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3 Oct 2016 07:00
3 October 2016
Amerisur Resources Plc
OBA Pipeline Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, is pleased to provide an update on its wholly owned OBA interconnector pipeline between Colombia and Ecuador. Construction is complete and all necessary instrumentation testing has been successfully completed. The full documentation of the line systems, together with the successful testing results have been delivered to SHE / ARCH, the regulatory bodies of Ecuador. As soon as ARCH issues the decree to begin operations pumping will begin at an initial rate of 1,500 BOPD.
Cash opex costs per barrel are expected to reduce from approximately $26 to under $15. In addition to the cost savings, Amerisur OBA and SOTE (Ecuadorian pipeline to the coast) exported crude will receive Oriente plus a quality compensation factor, which has historically approximated to WTI pricing. Current trucked production is sold as South Blend, which is at a discount to WTI.
The Company will provide a further update once oil exports commence.
Ends
Enquiries:
Billy Clegg/Georgia Mann | Tel: +44 (0)203 757 4980 |
Camarco
| |
Callum Stewart/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 |
Chris Sim/George Price | Tel: +44 (0)207 597 4000 |
Investec | |
Darrell Uden | Tel: +44 (0)207 653 4000 |
RBC Capital Markets |
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 the Platanillo field in southern 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 field, which is currently producing circa 4,500 BOPD. The Company has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line including the Platanillo block, Put-8, Put-12 and Coati. It has a diverse portfolio of longer term exploration assets.
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
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