10 Sep 2009 08:30
10 September 2009
Amerisur Resources plc ("the Company")
Update re Iguasa-1
Amerisur Resources plc, the oil and gas producer and explorer focused on South America, is pleased to report an update of the preparations for the drilling of the first exploration well in the Fenix block, Iguasa-1.
The construction of the surface location began on 3rd August 2009. This work involves the cutting and leveling of a small hill and filling of surrounding slopes to create the area necessary for the drilling rig and eventual production facilities. Completion and acceptance of the surface location and access roads is now expected by 20th September 2009.
The Company is pleased to report that Amerisur Exploration Colombia has signed a Letter of Intent with Petrex S.A. Sucursal Colombia for the use of the PTX-22 drilling rig on Iguasa-1. It is expected that the Drilling Daywork contract will be signed by 11th September. 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 in Colombia. The PTX-22 is a very well specified drilling rig, with a 1700 Horse Power draw works, high hydraulic capacity and modern 700 Horse Power Top Drive system and is expected to facilitate the safe and rapid drilling of the Iguasa-1 well.
The Company is also pleased to report that Weatherford (Colombia) Ltd, an international Drilling Services contractor has been contracted to provide the bulk of drilling services and equipment, under an integrated services contract.
It is expected that Iguasa-1 will be spudded during the first week of October 2009. The well is expected to take approximately 30 days to drill and log.
Mr 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."
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, Financial Dynamics
| Tel: +44 (0)207 831 3113 |
| Jerry Keen/Lindsay Mair, Astaire Securities Plc | Tel: +44 (0)207 448 4492 |