AMER.L Regulatory News (AMER)

22 Aug 2007 07:01

Amerisur Resources PLC22 August 2007 22nd August 2007 Amerisur Resources PLC Trading Update Amerisur Resources Plc ("Amerisur"), the oil and gas explorer and developerfocused on South America stated at the recent AGM that an announcement would bemade once 3D acquisition was completed in the Fenix block. As a consequence ofgood progress, Amerisur is pleased to provide the following trading update. Platanillo The civil works are complete for Platanillo-1 and the operator Ecopetrol hasauthorised the mobilisation of the Pride-17 drilling rig to the well location.The rig mobilisation is scheduled to take approximately three weeks and Amerisurexpects the well to spud during the first half of September 2007, followed bytesting and results in October 2007. The Platanillo-2 well will be drilled "back-to-back" with Platanillo-1, usingthe same rig. The location of the well will depend on the results obtained inPlatanillo-1. Subject to the possibility of additional civil works, it isexpected Platanillo-2 will be spudded during October 2007. Amerisur expects the workover rig Pride-6 will be mobilised to the Alea-1location during the first half of September 2007. Alea is an existingdiscovery, made in 1988, when the well flowed at rates of up to 533 barrels perday. It is anticipated that re-entry operations will commence during the secondhalf of September, followed by testing and results in October 2007. Negotiations continue with respect to the acquisition of an increased workinginterest in the Platanillo contract. Any such change in participation would besubject to approval by ANH. Current working interests in this block are: Ecopetrol S.A. (Operator) 40%Repsol YPF 35%Amerisur Resources Plc 25% Fenix A 103 km^2 3-D seismic survey on the Fenix block in the Middle Magdalena basinhas been completed, 20 days ahead of schedule. The programme, which covered anumber of leads identified by analysis of 2D seismic data, employed a workforceof over 500 people, and included the detonation of 2,880 shots and the laying of270km of geophone lines. The acquired data will be processed during September 2007 ahead ofinterpretation work. Amerisur expects interpretation to be completed andpotential drilling locations identified during the course of Q1 2008. Working interests in the block (after approval by ANH and earn-in commitments)will be: Fenix Oil and Gas SA (Operator) 35.00%Amerisur Resources PLC 48.75%Colombian Associates 16.25% Paraguay: Amerisur is currently reviewing its options with regard to a 2D seismic surveyin Paraguay, together with the application of other surface geophysical &geochemical techniques. It is expected the 2008 work programme in Paraguay willbe confirmed during November 2007. Dr John Wardle, Amerisur's Chief Executive Officer commented: "Amerisur's drilling and re-entry programme at Platanillo is progressingaccording to schedule with results expected from all three wells over the comingmonths. Platanillo is an advanced project with near term production potentialand we look forward to the commencement of rig operations next month. Inaddition, following successful completion of a 3D seismic survey at Fenix, webelieve that modern interpretation techniques materially enhance the likelihoodof drilling success on this block." Competent person: Technical information in this announcement has been reviewedby John Wardle Ph.D., the Company's Chief Executive. John Wardle has 23 yearsexperience in the industry, having worked for BP, Britoil, Emerald Energy andPebercan, and is a trained drilling engineer. ENQUIRIES: Billy Clegg/Caroline Stewart, Tel: +44 (0)207 831 3113Financial Dynamics Jerry Keen/Rhod Cruwys/David Seal, Tel: +44 (0)20 7448 4400Blue Oar Securities Plc This information is provided by RNS The company news service from the London Stock Exchange