Amerisur Resources PLC Exercise of Right of First Refusal Put-8 (3717T)
March 20 2019 - 2:01AM
UK Regulatory
TIDMAMER
RNS Number : 3717T
Amerisur Resources PLC
20 March 2019
20 March 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Exercise of Right of First Refusal Put-8
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America (LSE: AMER),
provides an update on corporate activities in Colombia.
Following notification by Vetra Exploración y Producción
Colombia SAS of the proposed sale of its 50% working interest in
block Put-8, Amerisur is pleased to report that it has exercised
its right of first refusal to acquire that working interest, as per
the terms set forth in the existing Joint Operating Agreement
between Amerisur and Vetra.
Following approval by the Colombian National Hydrocarbons Agency
(ANH) the Company will hold 100% working interest and operatorship
in Put-8.
The consideration for the acquisition is USD $19.1 million which
will be met from internal resources.
John Wardle, CEO of Amerisur Resources said:
"Put-8, strategically located between oil fields has been a
prime part of our Putumayo portfolio since we acquired a 50%
working interest by way of the Platino acquisition. The opportunity
to increase our working interest and acquire operatorship was very
attractive to us, consolidating even further our position around
the OBA pipeline and bringing more operational flexibility. In the
interim, while awaiting approval by ANH, preparations for the
exciting drilling programme in the block will continue."
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.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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/Alex Ruffman/Tejas Tel: +44 (0)207 597
Padalkar 4000
Investec
Paul Shackleton/Dan Gee-Summons Tel: +44 (0)207 614
Arden Partners Plc 5900
About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator with an
extensive, strategic acreage position in the underexplored Putumayo
with Occidental Petroleum ("Oxy") and a strategic acreage position
in Llanos in CPO-5 with ONGC. Amerisur is the 100% owner and
operator of the OBA pipeline, a key piece of strategic,
cross-border export infrastructure delivering oil from the Putumayo
in Colombia into Ecuador. Amerisur produces from three fields,
Platanillo in the Putumayo which generates cash flow to fund its
work programme, Mariposa-1 and Indico-1 in the Llanos basin.
Amerisur has recently announced a potentially transformational
result at Indico-1, which significantly exceeded expectations - 283
feet gross, 209 feet net oil column without an
oil-water-contact.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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