3 Oct 2018 07:00
3 October 2018
Amerisur Resources Plc ("Amerisur" or the "Company")
T sand flows at a choked rate of 590 bopd at Pintadillo-1 discovery well
Amerisur Resources Plc, the oil producer and explorer focused on South America, is pleased to announce the T sand interval at the Pintadillo-1 discovery has flow tested under natural flow at 590 bopd of 30.4 degrees API oil under choke of 18/64" with strong wellhead pressure of 110psi. The water cut is less than 1% and is decreasing. An interval of 9 feet was perforated within the 15 feet of net pay identified in the T sand. Oil produced is being evacuated through the OBA pipeline with a consequent increase in the Company's production.
In line with Company standard practice the well will be observed at these stable parameters for at least a further three days, after which a downhole pump may be run to provide some lift to the well to optimise flow parameters.
The company plans to re-map the T and U sand targets across this part of block to evaluate the size of the discovery and will make a decision as to future drilling options from the Pintadillo pad thereafter.
Currently no T-sand or U-sand reserves are attributed to this part of the block. Once a production history is established management expects reserves to be attributed.
John Wardle, CEO of Amerisur said:
"This is an exciting and very positive result from Pintadillo-1, ahead of what we had expected. Indeed, at current choked production levels, the well will pay back in under a year. The strong natural flow from the well, together with a different oil-water contact indicates a separate structure compared to the T-sand production in the southern part of the block, which further diversifies our production base.
"There are currently no reserves of any class booked for the U and T-sands in this area of the block. We will now work to evaluate the size of the discovery while continuing to produce the well, which is being commercialised via our normal OBA route. Once that evaluation is complete we will make a decision as to options for drilling further wells from this Pintadillo pad with the objective of developing the U and T-sand discoveries."
ENDS
Enquiries:
| Nick Harrison, CFO Amerisur Resources Plc | Tel: +44 (0)330 333 8246 | ||
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| Billy Clegg / Georgia Edmonds / Kimberley Taylor | Tel: +44 (0)203 757 4980 | ||
| Camarco | |||
| Callum Stewart / Nicholas Rhodes / Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 | ||
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| Chris Sim / Alexander Ruffman | Tel: +44 (0)207 597 4000 | ||
| Investec | |||
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| Paul Shackleton / Dan Gee-Summons Arden Partners plc | Tel: +44 (0)20 7614 5900 | ||
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Glossary
"API"
| A specific gravity scale developed by the American Petroleum Institute for measuring the relative density of various petroleum liquids, expressed in degrees.
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"bopd" | Barrels of oil per day.
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"psi" | Pounds per square inch, a unit of fluid pressure |
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 two fields in 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 producing field in the Putumayo basin, and holds a 30% non-operated working interest in the CPO-5 block containing the Mariposa-1 producing field in the Llanos basin.
Amerisur has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line.
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.
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