Amerisur Resources PLC AGM Statement (5934E)
May 09 2017 - 4:30AM
UK Regulatory
TIDMAMER
RNS Number : 5934E
Amerisur Resources PLC
09 May 2017
9 May 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
AGM Statement
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, is pleased to provide an update on
operations. At the Company's AGM to be held today at 0930, Chairman
Giles Clarke will make the following comments:
"Activities in the year to date have exceeded the Board's
expectations with production now growing, with exploration
successes and with an improving social environment as the peace
process evolves. We have created a strategically important
collection of 10 licenses in the historically under-explored but
geologically prolific Putumayo region and have an active drilling
programme to leverage this position.
"Given the recent successes at Platanillo-22, which discovered
an important extension of the Platanillo field and the Mariposa-1
well on the CPO-5 block, Amerisur has accelerated its drilling
schedule such that a minimum of 16 wells are planned between now
and the end of 2018, including: three wells on Platanillo, three
further N sand anomaly wells on Platanillo; four wells on Put 12;
two wells on Put-9; three wells on CPO-5; and one well on Coati.
The capex guidance between now and the end of 2018 has been revised
to $65m, and will be fully funded from existing cash resources and
cash generated from activities at $45 oil.
"We are on track to deliver a 2017 exit rate of production of
more than 7,000 barrels of oil per day ("bopd") and consider 20,000
bopd of production to be a realistic and achievable medium term
production target.
"Operations on Platanillo-21 continue. Coring of the M2 sands at
7,894 feet has been completed. On Mariposa-1, a 7 inch production
liner has been set and cemented and the operator ONGC Videsh is
currently preparing the well for testing.
"Your strengthened and refreshed Board looks to the future with
great confidence."
An updated corporate presentation will be made available on the
Company's website shortly at www.amerisurresources.com.
ENDS
Enquiries:
Nick Harrison, CFO Tel: +44 (0)330
Amerisur Resources 333 8246
Billy Clegg/Georgia Tel: +44 (0)203
Edmonds 757 4980
Camarco
Callum Stewart/Ashton Tel: +44 (0)20
Clanfield 7710 7600
Stifel Nicolaus Europe
Limited
Chris Sim/George Price Tel: +44 (0)207
597 4000
Investec
Darrell Uden/Marcus Tel: +44 (0)207
Jackson 653 4000
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. 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 5,200 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.
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.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMUKUWRBNAVRRR
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