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9 Mar 2017 12:47
9 March 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Platanillo Operations Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update of operations in the Platanillo Field.
Following resolution of regional social issues, in particular the provisional agreement for the substitution of illegal crops between Putumayo communities and the Colombian National Government, the Company has successfully mobilised Serinco rig D10 to Pad 2N in the north of the Platanillo field, in order to drill well Platanillo-22.
The rig is now 100% mobilised and 85% rigged up. Subject to function tests it is expected to spud Platanillo-22 on 11 March. The well has a planned depth of 8,711 feet, and is targeting the U and T sands in a structural closure defined on 3D seismic as a potential continuation of the Platanillo Field. The well is expected to take approximately 30 days to drill and complete.
John Wardle, CEO said "I am very pleased that agreements between Government and local communities, in tandem with our own social management programmes, have removed barriers to the drilling on Pad 2N. Platanillo-22 is a step out well and as such carries more risk than wells drilled within the previously established field envelope. However, on success, this and subsequent wells will augment both reserves and production at Platanillo. The recent improvements in social conditions also augur well for our planned exploration in the N sand anomaly to the north of Pad 2N and Put-12. I look forward to updating the market on developments as they occur."
ENDS
Enquiries:
Nick Harrison, CFO Amerisur Resources
| Tel: +44 (0)330 333 8246 | |
Billy Clegg/Georgia Edmonds | Tel: +44 (0)203 757 4980 | |
Camarco
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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/Marcus Jackson RBC Capital Markets
| Tel: +44 (0)207 653 4000
| |
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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 4,200 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. A 40% working interest in contract Put-9, acquired from Talisman Colombia is currently awaiting approval by ANH. 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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