AMER.L Regulatory News (AMER)

7 May 2014

Amerisur Resources Plc

Platanillo Contract Update

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on Latin America (LSE: AMER), is pleased to report an update on the Platanillo Exploration and Production ("E&P") contract in Colombia.

Amerisur has been notified that the Agencia Nacional de Hidrocarburos ("ANH"), the governing body of hydrocarbon exploration and production in Colombia, has approved a request by the Company to increase the commercial area of the Platanillo field. This further extension of the southern part of the field will extend the current contract essentially to the national frontier with the Republic of Ecuador and is made without associated drilling obligations or payments.

The Company expects to sign the required annexe to the Platanillo E&P contract within the next weeks, and is currently designing the wells which will be drilled to drain the additional field area awarded. 

 John Wardle, Chief Executive Officer, commented:

"I welcome the ANH approval to expand our contractual rights to the national boundary, which creates additional drilling targets of low risk oil located between our current production in Pad 9S and the Victor Hugo Ruales field in Ecuador. We estimate that this additional area will require 3 or more wells to fully develop, and management estimates between 3.9 and 5.0 Million barrels of oil in new reserve potential.

This is a very favourable opportunity which further underlines the ultimate potential of the field while giving us access to significant additional oil volumes to bring through our established Pad 9S facilities and eventually into our Ecuador Interconnector."

ENDS

Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 28 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.

ENQUIRIES: