RE:RE:RE:RE:RE:RE:RE:What's missing is one peice of news I am waiting for!Yes, and I don't think we will be waiting long to hear the next step. Too much value in in the ground. President Energy (LON:PPC) believes there is between one and five trillion cubic feet (tcf) of gas within the Lapacho discovery area in Paraguay. The company, which sank the Lapacho discovery well in 2014, has told investors that management now has enough evidence to take the view that the Santa Rosa formation can be commercialised. Santa Rosa is one of the two reservoirs encountered in the well, and is has flowed condensate and gas, the company added. Icla, Lapacho’s other reservoir, has been confirmed as an oil discovery; however, testing has not been possible in this well due to technical problems. President estimates the ‘basin-wide’ potential to be between one and four billion barrels of gross prospective oil resources. Chairman Peter Levine says he is confident that President has established the presence of a large new resource base. He adds that the company will now plan a follow drill programme to unlock the full potential of the basin. “The giant Lapacho structure has been shown by drilling and logging to contain hydrocarbon bearing formations in both the Silurian Santa Rosa and Devonian Icla Formations. “Hydrocarbon volumes could be very large and our estimate is that the overall President acreage position of 34,000 km holds 1 - 4 billion barrels oil equivalent gross Prospective Resources. “Hydrocarbon flow testing has been hampered by mechanical failures due to poor hole conditions but has confirmed the presence of mobile gas condensate in the Santa Rosa Formation.” A re-engineered, re-drilled Lapacho well will be required to access the Icla reservoir, to enable the company to establish commercial flow rates. The Santa Rosa flowed initially at a rate of 107 barrels per day, but the test was ended prematurely due to a serious mechanical failure. The company said that to follow up on the “immense resource potential” presented by Lapacho it intends to engage in discussions with industry partners with a view to unlocking the full value of the opportunity. President Energy has a 65% interest in the project. Preparations for a new seismic programme are underway, and the plan is to resume a drill programme in the summer.