Edison Investment Research - President Energy (PPC) Update: Lapacho adds to Jacaranda drilling

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Edison Investment Research

Update: Lapacho adds to Jacaranda drilling

President Energy (PPC) announced the spudding of the historic Jacaranda well on 16 June. Jacaranda is the first well to be drilled in Paraguay in many years and is the first in a three-well programme that has the potential to de-risk over 1bnboe of gross unrisked resources across three petroleum systems. We expect results of Jacaranda in late August (after a 70-day drill), which is targeting gross best estimate unrisked prospective resources of 481mmboe across three intervals. This well will be followed by Tapir (178mmboe) and the newly announced, potentially giant, Lapacho (837mmboe). As detailed in previous notes, the Paraguayan wells have the potential to be game changing for PPC. We have included Lapacho in our well portfolio and update our RENAV to be 101p/share, implying notable upside to the current share price.

24/07/2014 8 EN

Underlying

President Energy

President Energy is an independent, international oil and gas exploration and production company focused on South America. Co. is focused on oil and gas exploration, development and production and the sale of hydrocarbons and related activities. Co. has oil and gas production in two geographical markets: the U.S. and Argentina. Co. has exploration assets in Paraguay, Argentina, and the U.S. As at Dec 31 2016, Co.'s total proved and probable net reserves were 20.27 billion barrels of oil equivalent.

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GB00B3DDP128 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Lapacho adds to Jacaranda drilling

President Energy - Maximising value from conventional assets

Exploration watch: 2019 exploration wells

President Energy - Argentina â€“ material growth continues

Greggs - More challenging environment in H224

BlackRock Greater Europe Investment Trust - Positive prospects for high-quality portfolio

Team Internet Group - Two potential bids at 125p

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