23 Mar 2017 08:13
23 March 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Reserves & Resources Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), is pleased to announce an update to the certified reserves and resources for its production assets in Colombia.
Following receipt of an independent reserves report for the Platanillo field as at 31 December 2016 undertaken by Petrotech Engineering Ltd, using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) gross field reserves were 15.11 million barrels of oil ("MMBO") (2015: 15.20 MMBO) after production of 1.13 MMBO during the period and 2P (Proven and Probable) gross field reserves were 24.47 MMBO (2015: 23.70 MMBO).
After production, current 1P reserves represent an increase of approximately 1MMBO from year end 2015. This technical increase of the Expected Ultimate Recovery ("EUR") (a forward-looking model which assumes a decline factor and projects the volume of oil which will ultimately be recovered from each well) takes account of the successful infill wells and optimisation work undertaken during the year, together with the cost savings generated by the operation of the OBA transfer system. During the period there were no reserve additions from the drilling of new wells outside the current established limits of the Platanillo field. The Company is currently drilling Platanillo-22, which has reached 5,651ft, where 9.5/8" casing has been successfully set and cemented. Should this well encounter commercial oil in the Pad 2N structure, further reserves will be added to the field.
Reserves
Gross field | |||
Proved (1P) | Proved & Probable (2P) | Proved, Probable & Possible (3P) | |
Oil & Liquids reserves (MMbo) | 15.11 | 24.47 | 30.71 |
Total (MMbo) | 15.11 | 24.47 | 30.71 |
Source: [Petrotech Engineering LTD., Reserves Audit @ 31 Dec 2016]
Resources
Net attributable | |||
Low Estimate | Best Estimate | High Estimate | |
Oil & Liquids Prospective Resources (MMbo) - Audited* | 186.55 | 631.32 | 1,643.72 |
Oil & Liquids Prospective Resources (MMbo) - Non Audited** | 108.64 | 502.31 | 2,622.48 |
Total (MMbo) | 295.19 | 1,133.63 | 4,266.20 |
Audited*: Platanillo, CPO-5, Fenix-Coati, Put-8, Andaquies, Put-12, Tacacho.
Non Audited**: Platanillo (N Sand), Coati (Temblón U Sand), Put-30.
These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 31 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
Petrotech Engineering Ltd is an independent oil and gas reserve evaluation firm.
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.
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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About Petrotech Engineering Ltd
Petrotech Engineering Ltd. is an independent oil and gas reserve evaluation firm located in Burnaby, British Columbia, Canada. John Yu is a professional Petroleum Engineer with over 40 years of experience in Domestic and International Oil and Gas. He attended the University of Alberta and graduated with a Bachelor of Science in Metallurgical Engineering in 1974. He is a registered Professional Engineer in the Province of British Columbia. Since May of 1981 he has been a Petroleum Engineering Consultant and President of Petrotech Engineering Ltd. of Burnaby, B. C.
Glossary
"EUR" | those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from an accumulation, plus those quantities already produced therefrom.
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"MMBO" | million barrels of oil
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"MMBOE" | million barrels of oil equivalent
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"MMscf" | million standard cubic feet
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"Proven Reserves" or "1P" | those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.
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"Proven + Probable Reserves" or "2P" | those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.
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"Proven + Probable + Possible Reserves" or "3P" | those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Probable Reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves.
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"Contingent Resources" | those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies.
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"Low Estimate Contingent Resources" or "1C"
| the estimate of Contingent Resources, with a 90% probability that the estimated potentially recoverable quantity will equal or exceed the estimated quantity
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"Best Estimate Contingent Resources" or "2C"
| the estimate of Contingent Resources, with a 50% probability that the estimated potentially recoverable quantity will equal or exceed the estimated quantity
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"High Estimate Contingent Resources" or "3C"
| the estimate of Contingent Resources, with a 10% probability that the estimated potentially recoverable quantity will equal or exceed the estimated quantity
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