|Share Name||Share Symbol||Market||Type||Share ISIN||Share Description|
|Amerisur Resources||LSE:AMER||London||Ordinary Share||GB0032087826||ORD 0.1P|
|Price Change||% Change||Share Price||Bid Price||Offer Price||High Price||Low Price||Open Price||Shares Traded||Last Trade|
|Industry Sector||Turnover (m)||Profit (m)||EPS - Basic||PE Ratio||Market Cap (m)|
|Oil & Gas Producers||41.5||-17.1||-1.7||-||291.17|
Amerisur Resources PLC Operations Update - Platanillo-21 Spudded
UK Regulatory (RNS & others)
RNS Number : 9271C
Amerisur Resources PLC
21 April 2017
21 April 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on operations in the Platanillo field in Colombia.
The Company has spudded well Platanillo-21 on Pad 2N with drilling rig Serinco D-10. Platanillo-21 is planned as a short deviation directional well aimed at the crest of the mapped structure, with a drilling offset of 250ft and a total planned measured depth of 8,485ft. As previously reported the Company plans to log this well with both Logging While Drilling and Wireline techniques, and additionally to acquire core data through the entire Villeta sequence, i.e. from top N Sand to the igneous basement. These data will be important in terms of enhancing understanding at Pad 2N and in the Company's nearby prospects and adjoining blocks. The well is expected to take approximately 27 days to drill and core to total depth at a cost of $3 million. The final completion time and final cost of the well will depend upon the completion options selected. A further announcement will be made when drilling operations are complete.
John Wardle, Chief Executive Officer of Amerisur, commented:
"Platanillo-21 is a crestal well on the Pad 2N structure, designed to maximise production capacity and life and as the second well on this pad, to begin the construction of an optimal drainage system as performed on other development pads. This will help to maximise reserves recovery.
"I look forward to updating the market on the progress of Platanillo-21."
Giles Clarke, Chairman of Amerisur said:
"I am pleased our executive team has moved rapidly to spud Platanillo-21, and look forward to good success in this second well, further adding to our productive capacity."
Nick Harrison, CFO Tel: +44 (0)330 Amerisur Resources 333 8246 Billy Clegg/Georgia Tel: +44 (0)203 Edmonds 757 4980 Camarco Callum Stewart/Ashton Tel: +44 (0)20 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
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.
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 5,000 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. It has a diverse portfolio of longer term exploration assets.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
(END) Dow Jones Newswires
April 21, 2017 02:00 ET (06:00 GMT)
1 Year Amerisur Chart
1 Month Amerisur Chart