30 Mar 2017 10:35
30 March 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Platanillo-22 Update
Positive result extends Platanillo Field
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on operations in the Platanillo field in Colombia.
Platanillo-22 was drilled to total depth of 8,720ft, under time and budget.
Initial Logging While Drilling measurements indicate, on a conservative basis, the following oil pay zones in this well, a northern step out from the Platanillo field and the first well drilled from Pad 2N.
· N sand - 7ft net oil saturated pay
· Upper U Sand - 10ft net oil saturated pay
· Lower U Sand - 33ft net oil saturated pay
In addition, shows of oil and gas were detected in the M2 sand, a known reservoir in legacy wells drilled to the north and west of the Platanillo field, where Amerisur (subject to Agencia Nacional de Hidrocarburos approval) has operated acreage subsequent to the recently reported transaction with Pacific Exploration and Production. T sand logs from the well are currently being analysed.
The well will now be completed for production testing and commercial production. Oil volumes will initially be trucked to the south Platanillo pads for subsequent export via OBA and other point of sale options.
OBA transport volumes continue to increase, with a new daily peak of 4,610 BO transported on 29th March.
John Wardle, Chief Executive Officer of Amerisur, commented:
"The log data interpretation, together with oil and gas shows during drilling give us great confidence that Pad 2N will become an important new production centre for, and an extension of, the Platanillo field. As previously reported, this well carried greater risk since it stepped outside the traditional envelope of the Platanillo field. However, with these positive indications, I believe we will drill at least two further wells from this location, which will both support production and increase reserves in the greater Platanillo area.
"The N sand result is also important, since the 40ft gross column we have logged in that horizon, in a zone where we had calculated only limited development of the N sand in our geophysical model. This augurs well for the degree of sand development and oil saturation to the north. The oil-bearing nature and reservoir quality of that sand is again reiterated by the data captured in Platanillo-22. The M2 sand reservoir potential to the north is also supported by the results of Platanillo-22. We have undoubtedly added significantly to our understanding of our acreage through the drilling of this well."
"I look forward to updating the market on testing results and the plans for drilling the next wells from Pad 2N."
Giles Clarke, Chairman of Amerisur said:
"This is a very important and gratifying result for the Company, which increases the value of our Platanillo field. Another example of our operationally accomplished, low cost, value adding, delivery focused and most of all, successful strategy in the Putumayo basin. I look forward to further good news from our exciting Putumayo portfolio where we enjoy a dominant acreage position, geological understanding and operational excellence."
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 31 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
ENDS
Enquiries:
Nick Harrison, CFO Amerisur Resources
| Tel: +44 (0)330 333 8246 | |
Billy Clegg/Georgia Edmonds | Tel: +44 (0)203 757 4980 | |
Camarco
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Callum Stewart/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 | |
Chris Sim/George Price | Tel: +44 (0)207 597 4000 | |
Investec | ||
Darrell Uden/Marcus Jackson RBC Capital Markets
| Tel: +44 (0)207 653 4000
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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 the Platanillo field in southern 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 field, which is currently producing circa 4,200 BOPD. The Company has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line. It has a diverse portfolio of longer term exploration assets.
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