AMER Amerisur Resources Plc

TIDMAMER

RNS Number : 9318U

Amerisur Resources PLC

22 October 2014

22 October 2014

Amerisur Resources Plc

New exploration license in Colombia

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce that it has presented to the Agencia Nacional de Hidrocarburos "ANH" a request for a partial assignment of interest, rights and obligations in the exploration contract Put-30, awarded to Talisman Colombia Oil & Gas Ltd. ("Talisman Colombia") in the Ronda Colombia 2014 licensing round.

The 2014 licensing round was organised by the ANH, which has made public all the bids submitted. The Put-30 Exploration and Production Contract was signed between Talisman Colombia and the ANH on 10(th) September, 2014.

Amerisur has formed a joint venture with Talisman Colombia, an affiliate of Talisman Energy Inc. (NYSE/TSX) with the parties owning 50% and 50% respectively, subject to approval by the ANH. Talisman Colombia is the current operator on the block but the joint venture is studying the potential for Amerisur to operate this contract, subject to ANH approval. The successful bid included an additional royalty to the state of 4% (X Factor) above the baseline 8% royalty and a total work programme of $26.9MM during the first 36 month exploration phase, to include 209km of 2D seismic acquisition and the drilling of one exploration well.

The Put-30 block covers approximately 38,514 hectares and lies within the Putumayo basin, approximately 55km to the north of both the Company's 100% owned Platanillo field and 60% owned Put-12 Contract.

John Wardle, Chief Executive of Amerisur commented:

"We are very pleased to announce this important addition to our Putumayo portfolio. We have extensive operating experience in this area where our Platanillo field and Put-12 block also lie. In Put-30 we will explore to evaluate the potential of producible heavy oil deposits in the Neme formation. The presence of this heavy oil zone has been demonstrated in many wells within this part of the basin over the years, and we believe the time has now come to add such prospects within our portfolio. The potential resources of the area are of significant size and we look forward to a rapid and efficient exploration and evaluation programme. On success, the mix of Put-30 heavy crude with our light oil from our developments and exploration activities to the south will be a very exciting and strategic combination. Our joint venture partner, Talisman Colombia, is a very successful and experienced operating company which has had great success in remote regions in other countries and we very much look forward to working with them."

ENDS

Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 29 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.

ENQUIRIES:

 
Billy Clegg/Georgia Mann  Tel: +44(0)203 757 4980 
Camarco 
Jeremy Low/Daniel Conti   Tel: +44 (0)207 653 4000 
RBC Capital Markets 
Chris Sim                 Tel: +44 (0)207 597 4000 
Investec 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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