LONDON (Alliance News) - Amerisur Resources PLC said Wednesday that the rig mast has been raised at the Indico-1 well on the CPO-5 block in Colombia ahead of its spudding, which is expected shortly.
The oil & gas producer focused on South America owns a 30% non-operated interest in the well, which is 70%-owned and operated by ONGC Videsh Ltd.
Indico-1 is targeting the same play as the successful Mariposa-1 well but is further up-dip in a larger structure, Amerisur said, adding that the well operator is estimating a gross P50 recoverable resource at Indico-1 of 10.3 million barrels of oil.
Shares in Amerisur Resources were up 3.7% at 10.66 pence each on Wednesday.