Ministry to approve CDS exploratory drilling extension request

Monday, May 11, 2009

Paraguay's public works ministry plans to approve a request submitted by CDS Oil & Gas Group (AIM: CDS) to extend the timetable for the company's exploratory drilling program, the ministry's hydrocarbons director Emilio Buongermini told BNamericas.

The drilling aims to confirm information in reports released last week by CDS on blocks Gabino Mendoza and Boquerón, Buongermini said.

The company announced the prospective unrisked summed hydrocarbon resource estimates for the prospects include 243Mb of oil and 161Bf3 (4.56Bm3) of non-associated gas.

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The extension would authorize CDS to complete three wells by June 2010 rather than by November this year, said the official, adding the request is due to be approved "shortly."

CDS Energy, a 98%-owned subsidiary of CDS Oil & Gas Group, holds prospecting permits or concessions in three blocks covering 1.33Mha in Paraguay's Chaco basin.