Source - SMW
Argentina-focused oil company President Energy said it had entered into a drilling contract for two new wells scheduled to commence later this year.

The company said it had also ordered long lead items for the well and was currently preparing the site locations.

'The programme remains on budget and on schedule to commence drilling the first well before the end of September,' President Energy said.

'This will be one of the first conventional wells to be drilled in Argentina since the start of the pandemic.'

A separate workover programme, comprising six wells, had now commenced, the company said.

President also announced that discussions had recommend with a 'national oil company' regarding the potential sale of a stake in President's Pirity asset in Paraguay.

'There is of course no guarantee that such discussions will result in mutually agreeable definitive agreements being signed,' it said.

'But, in the event they do so proceed positively, it is currently anticipated that definitive agreements would be concluded before the end of this current year with commencement of drilling during 2021.'

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