(Alliance News) - Takeover target Amerisur Resources PLC has been awarded a new block in Colombia, it announced on Wednesday.
Amerisur said the latest licensing round in Colombia has seen it win Block PUT-36, which covers around 59,902 hectares in the Putumayo basin, where it already has a number of assets.
The work commitments over 36 months at the block include the purchase of 3D seismic data and the drilling of two exploration wells, at a cost of USD26 million.
Chief Executive John Wardle said: "We are pleased to secure acreage that expands our strategic position in the Putumayo Basin, onshore southern Colombia."
Earlier in November, Cardiff-based Amerisur agreed a GBP242 million takeover by Latin America-focused oil and gas producer GeoPark Ltd. GeoPark will be paying 19.21 pence per share for Amerisur.
Amerisur shares were 0.4% lower on Wednesday morning in London at 18.50p. Five years ago, they were worth more than double that.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.