceous prospect in President’s
Pirity Concession mapped close to the Argentinian border
is estimated capable of generating an NPV10 of US$ 500
million involving initial development of 5,000 -10,000
bopd with a topping plant serving local markets, followed
by a pipeline to the refinery plus accessing export markets
from Asuncion.
Work Programme & Obligations: Paraguay Licences
are traditionally awarded for an initial 1 year Prospection
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Permit, extendable by a year. Conversion to a Concession
with a 4 year Exploration term involving 1 well is then
allowed with certain extensions possible. A Concession
can be progressed from Exploration to Exploitation with a
single commercial discovery. The Exploitation period is
then for 20 years with a 10 year extension, during which
the remaining exploration of the whole Concession area
must be completed and un-explored areas relinquished.
The status of Presidents Concessions can be summarised:
Pirity Concession (Law 3479/2008) 100% interest. The
Current Exploration term is presently under suspension
under Resolution N14/2016 and unless extended will
require a well to be spudded by March 2018. The current
Exploration period can be extended for up to 2 years to
2020 in order to appraise a discovery including further
testing/appraisal of a discovery (e.g. Lapacho) if required
to confirm commerciality. Additional extensions are
possible, but would require commitment to an additional
exploration well.
Hernandarius Concession (Law 5259/2014) 40% interest
but right to earn 80% with drilling of a well planned for
2018. Currently in the Exploration term until November
2019 by when the demonstration of a commercial
discovery would trigger the Exploitation Period.
Don Quijote Concession: 40% with right to earn 80%.
Currently pending approval to extend the initial 1 year’s
Prospection term to July 2018 with a minimum
commitment of US$ 350,000
Pilcomayo Concession: 100% interest in Exploration
Concession with application made (resolution N
1967/2015) for conversion to a Concession with a
minimum US$ 910,000 prospection work commitment.
Planned Programme: In Pirity, President’s programme is
focussed on bringing hydrocarbons to surface to secure
the Pirity concession for the next 30 years. A low risk
Palmar Largo trend step-out oil well and a side-track and
proper flow test of their Lapacho discovery have been
planned. Sites have been built, long lead items are in
storage and a rig is available in Paraguay. Spud of the
Cretaceous oil well by March 2018 is preferred, but a
commitment within a 2 year period to re-test Lapacho and
drill a Cretaceous oil well will satisfy the primary
exploration objective. Estimated costs of drilling the
Cretaceous target and a side-track and flow test of the
Palaeozoic range from US$ 10 – 15 million per well.
Opportunity: President has independently funded the
majority of its US$ 100 million exploration programmes in
their Paraguay acreage since 2012 which has materially
de-risked both the Palaeozoic and Cretaceous plays and
resulted in the Lapacho discovery. They are now seeking
a strategic partner(s) interested in earning up to a 50 % in
one or more of their Concessions and joining them to
progress and accelerate the exploitation and upside
exploration of this their highly prospective acreage, by
initially funding the planned forward appraisal and
exploration drilling programme in the Pirity Concession.
Participation in the Hernandarias Concession is also on
offer by contribution to the planned forward exploration
programme including drilling the next well. These are
estimated likely to cost between US$ 10 – 15 million each
depending upon the target.
Any deal done on the Pirity Concession will have to include
provision for the 5% GOR and a 3% Net Profits Interest due
to former owners of the Pirity Concession agreed by
President when they originally acquired their interest in
the Concession.
Further Information: Access to the key data on this
opportunity can be made available after execution of a
Confidentiality Agreement (CA). Serious parties will be
invited to President’s office in Paraguay, Argentina or
London, UK, for detailed project reviews and discussions.
All expressions of interest and requests for information
should be made through Envoi:
Contact: Mike Lakin
Envoi Limited
Old Stables House,
1d Manor Road,
London, W13 0LH, UK
T: +44 (0)20 8566 1310
E: [email protected]
I: www.envoi.co.uk
Disclaimer: The information in this memorandum is for guidance only. Neither Envoi
Limited (Envoi), or its client(s) (Client) nor any director, officer or employee of Envoi or
its Client(s) accepts responsibility for, or makes any representation or warranty,
express or implied, with respect to the accuracy or completeness of the information,
estimates and opinions contained in this document. This document does not
constitute an offer, and neither this document nor the information, estimates and
opinions contained in it shall form the basis of any contract. Companies wishing to
acquire an interest in the project will be expected to make their own review of all
documents
and
form
their
own
judgments
entirely.
© Envoi Limited 2017
In Hernandarias, President is also planning to drill the
Boqueron prospect in 2018. A well could be drilled based
on the existing 2D data for around US$ 10 million.
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