A decree to this effect has been signed by the President of Paraguay.
President has farm-in entitlement to 80% of the concession, of which 40% has now been approved. The company plans to spend more than $15m on the project.
With significant exploration and development opportunities in Paraguay and production assets in Argentina, President signed farm-in agreement for Hernandarias concession in August 2014.
Hernandarias Concessions is located in the Pirity Sub-Basin, which also includes the Pirity and Demattei concessions.
President holds a 64% stake in Pirity and a 60% interest in Demattei blocks.
In a statement, President has also said that it has obtained a certificate of good standing from The Vice Ministry of Mining and Energy in relation to its Pirity Concession.
The certificate states that as operator of the Pirity block, President has fulfilled all of its obligations and has complied with all filings and reporting obligations, and the annual work program.
This comes in the wake of a legal notice served by President’s partner in the Pirity block, Petro-Victory, last week.
Petro-Victory has alleged continuing cash demands from President in excess of the approved work program and budget.
