LONDON (Alliance News) - Amerisur Resources PLC on Monday said the Calao-1X exploration well on the CPO-5 block in Colombia was spudded on Friday last week, using rig E-2029.
Amerisur holds a 30% non-operating interest in the CPO-5 block, which is 70% owned and operated by ONGC Videsh Ltd.
The oil & gas producer said Calao-1X is the second well to be drilled from the Indico pad to determine the prospectivity of the Lower Sands formation around the Indico discovery.
At the end of October, Amerisur said the Indico-1 well was started. The analysis of samples indicated a 283 feet gross, 209 feet net, oil column present in the Lower Sands formation.
Calao-1X will be a directional well, Amerisur said, with a planned total measured depth of 11,940 feet, targeting a structure alongside Indico to the southwest.
On a simple structural basis, Amerisur said it estimates potential gross resources at Calao-1X of between 2.0 million and 9.8 million barrels of oil. However, given the results at Indico-1, which indicate the potential for combination trapping, Amerisur said it believes potential resources may be significantly higher.
Looking ahead, the partners will drill Pavo Real-1 well upon completion of Calao-1X.
"Following the positive result from Indico-1, we are delighted to report the spudding of Calao-1X from the Indico pad to determine the size of the play," said Amrisur Chief Executive John Wardle.
"We look forward to sharing the results with our shareholders throughout this busy, and potentially transformational, period for Amerisur, which has already delivered material reserves and production growth on the basis of the Indico discovery," added Wardle.
Amerisur shares were trading 2.0% higher on Monday at 16.96 pence each.