Welcome aboard and enjoy the ride, should be docking in December with about 6 exciting events along the way. I need to try and top up before Platanillo 4 results come in....if they are similar to Platinallio 3 there should be a jump in the share price. If you are not in MAGP or EDG well worth a look, they both have great business models and CEO's moving fast
Will the Flow & Pressure tests for Platanillo 4 match those of Platanillo 3 (which is being restricted at 1500 BOPD natural flow). In total 4 wells are planned, within a 500 metre radius of Platanillo 3. In a couple of weeks the results should be out and this could fly.
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on the well Platanillo-4 in the Platanillo Field, Colombia, the second of a planned eight well drilling campaign.
A 30ft section of the logged 75ft gross oil column was perforated in the U formation in order to perform flow and pressure tests. A number of tool failures prevented the test from continuing and the Company has had to source alternative equipment and reconfigure the well. The Company now expects to perform the tests over the next 7 days and results will be announced once they have been analysed.
Following testing, completion and placing on production of Platanillo-4 the Serinco Rig D-10 will be skidded to the third drilling cellar, to drill the third well (Platanillo-5) of our current programme from the same location (Platform 9), deviating the well to an offset of approximately 1,400ft north from the bottom hole location of Platanillo-3. As previously reported, given the positive results of the wells, the Company intends to drill a total of 4 wells from Platform 9 instead of the 3 wells planned previously. The additional well, denominated Platanillo-9 (due to the order in which wells were permitted with the Ministry of Mines and Energy) will be directionally drilled to a location approximately 1,600ft west of Platanillo-3.
Difficult to call atm. Two big potentials 1) Platanillo 4 has been drilled close to Platanillo 3 and we are waiting for test results. Platanillo 3 is being resricted to a flow of 1500 BOPD and if Platanillo 4 delivers similar volumes then the next 5 or 6 wells will be in the same area. The target is 5000BOPD - that could be easily passed if all of the wells deliver. 2) Fenix Block Columbia - In December 2007 the Company acquired, through its subsidiary companies, 100% control and benefit of the area. The 24,117 hectare area is located in the Middle Magdalena Basin of Colombia. The Company has entered into a Memorandum of Understanding (MOU) with PetroGranada, a private oil and gas exploration and production company focused on Colombia and Latin America. PetroGranada's British Management team has over 20 years of E&P experience in Colombia and is backed by the private equity arm of a major banking group. The MOU allows an exclusive period of two months for PetroGranada to complete technical and other Due Diligence into the Fenix contract prior to entering into definitive agreements covering an earned interest in the Fenix contract.
The Definitive Agreements, if entered into post the Due Diligence period, will require PetroGranada to fund certain operations in the Fenix block, including 2D seismic acquisition and the drilling of various types of high technology wells to confirm and exploit the block potential.
R.B.C. put a 60p price target on this share a month or 2 ago. With an estimated EPS growth rate 2013 of 320% ,this share could reach in excess 180p by end of 2013. Of course all figures are based on predictions but Amerisur do seem to be on or ahead of target and coming up with the results. Oil speculation is always a bit of a gamble but not too many companies with past and present EPS growth Amerisur is showing. Normaly i steer away from oil companies but Amerisur looks too spectacularly placed to be passed by.
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