Amerisur Resources PLC Reserves Update (9955R)

TIDMAMER

RNS Number : 9955R

Amerisur Resources PLC

06 March 2019

6 March 2019

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

Reserves Update

1P reserves up 27.8% and 2P reserves up 23.6%

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on the certified reserves for its production assets in Colombia.

Following receipt of an independent reserves report for the Platanillo and Mecaya fields undertaken by Petrotech Engineering Ltd, and the CPO-5 block undertaken by McDaniel and Associates Consultants Ltd as at 31 December 2018, using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) working interest field reserves were 17.82 million barrels of oil ("MMBO") (2017: 13.94 MMBO) and 2P (Proven and Probable) working interest reserves were 25.59 MMBO (2017: 20.70 MMBO). Total production from the Platanillo field during 2018 was 1.61 MMBO and total production from the CPO-5 block, (Mariposa and Indico fields) at 31 December 2018 was 1.15 MMBO.

This represents an increase of 27.83% in 1P and 23.62% in 2P reserves over year end 2017, and is due to the drilling success in the CPO-5 block previously reported.

Reserves

 
                         Reserves Oil & Liquids Amerisur Net Working 
                                           Interest 
                                            (MMBO) 
 BLOCKS (Amerisur      Proved    Proved & Probable    Proved, Probable 
  working interest)      (1P)           (2P)           & Possible (3P) 
                      --------  -------------------  ----------------- 
 Platanillo 
  (100%)                11.55          17.51               20.17 
                      --------  -------------------  ----------------- 
 CPO-5 (30%)            6.00            7.69               11.28 
                      --------  -------------------  ----------------- 
 Mecaya (50%)           0.27            0.39                0.45 
                      --------  -------------------  ----------------- 
 
   Total                17.82          25.59               31.90 
                      --------  -------------------  ----------------- 
 

Source: Petrotech Engineering LTD., Reserves Audit at 31 Dec 2018; McDaniel and Associates Consultants Ltd., Reserves Audit at 31 Dec 2018

John Wardle, CEO of Amerisur Resources said:

"The drilling success at Indico-1, together with the strong production behaviour observed at Mariposa-1 through the year have delivered a material increase in the Company's reserve base. We look forward to further production and reserves increases as our exciting, fully funded drilling programme develops during the year."

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.

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.

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/Alex Ruffman/Tejas            Tel: [phone] 
  Padalkar                                4000 
 Investec 
 
 Paul Shackleton/Dan Gee-Summons         Tel: [phone] 
  Arden Partners Plc                      5900 
 
 
 

About Petrotech Engineering Ltd

Petrotech Engineering Ltd. is an independent oil and gas reserve evaluation firm located in Burnaby, British Columbia, Canada. John Yu is a professional Petroleum Engineer with over 40 years of experience in Domestic and International Oil and Gas. He attended the University of Alberta and graduated with a Bachelor of Science in Metallurgical Engineering in 1974. He is a registered Professional Engineer in the Province of British Columbia. Since May of 1981 he has been a Petroleum Engineering Consultant and President of Petrotech Engineering Ltd. of Burnaby, B. C.

About McDaniel & Associates Consultants Ltd

McDaniel & Associates Consultants Ltd., is one of the world's leading petroleum consulting firms specializing in reserves evaluations, resource assessments, geological studies and A&D advisory services. It was established by Mr. Rod McDaniel in 1955 as an independent Canadian consulting firm and has been providing oil and gas reserves evaluation services to the world's petroleum industry for over 60 years. They have internationally recognized expertise in reserves evaluations, resource assessments, geological studies, and acquisition and disposition advisory services.

Glossary

 
 "MMbl"                          Million barrels 
 "MMBO"                          million barrels of oil 
                                ------------------------------------- 
 "MMBOE"                         million barrels of oil equivalent 
                                ------------------------------------- 
 "MMscf"                         million standard cubic feet 
                                ------------------------------------- 
 "Proven Reserves" or "1P"       those quantities of petroleum, 
                                  which, by analysis of geoscience 
                                  and engineering data, can be 
                                  estimated with reasonable certainty 
                                  to be commercially recoverable, 
                                  from a given date forward, 
                                  from known reservoirs and under 
                                  defined economic conditions, 
                                  operating methods, and government 
                                  regulations. If deterministic 
                                  methods are used, the term 
                                  reasonable certainty is intended 
                                  to express a high degree of 
                                  confidence that the quantities 
                                  will be recovered. If probabilistic 
                                  methods are used, there should 
                                  be at least a 90% probability 
                                  that the quantities actually 
                                  recovered will equal or exceed 
                                  the estimate. 
                                ------------------------------------- 
 "Proven + Probable Reserves"    those additional Reserves which 
  or "2P"                         analysis of geoscience and 
                                  engineering data indicate are 
                                  less likely to be recovered 
                                  than Proved Reserves but more 
                                  certain to be recovered than 
                                  Possible Reserves. It is equally 
                                  likely that actual remaining 
                                  quantities recovered will be 
                                  greater than or less than the 
                                  sum of the estimated Proved 
                                  plus Probable Reserves (2P). 
                                  In this context, when probabilistic 
                                  methods are used, there should 
                                  be at least a 50% probability 
                                  that the actual quantities 
                                  recovered will equal or exceed 
                                  the 2P estimate. 
                                ------------------------------------- 
 "Proven + Probable + Possible   those additional Reserves which 
  Reserves" or "3P"               analysis of geoscience and 
                                  engineering data indicate are 
                                  less likely to be recovered 
                                  than Probable Reserves. In 
                                  this context, when probabilistic 
                                  methods are used, there should 
                                  be at least a 10% probability 
                                  that the quantities actually 
                                  recovered will equal or exceed 
                                  the sum of estimated proved 
                                  plus probable plus possible 
                                  reserves. 
                                ------------------------------------- 
 

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March 06, 2019 02:02 ET (07:02 GMT)