20 Mar 2019 07:00
20 March 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Exercise of Right of First Refusal Put-8
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on corporate activities in Colombia.
Following notification by Vetra Exploración y Producción Colombia SAS of the proposed sale of its 50% working interest in block Put-8, Amerisur is pleased to report that it has exercised its right of first refusal to acquire that working interest, as per the terms set forth in the existing Joint Operating Agreement between Amerisur and Vetra.
Following approval by the Colombian National Hydrocarbons Agency (ANH) the Company will hold 100% working interest and operatorship in Put-8.
The consideration for the acquisition is USD $19.1 million which will be met from internal resources.
John Wardle, CEO of Amerisur Resources said:
"Put-8, strategically located between oil fields has been a prime part of our Putumayo portfolio since we acquired a 50% working interest by way of the Platino acquisition. The opportunity to increase our working interest and acquire operatorship was very attractive to us, consolidating even further our position around the OBA pipeline and bringing more operational flexibility. In the interim, while awaiting approval by ANH, preparations for the exciting drilling programme in the block will continue."
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 32 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Ends
Enquiries:
Nick Harrison, CFO Amerisur Resources
| Tel: +44 (0)330 333 8246 |
Billy Clegg/Georgia Edmonds | Tel: +44 (0)203 757 4980 |
Camarco
| |
Callum Stewart/Nicholas Rhodes/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 |
Chris Sim/Alex Ruffman/Tejas Padalkar | Tel: +44 (0)207 597 4000 |
Investec | |
Paul Shackleton/Dan Gee-Summons Arden Partners Plc
| Tel: +44 (0)207 614 5900
|
About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator with an extensive, strategic acreage position in the underexplored Putumayo with Occidental Petroleum ("Oxy") and a strategic acreage position in Llanos in CPO-5 with ONGC. Amerisur is the 100% owner and operator of the OBA pipeline, a key piece of strategic, cross-border export infrastructure delivering oil from the Putumayo in Colombia into Ecuador. Amerisur produces from three fields, Platanillo in the Putumayo which generates cash flow to fund its work programme, Mariposa-1 and Indico-1 in the Llanos basin. Amerisur has recently announced a potentially transformational result at Indico-1, which significantly exceeded expectations - 283 feet gross, 209 feet net oil column without an oil-water-contact.