16 Nov 2009 07:00
16th November 2009
Amerisur Resources Plc
Drilling Update Colombia
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 in the 100% owned Fenix block in Colombia.
Iguasa-1 has reached its final planned depth (Total Depth or TD) at 6,220 ft measured depth, 5,834ft true vertical depth. The well was deviated to a maximum angle of 46 degrees from the vertical. TD was reached in Cretaceous formations. Given the design of the well, the application of Logging While Drilling systems had been planned, and those logs were acquired successfully. Throughout the drilling of this section, strong manifestations of oil and gas were observed and these have now been correlated in the main with potential reservoir sands identified in the logs. The resistivity data suggest that those zones may also have sufficient oil saturations to produce hydrocarbons. The Company therefore decided to run and cement a 7" liner in order to allow preliminary testing of up to 5 horizons identified from logs. That liner is now in place and rig up for testing operations is ongoing.
Iguasa-1 was spudded on 17th October and testing of the first interval is expected to take approximately 12 days, followed by analysis of the test results.
John Wardle, CEO said:
"This is excellent news. Setting and cementing this liner is an important step which will allow us to begin what promises to be an extensive and exciting testing programme."
Giles Clarke, Chairman said:
"This is clearly a very significant development for the company. With 100% of the asset, there is very meaningful potential value to be generated from a commercially viable discovery. We look forward to updating shareholders following the testing."
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 |