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Amerisur Resources (AMER)

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Friday 07 September, 2018

Amerisur Resources

Operational Update and Notice of Results

RNS Number : 0980A
Amerisur Resources PLC
07 September 2018
 

7 September 2018

 

Amerisur Resources Plc ("Amerisur" or the "Company")

 

Operational Update and Notice of Results

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an operational update at its various production and exploration assets in Colombia.   

Pintadillo-1, Platanillo, Colombia

The Pintadillo-1 well, targeting the N Sands anomaly in the north of the Platanillo field, was spudded using rig D-10 on 30 August 2018. The well is currently drilling ahead at 5,000 feet measured depth, having made excellent progress and already performed the directional drilling work required to place the bottom hole location at the inferred optimum well position. Since Pintadillo-1 is the first well in this area of Platanillo, the well will be drilled to economic basement, passing through the potential reservoirs M2, U and T sands in order to evaluate their potential and add to the Company's log database. A further announcement will be made on completion of operations.

Chiritza Re-Pumping Station

Amerisur has now completed the construction and installation works at the Chiritza re-pumping station on budget and six weeks ahead of schedule. PetroAmazonas EP are now in the process of installing permanent electrical power facilities at the location, this being their responsibility under the terms of the agreement signed in January 2018. Once the installation is complete, final commissioning will be performed. Once operational the Company will be permitted a minimum throughput capacity of 9,000 barrels of oil per day ("bopd") at its OBA pipeline, a key element in the development of the Company's licences in the Putumayo cluster. Photographs of the station will shortly be published on the Company's Twitter page @AmerisurResourc.

Put-12 2D Seismic - Coendu Prospect, Colombia

The Company and its partner, after review of existing data and local weather and social related issues had decided to proceed with the drilling of the Coendu prospect without acquiring further 2D seismic data over the prospect. However, due to recent improvements in the area this seismic acquisition is now underway, and will allow the location of Coendu-1 and subsequent wells to be optimised. The programme is six lines of approximately 43 kilometre total extension, and is located in the north western corner of Put-12, adjacent to the Platanillo field. Two of these lines are located within block Put-9, with the intention of enhancing mapping of structural closure. As previously reported, the Coendu prospect is shared between the block Put-12 and Put-9. It is expected to complete the programme in September, followed by data processing and interpretation. Amerisur has also initiated the processes required for the preparation of the Drilling Environmental Licence at Coendu.

 

Production

Unaudited production from the Company's two producing fields, the Platanillo Field and the Mariposa-1 Long Term Test was 152,721 barrels of oil ("BO"), with average daily production of 4,927 bopd and peak daily production of 5,295 bopd during August. The Platanillo-22 workover is now complete and producing approximately 415 bopd, at a low pump rate. A further perforation and pump increase may be performed to increase production rates once long term well parameters are determined. Total OBA export volume was 125,780 BO, with average daily throughput of 4,057 BO and peak daily throughput of 5,562 BO during August.

 

These data will vary month on month as development, appraisal and exploration operations continue, and also due to the factors involved in operating in the Putumayo region of Colombia.  These factors include inclement weather, social issues with drilling and oil transportation and planned and unplanned shut downs for technical works undertaken among others. The data has not yet been approved by the Colombian Agencia Nacional de Hidrocarburos (ANH) or national customs and tax authorities DIAN and may be subject to revision.

Interim results

The Company will announce interim results on 13 September 2018.

 

John Wardle, CEO of Amerisur said:

"We are delighted to be drilling again and are pleased with the progress of the well to date. After some delays, we look forward to a busy period of seismic and exploration drilling activity in the weeks and months ahead, with a focus on the OBA cluster acreage we have built up at low cost in the oil downturn. Current production has stabilised and at the right time we may increase production rates at Platanillo-22 whilst preserving the long-term integrity of the well. I would like to thank and congratulate the team for delivering the Chiritza re-pumping station on budget and ahead of schedule, increasing our minimum OBA throughput to 9,000 bopd, significantly reducing existing and future transport costs associated with planned production."

ENDS

Enquiries:

 

Nick Harrison, CFO

Amerisur Resources

 

Tel: +44 (0)330 333 8246

Billy Clegg / Georgia Edmonds / Kimberley Taylor

Camarco

 

Tel: +44 (0)203 757 4980

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

Stifel Nicolaus Europe Limited

 

Tel: +44 (0)20 7710 7600

Chris Sim / Alexander Ruffman

Investec

 

Tel: +44 (0)207 597 4000

Paul Shackleton / Dan Gee-Summons

Arden Partners plc

Tel: +44 (0)20 7614 5900

 

 

Notes to editors

Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay and production from two fields in Colombia. In 2016 Amerisur successfully built and is 100% owner of the strategic OBA oil transfer line into Ecuador.

 

In Colombia, the Company is operator and has a 100% working interest in the Platanillo block which includes the Platanillo producing field in the Putumayo basin, and holds a 30% non-operated working interest in the CPO-5 block containing the Mariposa-1 producing field in the Llanos basin.

 

Amerisur has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line.

 

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.

 

www.amerisurresources.com 


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