Amerisur Shares Fall on Proven Resources Reduction at Colombian Field

By Oliver Griffin

Shares in Amerisur Resources PLC (AMER.LN) fell Wednesday after it said that proven resources at its Platanillo field in Colombia as at Dec. 31, 2017, were down 15% compared with the previous year.

The Latin America-focused oil-and-gas company said that proven reserves at the Platanillo field dropped to 12.8 million barrels of oil, from 15.1 million barrels in 2016, after production of 1.8 million barrels during 2017.

Proven and probable resources also dropped 22% to 19 million barrels, Amerisur said.

The company said that the drop in reserves takes account of the wells drilled during the year, as well as the relatively poor reservoir quality and initial flow rates from wells Platanillo 25 and Platanillo 27. Amerisur Resources said the drop also meant a small decrease in expected ultimate recovery at the field.

Production in March from the company's two producing fields--of which the second is the Mariposa-1 Long Term Test--reached 200,772 barrels of oil, with an average daily production of 6,477 barrels of oil.

On March 22 Amerisur made its first complete tanker loading from the port of Esmeraldas, Ecuador, which was sold to Shell for approximately $21 million, the company said.

Shares at 0725 GMT were down 10%, or 1.46 pence, at 13.78 pence.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

April 04, 2018 03:44 ET (07:44 GMT)

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