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
  -0.50p -2.04% 24.00p 23.50p 24.00p 24.50p 23.75p 24.50p 1,188,769.00 16:00:52
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

21/04/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9271C

Amerisur Resources PLC

21 April 2017

21 April 2017

Amerisur Resources Plc ("Amerisur" or the "Company")

Operations Update

Platanillo-21 Spudded

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."

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/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.

www.amerisurresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 21, 2017 02:00 ET (06:00 GMT)

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