Sign In
10 Sep 2009 08:30
ļ»æ
10Ā September 2009
Amerisur Resources plc ("the Company")
Update reĀ Iguasa-1
Amerisur Resources plc, the oil and gas producer and explorer focused onĀ South America, is pleased to report an updateĀ of the preparations for the drilling of the first exploration well in the Fenix block, Iguasa-1.
TheĀ construction of the surface location began onĀ 3rdĀ August 2009. This work involves the cuttingĀ and levelingĀ of a small hill and filling of surrounding slopes to create the area necessary for the drilling rig and eventual production facilities.Ā Completion and acceptance of the surface locationĀ and access roadsĀ is now expected by 20thĀ September 2009.
The Company isĀ pleased to report that Amerisur Exploration Colombia has signed a Letter of Intent with PetrexĀ S.A. SucursalĀ ColombiaĀ for the use of the PTX-22Ā drillingĀ rig on Iguasa-1. It is expected that the Drilling Daywork contract will be signed by 11thĀ September.Ā Petrex is a subsidiary company of Saipem, which itself is a subsidiary of the global E&P company ENI of Italy. Petrex has extensive experience of drilling operations inĀ Colombia. The PTX-22 is a very well specified drilling rig, withĀ aĀ 1700 HorseĀ PowerĀ draw works,Ā high hydraulic capacityĀ and modernĀ 700 Horse Power Top DriveĀ systemĀ and is expected to facilitate the safe and rapid drilling of the Iguasa-1 well.
The Company is also pleased to report that WeatherfordĀ (Colombia)Ā Ltd, an international Drilling Services contractor has been contracted to provide the bulk of drilling services and equipment, under an integrated services contract.
It isĀ expected that Iguasa-1 willĀ be spuddedĀ during the first week of October 2009. The well is expected to take approximately 30 days to drill and log.
MrĀ Giles Clarke, Chairman of Amerisur, said:
"The executive team has been diligent in the preparation of Iguasa-1. It is a block in which we hold a 100% interest and we look forward to updating shareholders on the results of the drilling."Ā Ā
Dr John Wardle, Chief Executive Officer of Amerisur, said:
"I am very pleased that we have assembled a world class team of contractors to work with us on drilling Iguasa-1. The modern equipment provided by both these companies will help us achieve our objectives within budget. In particular, the rig facilities offered by PTX-22 and the state of the art Logging While Drilling tools of Weatherford will be key in getting the most out of Iguasa-1."
ENQUIRIES:
|
Billy Clegg/Caroline Stewart,Ā Financial Dynamics Ā |
Tel: +44 (0)207Ā 831 3113 |
|
Jerry Keen/Lindsay Mair, Astaire Securities Plc |
Tel: +44 (0)207Ā 448 4492 |
Follow the stocks
