ADVFN ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Amerisur Resources Hits Second Oil Pay in Colombia

Share On Facebook
share on Linkedin
Print

South America-focussed oil and gas explorer Amerisur Resources plc (LSE:AMER) hit 75 feet of gross oil column with 51 feet of potential net pay from its Platanillo field in Colombia, its second discovery for the year, and will perform flow and pressure tests during the next two weeks, the company said today.

The Platanillo-4 well, where the oil pay announced today was encountered, is the second of the eight-well drilling programme of the company in the 100% controlled 14,000-hectare block in Colombia.

In addition to the results, the company also said there is significant oil saturation in at least three separate formations in the same reservoir section encountered in the said well.

Because of the positive results, Amerisur now intends to drill four wells, instead of the original plan of three, following the testing, completion, and placing on production of the Platanillo-4 well.

The company hopes to reach production rate of 5,000 barrels of oil per day (bopd) by the end of 2012, more than double the currently controlled rate of 1,500 bopd commercial production from the Platanillo-3 well, the first well drilled by the company this year.

The Platanillo field, lying within the Putumayo Basin south of Colombia, was certified to have 2P reserves of about 7.7 million barrels of oil as at 31st December 2011, with a net present value of US$401 million.

It is one of the two licences the company holds in the said country; the other one being the Fenix block, located in the eastern and central ranges of the Andes Mountains.

In a separate statement issued today, Amerisur entered a Memorandum of Understanding (MOU) with private oil and gas company PetroGranada, under which PetroGranada is given two months to perform due diligence in connection with a possible earned interest in the company’s 100% operated Fenix block.

Shares were up 7.2% to 41.25 pence by 12:33 PM GMT, trading on the Alternative Investment Market of the London Stock Exchange.

Company Spotlight

Amerisur Resources plc focuses its oil and gas exploration and development in the South American countries of Colombia and Paraguay in line with its strategy of acquiring assets in low risk, high impact prospects.

Shares of the company first floated on the Alternative Investment Market in 2004.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com