PROJECT

Projects

Summary of Investment Information

Project Number

33842

Company Name

PRESIDENT ENERGY PLC

Date SPI Disclosed

Sep 27, 2013

Country

Paraguay

Region

Latin America and the Caribbean

Projected Board Date

Oct 28, 2013

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Gbl Infrastructure & Natural Resources

Industry

Metals and Mining

Previous Events

Approved : Nov 13, 2013
Signed : Dec 4, 2013
Invested : Dec 12, 2013

Sector

Oil and Gas Exploration

Project Description

The proposed investment consists of an equity investment of up to $20 million in President Energy Plc. (“President Energy” or the “Company”). IFC funds are aimed to support President’s exploration activities in Paraguay, where the company is focusing to develop two contiguous hydrocarbon blocks, Pirity and DeMattei, both currently at a pre-drilling phase.
These two blocks offer a chance to explore in an extension of a proven hydrocarbon system. The Company is currently processing 2D and 3D seismic data with a view to commencing a multi-well program in 2014. A successful commercial discovery in one of the blocks would be transformational to the Company and to the country of Paraguay, which has yet to discover hydrocarbons.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation