29 Oct 2013 07:00
29 October 2013
Amerisur Resources Plc ("Amerisur" or the "Company")
Platanillo-14 Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on the well Platanillo-14 in the Platanillo Field, Colombia, the 9th new well (plus 3 successful sidetracks) of the current drilling campaign.
The well has been successfully drilled, on time and under budget to a total depth of 9,333ft MD, achieving an offset of 3,646ft to the south west of Platform 9S. The reservoir section was logged and initial log analysis indicates the presence of 77ft gross, 30ft net oil column in the U sand formation, using Logging While Drilling (LWD) tools, in line with the pre-drill prognosis. LWD systems, while offering significant operational advantages are prone to underestimating oil pay, due to a lower penetration of the signal compared with wire line conveyed tools. The Company therefore considers this analysis to be very conservative. As predicted by Amerisur's seismic attributes model, the N sand was not well developed at this position.
The Company is in the process of completing the well for commercial production and has run and cemented the 7" production casing. Initial well testing is expected to begin in the next few days.
Following testing, completion and placing on production of Platanillo-14 the Serinco Rig D-10 will be rigged down and transported to the Platform 3N, where civil works are well advanced, to drill Platanillo-7, located approximately 6.3 km north of Platform 9S and 1.6 km north of the Platanillo-1 sidetrack well. The objective of Platanillo-7 is to test the strong culmination of the Platanillo field seen on the 3D/3C seismic data. Should that well be successful as a commercial producer, two further wells will then be directionally drilled north and south to provide an initial 3 well production area.
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:
Ben Brewerton/Natalia Erikssen | Tel: +44 (0)207 831 3113 |
FTI Consulting | |
Martin Eales/Pierre Schreuder | Tel: +44 (0)207 653 4000 |
RBC Capital Markets | |
Chris Sim / Ben Colegrave | |
Investec | Tel: +44 (0)207 597 4000 |