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14 May 2019 07:00
14 May 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Pre AGM Operations Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on operations in Colombia ahead of its annual general meeting today.Ā
Highlights
Ā· Production now 6,500 bopd - FY19 guidance maintained at 5,000 - 6,000 bopd
Ā· Successful workover campaign at Platanillo
Ā· First third-party oil received
Platanillo (WI 100%): Infill Drilling and Workover Campaign
The company recently spud the Platanillo-26 infill well targeting a potentially undrained area of the Platanillo field identified on seismic. The well is drilling ahead at 7,800ft with a target depth of 9,350ft.
Production optimisation at Platanillo continues with workovers completed at Platanillo-2 and Platanillo-7, where a second selective completion was installed in both wells to allow the U and T sands to be produced simultaneously. The next phase of the production optimisation plan is to re-enter Platanillo-22 to perform a sidetrack and increase the productive potential of the well.
CPO-5 (WI 30%): Sol Spud
The Sol-1 exploration well was spud on 11 May 2019. The planned target depth is 10,005ft, targeting the Mirador and Lower Sand formations.
Production Update: Current Production now 6,500 bopd
Production to the end of April averaged 5,019 bopd, with Platanillo averaging 3,271 bopd. Current group working interest production is now around 6,500 bopd following the successful workover campaign at Platanillo and stable production from CPO-5. FY19 production guidance of 5,000 - 6,000 bopd is maintained and does not include any contribution from exploration drilling.
OBA Pipeline
Further to the Company's announcement dated 7 May 2019, the first batch of third-party volumes has been received at Platanillo as part of the initial contract, with discussions continuing to increase toward the previously stated 2,000 bopd through H2/19.
John Wardle, CEO of Amerisur, said:
"We have achieved considerable success through our ongoing Platanillo workover campaign with production now over 4,000 bopd from the field. There is the potential to enhance this further with ongoing infill drilling and subsequent sidetrack. Exploration and Production continues apace on CPO-5".
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The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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Ends
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Enquiries:
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Nathan Piper, EVP, Head of Business Development and Comms Amerisur Resources Ā | Tel: +44 (0)330 333 8273 |
Billy Clegg/Kimberley Taylor | Tel: +44 (0)203 757 4983 |
Camarco Ā | |
Callum Stewart/Nicholas Rhodes/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 |
Chris Sim/Tejas Padalkar | Tel: +44 (0)207 597 4000 |
Investec | |
Paul Shackleton/Dan Gee-Summons Arden Partners Plc Ā | Tel: +44 (0)207 614 5900 Ā |
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About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator withĀ an extensive, strategic acreage position in the underexplored Putumayo Basin with Occidental Petroleum ("Oxy") and a the prospective Block CPO-5 in the Llanos Basin with ONGC. Amerisur is the 100% owner and operator of the OBA pipeline, a key piece of strategic, cross-border export infrastructure delivering oil from the Putumayo in Colombia into Ecuador. Amerisur produces from three fields, Platanillo, Mariposa and Indico that together generate cash flow to fund its work programme.
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