Oil and gas company President Energy marked the inauguration of its exploration programme in Paraguay's Pirity Basin with a ceremony attended by the President of Paraguay and members of the cabinet on Tuesday.
The company presented its forthcoming 3D seismic programme, prior to commencement of the drilling programme in 2014.
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Paraguay is currently completely dependent on foreign imports and the project aims to develop the national hydrocarbon industry and help Paraguay achieve hydrocarbon independence.
Peter Levine, Chairman of President Energy commented: " The commencement of our work programme on the Pirity Basin is not only of huge significance for President Energy, but also for the Paraguayan Chaco region, and the country as a whole. We look forward to continuing to work closely with our host nation and to playing our part in Paraguay's quest for energy independence."
President Energy's share price rose 2% to 25.5p at 12.16 GMT on Wednesday.
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