(Alliance News) - Amerisur Resources PLC on Monday announced a disposal to partner Occidental Petroleum Corp, as well as the discovery of oil at the Sol-1 well.
Amerisur is selling 50% of its interest in the Put-8 exploration licence, in Colombia's Putumayo region, to Occidental for USD19.1 million in cash.
In March, Amerisur took control and operatorship of Put-8 for USD19.1 million from Colombian partner Vetra Exploracion y Produccion Colombia SAS, with 50% now going to Occidental for the same amount.
In November, Amerisur agreed a USD93 million farm-out with Occidental for three blocks in the Putumayo region, with Occidental funding an exploration and appraisal programme between 2019 and 2021.
In a separate announcement Monday, Amerisur said it has found 26.5 feet of net oil pay and 10.5 net oil pay in two different sands in the Une formation, after drilling 9,986 feet at the Sol-1 well on Block CPO-5.
Amerisur, which owns 30% of CPO-5, said short-term testing has begun.
Chief Executive John Wardle said: "We are pleased to report Sol has encountered potential net oil pay. Although smaller than the oil column encountered by our previous discoveries it demonstrates the potential for further prospectivity across CPO-5.
Shares were 1.0% lower on Monday morning at a price of 12.06 pence each.