Amerisur Resources PLC Loto-2 Update (7665Z)

TIDMAMER

RNS Number : 7665Z

Amerisur Resources PLC

22 September 2015

22 September 2015

Amerisur Resources Plc

Loto-2 Update

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, is pleased to provide an update on well Loto-2 in the CPO-5 contract area, Colombia.

Well Loto-2 has been spudded with rig Tuscany 109 in the CPO-5 block, located in the eastern Llanos area of Colombia.

The well is currently at a depth of 2,024ft, having drilled 17.1/2"hole to the 13.3/8"casing point.

The well is expected to take approximately 20 days to drill to total depth of 10,321ft, with logging and testing thereafter.

John Wardle, CEO of Amerisur commented:

"CPO-5 is a very prospective block, where Amerisur holds a 30% working interest through a wholly owned subsidiary. The block is on trend with a number of important Llanos discoveries. Additionally we hold good quality 3D data over large areas of the block. These data are currently being processed and interpreted and initial analysis is very favourable. This 3D analysis, together with the results of the well currently drilling will allow an estimate of the full potential of the Loto structure. I look forward to the results from Loto-2, after which further wells will be drilled on this structure and potentially others identified by the 3D seismic.

ENDS

Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 29 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.

ENQUIRIES:

 
Billy Clegg/Georgia  Tel: [phone] 
 Mann 
Camarco 
Jeremy Low/Daniel    Tel: [phone] 
 Conti 
RBC Capital Markets 
Chris Sim            Tel: [phone] 
Investec 
 

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 of circa 4,350 BOPD. Amerisur's strategy is to acquire, explore and develop large acreage positions in major under explored basins located in South America. The Company's distinctive approach has been to own 100% of its assets at early stages in order to have full control over the fields' development. That requirement is now being relaxed as a sound production baseline has been established and in response to the widening opportunity set to which the Company has access.

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 4,350 BOPD. The 11,341 hectare block is located in the Putumayo Basin. In addition, the Company has a 60% working interest and operatorship in block Put-12, a 55,000 hectare block which is adjacent to Platanillo and shares its geology and a 50% working interest in Put-30 a 38,514 hectare block, approximately 55km to the north of the Company's 100% owned Platanillo field. The company has recently acquired a 30% working interest in the CPO-5 contract, located in the Llanos basin and a 49.5% working interest in the Tacacho contract, located in the Caguan-Putumayo basin.

In Paraguay, Amerisur is the largest acreage holder in the country, with 5.2 million hectares covering five 100% owned oil and gas permits in the Paraguayan part of the Chaco and Parana Basins.

John Wardle is CEO of Amerisur, having worked in Colombia since 1994, first for BP Exploration and subsequently for Emerald Energy. The Company is chaired by Giles Clarke and is listed on the AIM Market of the London Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 22, 2015 02:01 ET (06:01 GMT)