South-America focused President Energy plans to raise about $20million (£16.1million) through a share placing.
Amerisur Resources' Jaguarete-1 well in Paraguay has demonstrated the presence of oil within the basin but are "unlikely to be commercially extractable"
President Energy successfully completed two workeovers on its assets Argentina.
President Energy has found what it believes could be more than 300 million barrels of oil in its Boqueron prospect in Paraguay.
UK-registered exploration firm President Energy has reported "excellent" results from the seismic data from its assets in the Hernandarias block in Paraguay.
President Energy has made it first oil discovery in the Lapacho well at the Pirity Concession in Paraguay. The company, which has a 65% interest in the asset, said tests will now be carried out to confirm the discovery of the conventional light oil.