12 Apr 2010 07:00
12th April 2010
Amerisur Resources Plc ("Amerisur" or the "Company")
Operations Update Isabel-1
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide the following update on operations in the Fenix Block, Colombia, further to that provided on 22nd March.
The 8.1/2" deviated section of Isabel-1 has been drilled to 1854 ft, with a final inclination of 44 degrees. Following logging, which indicated a total apparent thickness of 144ft of sandstones with oil saturation, the 7" casing was run and successfully cemented.
Drill Stem Tests were performed in two zones:
DST#1 was performed over the interval 1121 to 1164 ft. This zone was identified from logs as having high hydrocarbon saturation but relatively poor reservoir characteristics. The zone flowed oil but could not be flowed consistently to surface. However a downhole sample of fluid returned dry oil (0%BS&W) at 34.5 degrees API. This section was subsequently isolated and remains a valid candidate for stimulation at a later date.
DST#2 was performed over the interval 960 to 1040ft. The interval produced light oil to surface under natural flow (32.5 degrees API) through various choke sizes at rates from approximately 150 to 350 BOPD. The well has now been completed as a producer and the Company will apply in the next few days to the Ministry of Mines and Energy for authorisation to begin a Long Term Test (LTT) of this interval.
The Company and its contractors have now sourced the required equipment to re-enter and stimulate the Iguasa-1 well deep section. It is expected that this work will be performed during April.
John Wardle, CEO said:
"This is a very good result from Isabel-1, which significantly de-risks the shallow prospect we have mapped within the block. This shallow play, coupled with the deep zone we identified in the Iguasa-1 well represents an important opportunity for the Company to build reserves and production levels."
Giles Clarke, Chairman commented:
"Once the LTT begins, Isabel-1 will be the third production well for the Company. We are very pleased with the progress being made."
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 25 years experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
ENQUIRIES:
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Billy Clegg/Caroline Stewart, Financial Dynamics
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Tel: +44 (0)207 831 3113
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| Jerry Keen/Lindsay Mair, Astaire Securities Plc | Tel: +44 (0)207 448 4492 |
Notes to editors
The Fenix Contract is an Exploration and Production Contract held with the Agencia Nacional de Hidrocarburos of Colombia. The block is located in the Middle Magdalena Valley area of Colombia and covers 24,116 hectares. Nearby oil fields include Bonanza, Provincia and Payoa. The Company holds 100% of the block through its subsidiary companies. Amerisur´s first exploration well on the block, Iguasa-1 was drilled during October and November 2009. The contract is currently in the third exploration phase of 14 months which terminates on 21st April 2011. The exploration commitment for 2011 will be satisfied by the drilling of Isabel-1. The fourth phase of the Fenix Exploration Period has a duration of 14 months and the exploration commitment is the acquisition and processing of 50km of 2D seismic data and geological studies.