30 Nov 2012 07:00
30 November 2012
Amerisur Resources Plc ("Amerisur" or the "Company")
Fenix Block Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on activities in the Fenix block, Colombia.
Amerisur has begun the acquisition of a 59.42km 2D seismic survey in the southern part of the Fenix block, adjoining the Bonanza field which is owned and operated by ECOPETROL SA. The cost of the survey will be approximately US$2.2MM and satisfies the exploration commitment of Phase 4 of the contract.
The seismic survey is aimed at defining two leads mapped on existing data which are of a similar style to the Bonanza structure. It is expected to complete the acquisition by end of December and processed results should be available in 1Q 2013.
The Board of Amerisur has decided not to complete the farm out process previously announced, and maintain a 100% working interest in the Fenix block. As a result, all the prior discussions with PetroGranada regarding Fenix are now terminated.
Giles Clarke, Chairman, commented: "The Fenix block is an exciting prospect in our portfolio and the Board believes the results of the new seismic data will support our confidence in the potential of the block. The full ownership of this asset will allow us to maximise value to shareholders at an early stage of the development of this asset. Thanks to our outstanding success at Platanillo we have ample cashflow to fully fund the necessary exploration and appraisal activities in Fenix."
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:
Billy Clegg/Caroline Stewart, FTI Consulting | Tel: +44 (0)207 831 3113
| ||
| Tel: +44 (0)207 653 4000 |