"2013 was the seismic year. 2014 will be the exploration drilling year and, if we're lucky, 2015 will be the beginning of field development production," Hubbard said in a presentation.
The first exploration well will be spud as soon as the dry season arrives, which will likely be April. Given the remote location, it makes sense to bring a rig on for a three-well program, Hubbard said. Those three spuds should be completed before the rainy season returns again.
Global Geophysical recently completed the first-ever 3D seismic survey in Paraguay - 793km2 in total - as well as 700km of 2D.
"We see five large structural closures, a couple of them over 30km2 in size," the executive said of the initial results from the survey.
Hubbard said President Energy benefits from favorable oil laws in Paraguay and unprecedented licenses. The firm farmed into the Pirity block (59% working interest) and Demattei block (60% working interest) in October 2012, which cover a combined 16,000km2.
Across the border in Argentina at the Olmedo sub-basin - an extension of the same petroleum system - 150Mboe have been produced to date. No wells have been drilled in the Paraguayan side of the system since 1986.
"It is really unusual that you can get 16,000km2 of proven oil in country which has not been touched for non-technical reasons for almost 30 years," he said.
President Energy is currently negotiating oil field services and a rig rental to carry out the first drills, although the executive did not give details on the negotiations.
Today, Paraguay has no oil or gas production.
A BNamericas Intelligence Series report on Paraguay's push for oil production is available for subscribers here