AMER.L Regulatory News (AMER)

10 Jan 2008 07:00

Amerisur Resources PLC10 January 2008 10 January 2008 Amerisur Resources Plc ("the Company") Update re Platanillo 2 Amerisur Resources Plc, the oil and gas explorer and developer focused on SouthAmerica, is pleased to give the following update on operations in the Platanillocontract within Colombia. In the Platanillo-2 well the "B" limestone, "T" sandstone and "U" sandstonezones have been tested and all have produced crude oil. A short test was performed in the "B" limestone zone from 8,395ft to 8,402ftmeasured depth and produced crude oil at 21 to 32 degrees API with water cut of2% to 30% at rates up to 450 barrels flowed per day (BFPD) through a 32/64"choke. Given the encouraging result, the deeper "T" sandstone zone from 8,450ftto 8,455ft measured depth was tested. That test initially produced crude oil atup to 33.4 degrees API at rates up to 430 barrels of oil per day (BOPD) througha 22/64" choke, after which an increased water cut up to 70% was observed in theoil flow. The reasons for the increase are currently under review. Following these tests, both intervals were temporarily suspended to allow thelower "U" sandstone to be tested. The lower "U" sandstone was perforated from8,295ft to 8,298ft. The well was flowed at a controlled rate of approximately161 BOPD through a 16/64" choke before a pressure buildup period. The crude oilhas an API of approximately 32 degrees and zero water. The partners in the Platanillo Contract have presented a "Notice of Discovery"to the Agencia Nacional de Hidrocarburos (ANH) in relation to the hydrocarbonsdiscovered in the "B" limestone and the "T" sandstone. On the basis of thosediscoveries, and in accordance with the terms of the Exploration and ProductionContract, Ecopetrol S.A., as operator of the Platanillo Contract has applied toANH for the approval of an "Area of Evaluation" over the Platanillo structure. The Company holds a 25% working interest in this block through its subsidiary,Chaco Exploracion Colombia under the Platanillo Exploration and ProductionContract with the ANH. Repsol Exploracion Colombia S.A. holds 35% and EcopetrolS.A. (40%) is the operator. Dr. John Wardle, Amerisur's Chief Executive Officer commented: "The discovery of hydrocarbons in two additional zones in Platanillo-2 is agreat step forward for the Company, offering a significant opportunity forgreater reserves within the block. There is still a great deal to understandabout the Platanillo/Alea structure, and the evaluation programme will bedesigned to help us towards that understanding. "The structure is far more complex than previously anticipated. In addition, theunexpectedly high productivity from the "B" limestone has a tremendous impact onour prospects, since the limestone sections, of which there are several in theproductive interval, had not previously been considered significant reservoirs,and have now indicated significant porosity and permeability. The test in thelower "U" sandstone is a positive result, and we look forward to updatingshareholders on the long term testing of both Alea-1 and Platanillo-2. " Mr. Giles Clarke, Chairman commented: "The Board is very pleased with the further evidence of the attractiveness ofthe Platanillo block. We look forward to providing an update in due course." Ends 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 3113 Financial Dynamics Jerry Keen/Rhod Cruwys, Tel: +44 (0)20 7448 4400 Blue Oar Securities Plc This information is provided by RNS The company news service from the London Stock Exchange