President Energy entered into an eighteen-month contract with Schlumberger for project management and integrated drilling and completion services, including well site supervision and engineering, for its Paraguay drilling program.
Peter Levine, Chairman, President Energy commented: “We are very pleased to have reached this agreement with Schlumberger. Schlumberger has been involved with the project from the earliest stages of basin study and we feel their desire to tender these services in the operational phase is a significant vote of confidence for our project.
This contract marks an acceleration in activity as we remain on course for the spudding of our first well in Q2 2014. Negotiations are also in an advanced stage with drilling rig contractors, with long lead items to be ordered imminently.
With the World Bank (IFC) announcement and now Schlumberger coming on board, alongside our own experienced and expanded management, we are building a strong team ahead of our material drilling campaign next year.”