(Alliance News) - Amerisur Resources PLC on Friday posted a reserves update for its Colombian projects which showed an increase at its Indico and Mariposa fields but a decline at Platanillo.
The oil and gas exploration and production company said total proved reserves on July 31 were estimated to be 15.05 million barrels of oil equivalent, down from 17.82 million barrels on December 31.
Proved and probable reserves were an estimated 21.80 million barrels versus 25.59 million barrels at the end of 2018. Proved, probable, and possible reserves were thought to total 31.13 million barrels equivalent on July 31 compared to 31.90 million on December 31.
At Indico and Mariposa alone, also known as CPO-5, proved and probable reserves were estimated at 9.5 million barrels of oil equivalent as at July 31, up from 7.69 million barrels at the end of 2018. This increase, Amerisur said, reflects a "production history that indicates larger oil in place and higher recovery factors".
However, Platanillo proved and probable reserves were cut to 12.3 million barrels of oil equivalent from 17.51 million barrels in light of "more conservative approach to economics late in the life of the field".
The report was completed by McDaniel & Associates Consultants Ltd as part of Amerisur's ongoing formal sales process.
Chief Executive John Wardle said: "We are pleased to complete the update to our reserves and transition the review of our full portfolio to McDaniel & Associates. We have had feedback from participants in the FSP that they value the new independent assessment from McDaniel. The report highlights the near-term value of the company's CPO-5 asset."
Shares in Amerisur were up 1.2% at 17.30 pence in London on Friday afternoon.
