5 Nov 2009 07:00
5th November 2009
Amerisur Resources Plc
Colombia Drilling Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide the following update on the drilling of the Iguasa-1 well on the 100% owned Fenix block in Colombia.
9.5/8" casing was successfully run and cemented at 4,230 ft. Drilling has now passed 5,300 ft and is progressing satisfactorily towards the prognosed Lower Esmeraldas and Lisama sands to a final depth of approximately 6,500 ft. In the course of drilling the previous section of the well, hydrocarbon indications were encountered in various levels. These sands have now been logged and the data will be analysed over the next few weeks. Although those horizons remain secondary objectives in this well, some may eventually merit testing in their own right. In the current section of interest, where the well has been deviated to an angle of 45 degrees from the vertical, encouraging manifestations of oil and gas have been observed in the potential reservoir sands.
Iguasa-1 was spudded on 17th October and is expected to take approximately 30 days to drill and test.
John Wardle, CEO said:
"I am pleased with the efficient progress in what is a technically challenging well. The drilling team has managed the operation admirably to date, and the indications of oil and gas from the upper sands could deliver important potential. This basin has a history of production from quite shallow accumulations, so I look forward to the log analysis from those sections.
"Our work to deliver the primary objective of the well continues according to plan. The strong shows of oil and gas in this deeper section, together with the relatively high formation pressures we have encountered augur well for the prospects of the lower sands and I look forward to updating shareholders as more information becomes available."
Giles Clarke, Chairman said:
"I would like to congratulate John Wardle on the progress to date. Amerisur has a number of significant opportunities now to exploit in Iguasa-1 and we are still yet to reach the targeted reservoir sands. These early results are already encouraging."
Photographs of John Wardle, CEO, Giles Clarke, Chairman and Nick Harrison, CFO on site at the well location will shortly be available at www.amerisurresources.com.
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 24 years experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
ENQUIRIES:
| Billy Clegg/Caroline Stewart, Financial Dynamics | Tel: +44 (0)207 831 3113 |
| Jerry Keen/Lindsay Mair, Astaire Securities Plc | Tel: +44 (0)207 448 4492 |