Amerisur Resources PLC AGM Statement (1892X)
May 04 2016 - 4:30AM
UK Regulatory
TIDMAMER
RNS Number : 1892X
Amerisur Resources PLC
04 May 2016
4 May 2016
Amerisur Resources Plc ("Amerisur" or the "Company")
AGM Statement
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America (LSE: AMER),
is pleased to provide the following update on trading. At today's
AGM, John Wardle, CEO, will make the following points:
The laying of the OBA pipeline is progressing well with the
pulling through of the 1.5km section of the pipeline under the
Putumayo River from Ecuador into Colombia now complete and
integrity tested. We remain on target for completion by the end of
May.
Drilling of the Jaguareté-1 well in Paraguay, which is expected
to take approximately 40 days, has reached 3,850ft, including
successfully drilling through 1,000ft of unconsolidated sands,
which has resulted in a fast drilling rate, and which the Board
considered to carry the highest technical risk. Target depth is
estimated at 10,000ft, where it is targeting the Santa Elena and
Lima formations of Devonian age and carries prospective resources
of 106 million barrels of oil. Results of the Jaguareté-1 well are
expected in June.
Alongside its partner ONGC Videsh (70% and operator), the
Company has decided to re-enter the Loto-1 well in the CPO-5
contract area in Colombia. Loto-1 was drilled in 2013 prior to
Amerisur's involvement in the block, and discovered oil in the
Mirador formation, which was never successfully tested. Analysis of
the core and electric log data indicates 61ft of net pay with
mobile oil in the Mirador L4 and L5 zones. The re-entry is intended
to test those zones. Capital expenditure on the re-entry is
expected to be approximately $300,000 net to Amerisur. Amerisur
acquired its 30% interest in the CPO-5 block as part of last year's
$6 million acquisition of Petro Dorado South America SA, a
subsidiary of Petro Dorado Energy Ltd.
An updated presentation will be available on the website
today.
Ends
Enquiries:
Billy Clegg/Georgia Tel: +44 (0)203 757 4980
Mann
Camarco
Callum Stewart/Ashton Tel: +44 (0)20 7710 7600
Clanfield
Stifel Nicolaus
Europe Limited
Chris Sim/George Tel: +44 (0)207 597 4000
Price
Investec
Darrell Uden/Daniel Tel: +44 (0)207 653 4000
Conti
RBC Capital Markets
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. Amerisur's strategy is to acquire, explore and develop
large acreage positions in major under explored basins located in
South America. The Company's distinctive approach has been to own
100% of its assets at early stages in order to have full control
over the fields' development. That requirement is now being relaxed
as a sound production baseline has been established and in response
to the widening opportunity set to which the Company has
access.
In Colombia, the Company is operator and has a 100% working
interest in the Platanillo block which includes the Platanillo
field. Which produced an average of 4,437 BOPD during 2015. The
11,341 hectare block is located in the Putumayo Basin. The Company
has a 60% working interest and operatorship in block Put-12, a
55,000 hectare block which is adjacent to Platanillo and shares its
geology and a 50% working interest in Put-30 a 38,514 hectare
block, approximately 55km to the north of the Company's 100% owned
Platanillo field. In addition, the Company has a 30% working
interest in the CPO-5 contract, located in the Llanos basin and a
49.5% working interest in the Tacacho contract, located in the
Caguan-Putumayo basin. The Company has recently acquired 50%
working interest in the PUT-8 Block adjacent to the west of
Platanillo, a 100% working interest and operatorship in the Coati
Evaluation Area (Temblon Field) within the Coati Block located in
the South West of the Putumayo basin and a 100% working interest
and operatorship in the Andaquies Block located in the north east
of the Putumayo basin.
In Paraguay, Amerisur is the largest acreage holder in the
country, with approximately 4.8 million hectares covering four 100%
owned oil and gas permits in the Paraguayan part of the Chaco and
Parana Basins.
John Wardle is CEO of Amerisur, having worked in Colombia since
1994, first for BP Exploration and subsequently for Emerald Energy.
The Company is chaired by Giles Clarke and is listed on the AIM
Market of the London Stock Exchange.
www.amerisurresources.com
DEFINITIONS AND GLOSSARY OF TECHNICAL TERMS
Resource and Reserve data disclosed in this announcement has
been estimated in accordance with the Petroleum Resource Management
System guidelines endorsed by the Society of Petroleum
Engineers.
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.
In addition to the terms previously defined, the following
definitions apply throughout this announcement unless the context
otherwise requires:
"BOPD" barrels of oil per day
------------- ------------------------------------------
"Prospective those quantities of petroleum
Resources" estimated, as of a given date,
to be potentially recoverable
from undiscovered accumulations
by application of future development
projects. Prospective Resources
have both an associated chance
of discovery and a chance of development
------------- ------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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