Amerisur Resources PLC Platanillo-21 Update (1724G)

TIDMAMER

RNS Number : 1724G

Amerisur Resources PLC

25 May 2017

25 May 2017

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

Platanillo-21 Update

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update on Platanillo-21, the second well on Pad 2N, the northern extension of the Platanillo Field.

Platanillo-21, the 19(th) new well of the drilling campaign, in addition to the three successful sidetracks, has been successfully drilled and cored as a short deviation directional well, aimed at the crest of the mapped structure, to a total depth of 8,447ft measured depth, on time and budget.

The well was cored over the N sand, M2 sand, A Limestone, U (upper and lower) and T sands. The reservoir cores recovered from Platanillo-21 are currently being analysed with the objective of physically determining the properties of the reservoirs at this northern extension of the Platanillo field. This will allow a refinement of the reserves model and will serve to calibrate both Logging While Drilling and wire line run electric logs.

Log interpretation indicates the presence of 36ft net oil column in the U sand formation and a 17ft net oil column in the T sand formation using both Schlumberger logging-while-drilling and Schlumberger wire line tools. The N sand did not present net pay at this location, in line with the pre-drill model. The M2 sand and A limestone core data are being evaluated to determine their potential as pay zones.

The 7" production casing has been successfully run and cemented and the Company expects to initiate commercial production from the U sand.

John Wardle, Chief Executive Officer, commented:

"This is a further good result on Pad 2N. I look forward to updating shareholders on production performance from this well."

ENDS

Enquiries:

   Nick Harrison, CFO                            Tel: [phone] 

Amerisur Resources

   Billy Clegg/Georgia Edmonds             Tel: [phone] 

Camarco

   Callum Stewart/Ashton Clanfield        Tel: [phone] 

Stifel Nicolaus Europe Limited

   Chris Sim/George Price                     Tel: [phone] 

Investec

   Darrell Uden/Marcus Jackson            Tel: [phone] 

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 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.

As a reminder, Amerisur acquired its 30% interest in the CPO-5 block as part of the acquisition of Petro Dorado South America SA (PDSA), a subsidiary of Petro Dorado Energy Ltd (PDEL). In that contract ONGC Videsh is the Operator and holds a working interest of 70%.

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.

www.amerisurresources.com

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This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2017 02:01 ET (06:01 GMT)