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President Energy chairman says Paraguay block will be ‘major thrust of our work’

Last updated: 21:47 04 Mar 2015 AEDT, First published: 22:47 04 Mar 2015 AEDT

Peter Levine, chairman of President Energy (LON:PPC), says the company will be dedicating most of its time in the first half of 2015 to the Hernandarias concession in Paraguay following news of a placing to raise £9.1mln.

Levine, who also took part in the fundraise, explains what the cash will be used for and discusses the claims by Canadian partner Petro-Victory Energy that it has been granted injunctions relating to its other block in Paraguay, Pirity.

President today said the funds are earmarked for a seismic exploration programme across Hernandarias, where the company intends to high-grade potential drilling targets ahead of a farm-out process, as well as for work in Argentina and for working capital.

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