Amerisur Resources PLC Operations Update (4293N)

TIDMAMER

RNS Number : 4293N

Amerisur Resources PLC

09 May 2018

9 May 2018

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

Operations Update

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update on operations in Colombia.

Platanillo N Sand Drilling

The Company is pleased to report good progress on the civil works, a 3.8km new road and a location with three drilling cellars. This progress has been made in spite of adverse weather conditions and the discovery of unconsolidated zones on the route which required additional works to stabilise. The construction is expected to be completed in June, after which Rig D10 will be mobilised to drill Pintadillo-1, the first of up to three wells targeting the N Sand anomaly, which has been identified on 3D seismic. Pintadillo-1 will be a slightly deviated well, with a planned total measured depth of 8,448ft, and is expected to take less than a month to drill and log.

The N Sand anomaly at Pintadillo is one of four such anomalies identified by the Company in the central part of the Platanillo block. It is estimated to hold P50 resources of 11.44 mmbo.

Put-8 Drilling

Amerisur has been informed by the Operator of block Put-8, Vetra Exploration and Production (50%), that the drilling contractor has been slightly delayed in the completion of their previous contract and the spudding of Miraparriba-1 is now planned to begin in June 2018. Miraparriba-1 will be drilled as a directional well to the Miraparriba structure within the Put-8 block.

The Miraparriba structure is a low risk U and T sand light oil structural target covered by 3D seismic with gross P50 recoverable resources estimated at 4.4 mmbo by the Operator.

Put-8 is a 102,799 acre block which lies adjacent to the west of the Platanillo field.

CPO-5

The Operator (ONGC Videsh Ltd, 70%) has informed the Company that the preparations for the spudding of the well Indico-1 continue to advance despite adverse weather conditions in the area. The rig is now expected to mobilise in the latter part of June 2018. Mariposa-1 continues to produce in a stable manner and the operation to perforate additional zones in the well is expected to be performed within the next month.

Indico-1 is targeting the same play as the successful Mariposa-1 well, but is further up dip in a larger structure. The Operator estimates a gross P50 recoverable resource at Indico-1 of 10.3 mmbo.

CPO-5 is located to the south of the prolific Llanos 34 block and to the east of the Corcel fields. The block includes the producing Mariposa-1 well and the evaluation area related to the Loto-1 oil discovery.

John Wardle, CEO of Amerisur said:

"We are gearing up for a busy period of exploration drilling, targeting 26 mmbo of gross resource over the first three wells."

ENDS

Enquiries:

 
 Nick Harrison, CFO                        Tel: [phone] 
  Amerisur Resources                        8246 
 Billy Clegg/Georgia Edmonds               Tel: [phone] 
                                            4980 
 Camarco 
 Callum Stewart/Nicholas Rhodes/Ashton     Tel: [phone] 
  Clanfield                                 7600 
  Stifel Nicolaus Europe Limited 
 
 Chris Sim/George Price                    Tel: [phone] 
                                            4000 
 Investec 
 
 Darrell Uden/Marcus Jackson               Tel: [phone] 
  RBC Capital Markets                       4000 
 
 
 

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 two fields in 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 producing field in the Putumayo basin, and holds a 30% non-operated working interest in the CPO-5 block containing the Mariposa-1 producing field in the Llanos basin. Amerisur is currently producing approximately 5,000 bopd while Platanillo production wells are undergoing maintenance.

Amerisur has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line.

Standard: 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.

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

Glossary

 
 "mmbo"            million barrels of oil 
 "bo"              barrels of oil 
                  ------------------------------------------------- 
 "P50 resources"   the best estimate of the quantity of resources 
                    that will actually be recovered. It is equally 
                    likely that the actual remaining quantities 
                    recovered will be greater or less than the best 
                    estimate 
                  ------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 09, 2018 02:01 ET (06:01 GMT)