Amerisur Resources PLC Operations Update (7475B)
11 June 2019 - 4:01PM
UK Regulatory
TIDMAMER
RNS Number : 7475B
Amerisur Resources PLC
11 June 2019
11 June 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Operations Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America (LSE: AMER),
provides an update on operations in Colombia.
Highlights
-- Final ANH approvals received for farm-out deal with Occidental
-- Successful infill well at Platanillo
-- WI Production over 6,800 BOPD
ANH Approval of Occidental Farm Out Deal
The ANH has granted approval of the farm-out agreement with
Occidental announced 23 November 2018. The deal relates to four
exploration blocks: Putumayo-9, Terecay, Tacacho and Mecaya in the
Putumayo region, southern Colombia. As previously stated,
Occidental acquires a 50% interest in each block and in
consideration will fund a $93m exploration and appraisal programme
between 2019-21. Funding includes 85% of the 1068km 2D seismic
equivalent and 100% of the planned four well drilling
programme.
Amerisur remains operator of the blocks that cover 1.4m gross
acres and hold 448 MMBO mid-case gross prospective resources, based
on management estimates.
Platanillo (WI 100%): Production Optimisation
The company recently completed the Platanillo-26 infill well
targeting an undrained area of the Platanillo field. The well
reached the target depth of 9,350ft and encountered 46ft net pay in
the upper and lower U sands. The well is now onstream and producing
around 710 BOPD. Production optimisation on the field continues
with a sidetrack well at Platanillo-22.
Production Update: Current Production over 6,800 BOPD
Year-to-date production to the end of May 2019 averaged around
5,300 BOPD. Current group working interest production is now over
6,800 BOPD following the successful infill well at Platanillo and
continued stable production from CPO-5. FY19 production guidance is
maintained at 5,000 - 6,000 BOPD and does not include any
contribution from exploration drilling.
CPO-5 (WI 30%): Sol-1 Exploration Well
Operations on the Sol-1 exploration well continue and results
will be announced shortly. After drilling operations are completed
at Sol-1 the rig will move to drill the Indico-2 appraisal
well.
John Wardle, CEO of Amerisur, said:
"We are pleased to secure all the approvals associated with the
transformational deal with Occidental. Work has started to initiate
seismic surveys and drilling on the acreage later this year.
Production optimisation at Platanillo continues to deliver with
production now over 4,500 BOPD from the field. On completion at
Sol-1 the drilling rig on CPO-5 will return to Indico for appraisal
drilling that has the potential to increase reserves and production
from the field".
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.
These assessments are made in accordance with the standard
defined in the SPE/WPC Petroleum Resources Management System
(2007).
Technical information in this announcement has been reviewed by
John Wardle Ph.D., the Company's Chief Executive. John Wardle has
33 years' experience in the industry, having worked for BP,
Britoil, Emerald Energy and Pebercan, and is a trained drilling
engineer.
Glossary
"BOPD" barrel of oil per day
"MMBO" million barrels of oil equivalent
----------------------------------
"WI" working interest
----------------------------------
Ends
Enquiries:
Nathan Piper, Head of Business Development Tel: +44 (0)330 333
and Comms 8273
Amerisur Resources
Billy Clegg/Kimberley Taylor Tel: +44 (0)203 757
4983
Camarco
Callum Stewart/Nicholas Rhodes/Ashton Clanfield Tel: +44 (0)20 7710
Stifel Nicolaus Europe Limited 7600
Chris Sim/Tejas Padalkar Tel: +44 (0)207 597
4000
Investec
Paul Shackleton/Dan Gee-Summons Tel: +44 (0)207 614
Arden Partners Plc 5900
About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator with an
extensive, strategic acreage position in the underexplored Putumayo
Basin with Occidental Petroleum ("Oxy") and the prospective Block
CPO-5 in the Llanos Basin with ONGC. Amerisur is the 100% owner and
operator of the OBA pipeline, a key piece of strategic,
cross-border export infrastructure delivering oil from the Putumayo
in Colombia into Ecuador. Amerisur produces from three fields,
Platanillo, Mariposa and Indico that together generate cash flow to
fund its work programme.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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