31 Oct 2018 12:30
31 October 2018
Amerisur Resources Plc ("Amerisur" or "the Company")
Indico-1 Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce that the rig mast has been raised at Indico-1, on the CPO-5 block ahead of spudding. The spudding of Indico-1 using rig E-2029 is expected shortly. Amerisur holds a 30% non-operated interest in the well, which is 70%-owned and operated by ONGC Videsh Ltd ("the Operator"). Photographs of the rig mast can be found on the Company's Twitter page @AmerisurResourc.
Indico-1 is targeting the same play as the successful Mariposa-1 well but is further up-dip in a larger structure. The Operator estimates a gross P50 recoverable resource at Indico-1 of 10.3 MMBO. CPO-5 is located to the south of the prolific Llanos 34 block and to the east of the Corcel fields and includes the producing Mariposa-1 well.
A further announcement will be made on completion of drilling operations.
ENDS
Enquiries:
Nick Harrison, CFO Amerisur Resources
| Tel: +44 (0)330 333 8246 |
Billy Clegg / Georgia Edmonds / Kimberley Taylor Camarco
| Tel: +44 (0)203 757 4980 |
Callum Stewart / Nicholas Rhodes / Ashton Clanfield Stifel Nicolaus Europe Limited
| Tel: +44 (0)20 7710 7600 |
Chris Sim / Alexander Ruffman Investec
| Tel: +44 (0)207 597 4000 |
Paul Shackleton / Dan Gee-Summons Arden Partners plc | Tel: +44 (0)20 7614 5900 |
Notes to editors
Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay and production from two fields in Colombia. In 2016 Amerisur successfully built and is 100% owner of the strategic OBA oil transfer line into Ecuador.
In Colombia, the Company is operator and has a 100% working interest in the Platanillo block which includes the Platanillo producing field in the Putumayo basin, and holds a 30% non-operated working interest in the CPO-5 block containing the Mariposa-1 producing field in the Llanos basin.
Amerisur has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
www.amerisurresources.com
These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).
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.
Glossary
mmbo | million barrels of oil
|
P50 | The probability that a stated volume will be equalled or exceeded. In this case, a 50% chance that the actual volume will be greater or equal to the volume stated |