6 Mar 2019 07:00
6 March 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Reserves Update
1P reserves up 27.8% and 2P reserves up 23.6%
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on the certified reserves for its production assets in Colombia.
Following receipt of an independent reserves report for the Platanillo and Mecaya fields undertaken by Petrotech Engineering Ltd, and the CPO-5 block undertaken by McDaniel and Associates Consultants Ltd as at 31 December 2018, using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) working interest field reserves were 17.82 million barrels of oil ("MMBO") (2017: 13.94 MMBO) and 2P (Proven and Probable) working interest reserves were 25.59 MMBO (2017: 20.70 MMBO). Total production from the Platanillo field during 2018 was 1.61 MMBO and total production from the CPO-5 block, (Mariposa and Indico fields) at 31 December 2018 was 1.15 MMBO.
This represents an increase of 27.83% in 1P and 23.62% in 2P reserves over year end 2017, and is due to the drilling success in the CPO-5 block previously reported.
Reserves
Reserves Oil & Liquids Amerisur Net Working Interest (MMBO) | |||
BLOCKS (Amerisur working interest) | Proved (1P) | Proved & Probable (2P) | Proved, Probable & Possible (3P) |
Platanillo (100%) | 11.55 | 17.51 | 20.17 |
CPO-5 (30%) | 6.00 | 7.69 | 11.28 |
Mecaya (50%) | 0.27 | 0.39 | 0.45 |
Total
| 17.82 | 25.59 | 31.90 |
Source: Petrotech Engineering LTD., Reserves Audit at 31 Dec 2018; McDaniel and Associates Consultants Ltd., Reserves Audit at 31 Dec 2018
John Wardle, CEO of Amerisur Resources said:
"The drilling success at Indico-1, together with the strong production behaviour observed at Mariposa-1 through the year have delivered a material increase in the Company's reserve base. We look forward to further production and reserves increases as our exciting, fully funded drilling programme develops during the year."
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 32 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
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
| |
Callum Stewart/Nicholas Rhodes/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 |
Chris Sim/Alex Ruffman/Tejas Padalkar | Tel: +44 (0)207 597 4000 |
Investec | |
Paul Shackleton/Dan Gee-Summons Arden Partners Plc
| Tel: +44 (0)207 614 5900
|
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.
About McDaniel & Associates Consultants Ltd
McDaniel & Associates Consultants Ltd., is one of the world's leading petroleum consulting firms specializing in reserves evaluations, resource assessments, geological studies and A&D advisory services. It was established by Mr. Rod McDaniel in 1955 as an independent Canadian consulting firm and has been providing oil and gas reserves evaluation services to the world's petroleum industry for over 60 years. They have internationally recognized expertise in reserves evaluations, resource assessments, geological studies, and acquisition and disposition advisory services.
Glossary
"MMbl"
| Million barrels |
"MMBO" | million barrels of oil
|
"MMBOE" | million barrels of oil equivalent
|
"MMscf" | million standard cubic feet
|
"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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