LONDON (Alliance News) - Amerisur Resources Monday said its Ave-1 well in the Fenix Block, Colombia, failed to find prospective sands in the Mugrosa formation.
The oil and gas producer said the well was drilled to a maximum depth of 3,300 feet with a maximum inclination of 44.7 degrees, and it has not achieved its primary objective of evaluating the oil potential of the Mugrosa formation, located below reservoirs previously discovered in the Esmeraldas formation by the Isabel-1 well.
However, the company said that within the overlying Esmeraldas formation, a gross column of 99 feet true vertical depth of hydrocarbon bearing sands was encountered.
The zone was tested and flowed limited volumes of 32.7 degrees oil and gas, while log analysis indicates a slightly lower quality than the Isabel-1 find.
The company is currently preparing a detailed evaluation and stimulation programme for the well.
Amerisur resources shares were down 2.0% to 50.00 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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