Amerisur Resources PLC Reserves Update (9955R)
06 March 2019 - 6:02PM
UK Regulatory
TIDMAMER
RNS Number : 9955R
Amerisur Resources PLC
06 March 2019
6 March 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Reserves Update
1P reserves up 27.8% and 2P reserves up 23.6%
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America (LSE: AMER),
provides an update on the certified reserves for its production
assets in Colombia.
Following receipt of an independent reserves report for the
Platanillo and Mecaya fields undertaken by Petrotech Engineering
Ltd, and the CPO-5 block undertaken by McDaniel and Associates
Consultants Ltd as at 31 December 2018, using the standards set by
the Oil and Gas Reserves Committee of the Society of Petroleum
Engineers, certified 1P (Proven) working interest field reserves
were 17.82 million barrels of oil ("MMBO") (2017: 13.94 MMBO) and
2P (Proven and Probable) working interest reserves were 25.59 MMBO
(2017: 20.70 MMBO). Total production from the Platanillo field
during 2018 was 1.61 MMBO and total production from the CPO-5
block, (Mariposa and Indico fields) at 31 December 2018 was 1.15
MMBO.
This represents an increase of 27.83% in 1P and 23.62% in 2P
reserves over year end 2017, and is due to the drilling success in
the CPO-5 block previously reported.
Reserves
Reserves Oil & Liquids Amerisur Net Working
Interest
(MMBO)
BLOCKS (Amerisur Proved Proved & Probable Proved, Probable
working interest) (1P) (2P) & Possible (3P)
-------- ------------------- -----------------
Platanillo
(100%) 11.55 17.51 20.17
-------- ------------------- -----------------
CPO-5 (30%) 6.00 7.69 11.28
-------- ------------------- -----------------
Mecaya (50%) 0.27 0.39 0.45
-------- ------------------- -----------------
Total 17.82 25.59 31.90
-------- ------------------- -----------------
Source: Petrotech Engineering LTD., Reserves Audit at 31 Dec
2018; McDaniel and Associates Consultants Ltd., Reserves Audit at
31 Dec 2018
John Wardle, CEO of Amerisur Resources said:
"The drilling success at Indico-1, together with the strong
production behaviour observed at Mariposa-1 through the year have
delivered a material increase in the Company's reserve base. We
look forward to further production and reserves increases as our
exciting, fully funded drilling programme develops during the
year."
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.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Ends
Enquiries:
Nick Harrison, CFO Tel: +44 (0)330 333
Amerisur Resources 8246
Billy Clegg/Georgia Edmonds Tel: +44 (0)203 757
4980
Camarco
Callum Stewart/Nicholas Rhodes/Ashton Tel: +44 (0)20 7710
Clanfield 7600
Stifel Nicolaus Europe Limited
Chris Sim/Alex Ruffman/Tejas Tel: +44 (0)207 597
Padalkar 4000
Investec
Paul Shackleton/Dan Gee-Summons Tel: +44 (0)207 614
Arden Partners Plc 5900
About Petrotech Engineering Ltd
Petrotech Engineering Ltd. is an independent oil and gas reserve
evaluation firm located in Burnaby, British Columbia, Canada. John
Yu is a professional Petroleum Engineer with over 40 years of
experience in Domestic and International Oil and Gas. He attended
the University of Alberta and graduated with a Bachelor of Science
in Metallurgical Engineering in 1974. He is a registered
Professional Engineer in the Province of British Columbia. Since
May of 1981 he has been a Petroleum Engineering Consultant and
President of Petrotech Engineering Ltd. of Burnaby, B. C.
About McDaniel & Associates Consultants Ltd
McDaniel & Associates Consultants Ltd., is one of the
world's leading petroleum consulting firms specializing in reserves
evaluations, resource assessments, geological studies and A&D
advisory services. It was established by Mr. Rod McDaniel in 1955
as an independent Canadian consulting firm and has been providing
oil and gas reserves evaluation services to the world's petroleum
industry for over 60 years. They have internationally recognized
expertise in reserves evaluations, resource assessments, geological
studies, and acquisition and disposition advisory services.
Glossary
"MMbl" Million barrels
"MMBO" million barrels of oil
-------------------------------------
"MMBOE" million barrels of oil equivalent
-------------------------------------
"MMscf" million standard cubic feet
-------------------------------------
"Proven Reserves" or "1P" those quantities of petroleum,
which, by analysis of geoscience
and engineering data, can be
estimated with reasonable certainty
to be commercially recoverable,
from a given date forward,
from known reservoirs and under
defined economic conditions,
operating methods, and government
regulations. If deterministic
methods are used, the term
reasonable certainty is intended
to express a high degree of
confidence that the quantities
will be recovered. If probabilistic
methods are used, there should
be at least a 90% probability
that the quantities actually
recovered will equal or exceed
the estimate.
-------------------------------------
"Proven + Probable Reserves" those additional Reserves which
or "2P" analysis of geoscience and
engineering data indicate are
less likely to be recovered
than Proved Reserves but more
certain to be recovered than
Possible Reserves. It is equally
likely that actual remaining
quantities recovered will be
greater than or less than the
sum of the estimated Proved
plus Probable Reserves (2P).
In this context, when probabilistic
methods are used, there should
be at least a 50% probability
that the actual quantities
recovered will equal or exceed
the 2P estimate.
-------------------------------------
"Proven + Probable + Possible those additional Reserves which
Reserves" or "3P" analysis of geoscience and
engineering data indicate are
less likely to be recovered
than Probable Reserves. In
this context, when probabilistic
methods are used, there should
be at least a 10% probability
that the quantities actually
recovered will equal or exceed
the sum of estimated proved
plus probable plus possible
reserves.
-------------------------------------
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END
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