9 May 2017 09:30
9 May 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
AGM Statement
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update on operations. At the Company's AGM to be held today at 0930, Chairman Giles Clarke will make the following comments:
"Activities in the year to date have exceeded the Board's expectations with production now growing, with exploration successes and with an improving social environment as the peace process evolves. We have created a strategically important collection of 10 licenses in the historically under-explored but geologically prolific Putumayo region and have an active drilling programme to leverage this position.
"Given the recent successes at Platanillo-22, which discovered an important extension of the Platanillo field and the Mariposa-1 well on the CPO-5 block, Amerisur has accelerated its drilling schedule such that a minimum of 16 wells are planned between now and the end of 2018, including: three wells on Platanillo, three further N sand anomaly wells on Platanillo; four wells on Put 12; two wells on Put-9; three wells on CPO-5; and one well on Coati. The capex guidance between now and the end of 2018 has been revised to $65m, and will be fully funded from existing cash resources and cash generated from activities at $45 oil.
"We are on track to deliver a 2017 exit rate of production of more than 7,000 barrels of oil per day ("bopd") and consider 20,000 bopd of production to be a realistic and achievable medium term production target.
"Operations on Platanillo-21 continue. Coring of the M2 sands at 7,894 feet has been completed. On Mariposa-1, a 7 inch production liner has been set and cemented and the operator ONGC Videsh is currently preparing the well for testing.
"Your strengthened and refreshed Board looks to the future with great confidence."
An updated corporate presentation will be made available on the Company's website shortly at www.amerisurresources.com.
ENDS
Enquiries:
Nick Harrison, CFO Amerisur Resources
| Tel: +44 (0)330 333 8246 | |
Billy Clegg/Georgia Edmonds | Tel: +44 (0)203 757 4980 | |
Camarco
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Callum Stewart/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 | |
Chris Sim/George Price | Tel: +44 (0)207 597 4000 | |
Investec | ||
Darrell Uden/Marcus Jackson RBC Capital Markets
| Tel: +44 (0)207 653 4000
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Notes to editors
Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay and production from the Platanillo field in southern Colombia. In 2016 Amerisur successfully built and is 100% owner of the strategic OBA oil transfer line into Ecuador.
In Colombia, the Company is operator and has a 100% working interest in the Platanillo block which includes the Platanillo field, which is currently producing circa 5,200 BOPD. The Company has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line. It has a diverse portfolio of longer term exploration assets.
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 31 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
www.amerisurresources.com