LONDON (Alliance News) - Amerisur Resources PLC on Wednesday said it has exercised its right to buy 50% of block Put-8 in Colombia.
This follows the planned sale by partner Vetra Exploracion y Produccion Colombia SAS.
Amerisur will pay USD19.1 million, taking its stake in the block to 100%. The consideration will be funded from the oil & gas producer's own resources.
Chief Executive John Wardle said: "Put-8, strategically located between oil fields, has been a prime part of our Putumayo portfolio since we acquired a 50% working interest by way of the Platino acquisition."
He added: "The opportunity to increase our working interest and acquire operatorship was very attractive to us, consolidating even further our position around the OBA pipeline and bringing more operational flexibility. In the interim, while awaiting approval by Colombian National Hydrocarbons Agency, preparations for the exciting drilling programme in the block will continue."
Amerisur shares were trading up 0.6% at 17 pence each early Wednesday.