Paraguay Farm-Out Progresses

President Energy release

President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets focused primarily in Argentina provides an update in relation to the farm-out agreement in relation to the Pirity Concession, Paraguay. 

On 8 June 2021, it was announced that a conditional farm-out agreement had been executed and that completion of the agreement was conditional on the approval by the relevant regulatory authorities in Paraguay to the transfer of interests contemplated under the said agreements and also the prolongation of the concession terms for a defined period of time.

President confirms that this latter condition has now been satisfied and the term of the exploration concession will now expire on 12 September 2023. If a discovery is made in the meantime, application can be made to convert the relevant area into an exploitation licence.

Steps to satisfy the remaining condition continue with the objective of full satisfaction of the conditions by the end of September 2021.  

At the same time, the expiration time for Hernandarias exploration Concession has been extended to 22 November 2023.

Peter Levine, Chairman, commented

"We continue to proceed step by step. 

"Whilst the necessary regulatory approval is yet to be satisfied, we consider this is only a matter of time before approval is granted given the provenance of the proposed Farminee."