President Energy surges after partnership deal for Paraguay project President Energy (LON:PPC) has seen its shares surge after unveiling an agreement for its its Pirity concession in Paraguay. The South America-focused company said that after 20 months of negotiations during the pandemic, it has signed a deal for a "substantial" Northern Hemisphere state-owned energy and petrochemicals company to take a 50% participating interest in the concession. The state-owned business - whose name is not revealed at the moment - will pay 60% of the costs of an exploration well currently scheduled to commence during the second half of 2022 and will also pay President US$4mln for agreeing certain performance obligations. The costs of the exploration well are put at US$10-15mln with an estimated chance of success of 30%. Chairman Peter Levine said: "With the recent robust oil prices and demand increases, the timing is perfect especially when taking into account in a success case the end market opportunities provided in a country that currently imports all its oil in refined form by barge all the way from the River Plate. "We have in this regard a significant joker in our pack of cards through the possibilities which will be no doubt available through our second largest shareholder Trafigura, one of the World''s leading commodity traders whose associated company in Paraguay, Puma, is an important importer of fuel into the country and has there an extensive and significant network of retail filling stations." President has put on 11.63% or 0.25p to 2.4p.