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Amerisur Resources (AMER)

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Wednesday 17 October, 2018

Amerisur Resources

Operational update

RNS Number : 2402E
Amerisur Resources PLC
17 October 2018
 

17 October 2018

 

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

 

Operational update

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an operations update

 

At CPO-5 (Amerisur 30%), the operator has informed the Company that rig E-2029, owned by Estrella, is currently rigging up to drill the Indico-1 well, with spudding on track for the latter half of October. Indico-1 is targeting the same play as the successful Mariposa-1 well, which last week produced its 1 millionth barrel, with negligible water.  Indico-1 has P50 recoverable resources of 10.3 MMBO (gross). The operator currently expects to drill Aguila-1 (targeting 2.7 MMBO gross) and Sol-1 (targeting 4.0 MMBO gross) thereafter. Good progress is being made with ground works and the construction of a new pad for the drilling of Sol-1. Photographs of the works can be found on the Company's Twitter page @AmerisurResourc.

Unaudited production from the Company's two producing fields, the Platanillo Field and the Mariposa-1 Long Term Test in the month of September was 149,226 barrels of oil with average daily production of 4,974 BOPD and peak daily production of 5,025 BOPD, with Platanillo crude exported through the OBA. The Pintadillo-1 well test in the T sand is continuing at varying levels of production based on the testing. Initial results indicate that the well is located low on the new structure. The Company expects to complete re-mapping of this discovery in the next four weeks, followed by a decision on further drilling to appraise the discovery.

 

The recently acquired Coendu seismic data in Put 12 and Put 9 has now been processed and is being interpreted prior to finalisation of the first Coendu drilling location.

 

As the company moves into a busy period of drilling, it will be providing regular operational updates around these activities, alongside quarterly production updates, as per oil industry best practice disclosure.

 

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

 

Glossary

 

"BOPD"

Barrels of oil per day

"MMBO"

Million barrels of oil

 

 

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.

 

These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).

 

Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 32 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.

 

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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