17 Jun 2019 07:00
17 June 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Sol-1 Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), is pleased to provide an update on operations in Colombia.
CPO-5 (WI 30%): Exploration Drilling Update
Logging operations on the Sol-1 exploration well on Block CPO5 (AMER 30%) are now complete. The well was drilled to a final depth of 9,986ft. Following initial analysis, 26.5ft net oil pay in the LS3 and 10.5ft net oil pay in the LS1 sands of the Une formation were identified, based on logging and MDT samples. Short term testing operations are now underway and the company will provide a further update once this is concluded.
After testing operations are completed at Sol-1 the rig will move to drill the Indico-2 appraisal well.
John Wardle, CEO of Amerisur Resources said:
"We are pleased to report that Sol has encountered potential net oil pay. Although smaller than the oil column encountered by our previous discoveries it demonstrates the potential for further prospectivity across CPO-5".
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.
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 33 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
Ends
Enquiries:
Nathan Piper, Head of Business Development and Comms Amerisur Resources
| Tel: +44 (0)330 333 8273 |
Billy Clegg/Kimberley Taylor | Tel: +44 (0)203 757 4983 |
Camarco
| |
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
| Tel: +44 (0)207 614 5900
|
About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator with 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.