Amerisur Resources PLC Operational Update (9667M)
03 August 2017 - 4:01PM
UK Regulatory
TIDMAMER
RNS Number : 9667M
Amerisur Resources PLC
03 August 2017
3 August 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Operational Update
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, provides the following operational update
from the Platanillo field in the Putumayo region of Colombia.
The Company took a decision to suspend production from all its
producing wells on the Platanillo field from 10(th) July to 28(th)
July as a result of social issues in the field and region. The
protests were associated with the implementation of the
Government's 'Sustiticion de Cultivos Ilicitos - illegal crop
substitution programme' an important element of the Peace Process
agreed in late 2016. The Government's 'illegal crop substitution
programme' compensates farmers for the eradication of their coca
crop. Amerisur Resources has been assisting in this process,
providing local farmers with pepper plants and farming skills such
that they can swiftly make the transition to a more socially
desirable and profitable crop.
The issues have been resolved by the Government and all the
producing wells have been carefully brought back on stream and
Group production is now back above 6,000 bopd. Suspended production
during the protest equated to a total of 109,000 barrels of oil,
all of which remain in the reservoirs of the Platanillo oil field.
Field costs during the shutdown period were reduced from $60,000 to
$3,000 per day and the Company used the period to perform regular
maintenance and enhancement works on the field.
Export volumes via the OBA pipeline are currently 5,000 barrels
of oil per day ("bopd") and where production exceeds this level,
excess crude oil is being sold at the wellhead at lower net backs.
The Company is focused on increasing the production via the OBA and
negotiations to achieve this are being progressed positively with
Petroamazonas.
Drilling rig Serinco D10 is currently being moved over the
cellar for well Platanillo-25 on Pad 2N. It is expected to spud
this well within the next 2 weeks.
The Company is targeting an exit production rate for 2017 in
excess of 7,000 bopd which it continues to believe is achievable
based on the current drilling plans. As a result of this temporary
suspension of production which has now been resolved, guidance for
average daily production for 2017 has been put under review and an
update will be provided at the interim results in September.
Competent person: Technical information in this announcement has
been reviewed by John Wardle Ph.D., the Company's Chief Executive.
John Wardle has 31 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.
ENDS
Enquiries:
Nick Harrison, CFO Tel: +44 (0)330
Amerisur Resources 333 8246
Billy Clegg/Georgia Tel: +44 (0)203
Edmonds 757 4980
Camarco
Callum Stewart/Nicholas Tel: +44 (0)20
Rhodes/ Ashton Clanfield 7710 7600
Stifel Nicolaus Europe
Limited
Chris Sim/George Price Tel: +44 (0)207
597 4000
Investec
Darrell Uden/Marcus Tel: +44 (0)207
Jackson 653 4000
RBC Capital Markets
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 the Platanillo field in southern
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
field, which is currently producing circa 6100 BOPD. The Company
has a strong position in the Putumayo basin and has a cluster of
near term activity assets around the OBA export line including the
Platanillo block, Put-8, Put-12 and Coati. A 40% working interest
in contract Put-9, acquired from Talisman Colombia, 50.5% of
Tacacho and 100% of Terecay acquired from Pacific are currently
awaiting approval by ANH. It has a diverse portfolio of longer term
exploration assets.
www.amerisurresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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