26 Jul 2012 07:00
26 July 2012
Amerisur Resources Plc ("Amerisur" or the "Company")
Fenix Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on the Fenix contract.
The Company has entered into a Memorandum of Understanding (MOU) with PetroGranada, a private oil and gas exploration and production company focused on Colombia and Latin America. PetroGranada's British Management team has over 20 years of E&P experience in Colombia and is backed by the private equity arm of a major banking group. The MOU allows an exclusive period of two months for PetroGranada to complete technical and other Due Diligence into the Fenix contract prior to entering into definitive agreements covering an earned interest in the Fenix contract.
The Definitive Agreements, if entered into post the Due Diligence period, will require PetroGranada to fund certain operations in the Fenix block, including 2D seismic acquisition and the drilling of various types of high technology wells to confirm and exploit the block potential.
ENDS
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 27 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
ENQUIRIES:
Billy Clegg/Latika Shah, FTI Consulting | Tel: +44 (0)207 831 3113
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