Amerisur Resources PLC Operations Update (4293N)
May 09 2018 - 1:01AM
UK Regulatory
TIDMAMER
RNS Number : 4293N
Amerisur Resources PLC
09 May 2018
9 May 2018
Amerisur Resources Plc ("Amerisur" or the "Company")
Operations Update
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, is pleased to provide an update on
operations in Colombia.
Platanillo N Sand Drilling
The Company is pleased to report good progress on the civil
works, a 3.8km new road and a location with three drilling cellars.
This progress has been made in spite of adverse weather conditions
and the discovery of unconsolidated zones on the route which
required additional works to stabilise. The construction is
expected to be completed in June, after which Rig D10 will be
mobilised to drill Pintadillo-1, the first of up to three wells
targeting the N Sand anomaly, which has been identified on 3D
seismic. Pintadillo-1 will be a slightly deviated well, with a
planned total measured depth of 8,448ft, and is expected to take
less than a month to drill and log.
The N Sand anomaly at Pintadillo is one of four such anomalies
identified by the Company in the central part of the Platanillo
block. It is estimated to hold P50 resources of 11.44 mmbo.
Put-8 Drilling
Amerisur has been informed by the Operator of block Put-8, Vetra
Exploration and Production (50%), that the drilling contractor has
been slightly delayed in the completion of their previous contract
and the spudding of Miraparriba-1 is now planned to begin in June
2018. Miraparriba-1 will be drilled as a directional well to the
Miraparriba structure within the Put-8 block.
The Miraparriba structure is a low risk U and T sand light oil
structural target covered by 3D seismic with gross P50 recoverable
resources estimated at 4.4 mmbo by the Operator.
Put-8 is a 102,799 acre block which lies adjacent to the west of
the Platanillo field.
CPO-5
The Operator (ONGC Videsh Ltd, 70%) has informed the Company
that the preparations for the spudding of the well Indico-1
continue to advance despite adverse weather conditions in the area.
The rig is now expected to mobilise in the latter part of June
2018. Mariposa-1 continues to produce in a stable manner and the
operation to perforate additional zones in the well is expected to
be performed within the next month.
Indico-1 is targeting the same play as the successful Mariposa-1
well, but is further up dip in a larger structure. The Operator
estimates a gross P50 recoverable resource at Indico-1 of 10.3
mmbo.
CPO-5 is located to the south of the prolific Llanos 34 block
and to the east of the Corcel fields. The block includes the
producing Mariposa-1 well and the evaluation area related to the
Loto-1 oil discovery.
John Wardle, CEO of Amerisur said:
"We are gearing up for a busy period of exploration drilling,
targeting 26 mmbo of gross resource over the first three
wells."
ENDS
Enquiries:
Nick Harrison, CFO Tel: +44 (0)330 333
Amerisur Resources 8246
Billy Clegg/Georgia Edmonds Tel: +44 (0)203 757
4980
Camarco
Callum Stewart/Nicholas Rhodes/Ashton Tel: +44 (0)20 7710
Clanfield 7600
Stifel Nicolaus Europe Limited
Chris Sim/George Price Tel: +44 (0)207 597
4000
Investec
Darrell Uden/Marcus Jackson Tel: +44 (0)207 653
RBC Capital Markets 4000
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 two fields in 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
producing field in the Putumayo basin, and holds a 30% non-operated
working interest in the CPO-5 block containing the Mariposa-1
producing field in the Llanos basin. Amerisur is currently
producing approximately 5,000 bopd while Platanillo production
wells are undergoing maintenance.
Amerisur has a strong position in the Putumayo basin and has a
cluster of near term activity assets around the OBA export
line.
Standard: These assessments are made in accordance with the
standard defined in the SPE/WPC Petroleum Resources Management
System (2007).
Competent person: Technical information in this announcement has
been reviewed by John Wardle Ph.D., the Company's Chief Executive.
John Wardle has 32 years' experience in the industry, having worked
for BP, Britoil, Emerald Energy and Pebercan, and is a trained
drilling engineer.
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
Glossary
"mmbo" million barrels of oil
"bo" barrels of oil
-------------------------------------------------
"P50 resources" the best estimate of the quantity of resources
that will actually be recovered. It is equally
likely that the actual remaining quantities
recovered will be greater or less than the best
estimate
-------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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