Amerisur Resources PLC Caguan-Putumayo Basin Acquisitions (6458Z)
March 16 2017 - 3:44AM
UK Regulatory
TIDMAMER
RNS Number : 6458Z
Amerisur Resources PLC
16 March 2017
16 March 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Caguan-Putumayo Basin Acquisitions
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, is pleased to announce certain asset
acquisitions made in the Caguan-Putumayo basin.
These assets, subject to approval of the cession of interest by
the Agencia Nacional de Hidrocarburos (ANH) have been acquired from
Meta Petroleum Corporation and Pacific Stratus Energy Colombia
Corporation; both companies are ultimately owned by Pacific
Exploration and Production, a Canadian listed company. The working
interests acquired are:
-- 60% in the Put-9 contract area
-- 58%* in the Mecaya contract area
-- 100% in the Terecay contract area
-- 50.5% in the Tacacho contract area.
The consideration for the acquisitions was US$4.85MM in total
which has been paid in cash from existing resources. Additionally a
2% overriding royalty interest (ORRI) will be payable to Pacific
Exploration and Production in respect to Amerisur net production
from the Terecay block and a 1.2% ORRI on net production from the
Put-9 block.
Following the acquisition, and subject to ANH approval, the
Company will hold, through its subsidiaries the following working
interests in the Caguan-Putumayo basin of Colombia:
-- Coati 100% Temblon Field / 60% exploration area **
-- Put-8 50%
-- Platanillo 100%
-- Put-12 60%
-- Put-9 100%
-- Mecaya 58%
-- Andaquies 100%
-- Put-30 100%
-- Terecay 100%
-- Tacacho 100%
A presentation detailing the acquisition, contractual status and
prospectivity of the expanded portfolio will be available to view
shortly on the Company website at www.amerisurresources.com.
John Wardle, Chief Executive Officer said:
"I am very pleased to announce this important acquisition which
positions Amerisur for significant growth in the Caguan-Putumayo
basin. The working interests we have acquired are strategically
located close to our OBA transfer system, thus potentially securing
rapid and basin leading margin monetisation of new reserves in
these blocks, and expose the Company to the full suite of
exploration opportunity in the basin. Subject to ANH approval, the
Company will be operator in all contracts with the exception of
Put-8. The blocks contain a variety of attractive prospects, with
analogues to the Platanillo field, other interesting structural
traps, including some already proven to contain oil through
existing, tested legacy wells. We have also captured the projected
stratigraphic pinch out areas of our proven T and U sand
reservoirs, which offer the potential for large accumulations of
high quality crude oil. Additionally, the large blocks Terecay and
Tacacho, with baseline government royalties, encompass significant
opportunity for heavier oil discoveries, in line with the models
proven in adjoining fields in Ecuador."
Giles Clarke, Chairman commented:
"This is an extremely important acquisition for Amerisur,
creating a wide and deep portfolio of opportunity for the Company
within the Putumayo basin, our principal focus for the future. I
congratulate the CEO and his team on achieving this strategic deal
at such attractive terms and look to the future with great
confidence."
*Post fulfilment of certain commitments
** Canacol is currently farming in to a 40% working interest in
the exploration area of the Coati block
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 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 including the
Platanillo block, Put-8, Put-12 and Coati. A 40% working interest
in contract Put-9, acquired from Talisman Colombia is currently
awaiting approval by ANH. 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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