Amerisur Resources PLC Operational Update - CPO-5 (0396X)
November 21 2017 - 2:01AM
UK Regulatory
TIDMAMER
RNS Number : 0396X
Amerisur Resources PLC
21 November 2017
21 November 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Operational Update - CPO-5
Production commences on second oil field in Colombia
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, is pleased to provide an operational
update on activities in the CPO-5 block, located in the Llanos
basin, Colombia.
The operator of the Mariposa discovery in the CPO-5 block has
informed the Company that the initial phase of the Long Term Test
(LTT) of the Mariposa-1 discovery commenced on 18 November. The
well was initially flowed to evacuate suspension brine and then
stabilised at an initial controlled rate of 1,487 BOPD, 0.5% water
cut, 40.7 degrees API and 620psi wellhead pressure. Post this clean
up flow, the well has been closed in for a pressure build up test
(PBU) of approximately 36 hours. The clean-up flow rate was
designed simply to create the conditions for a stable PBU test,
which data are required to fully evaluate the behaviour of the
discovery during the LTT and does not reflect the normal
productivity of the well, which is expected to be significantly
higher on a sustained basis. The well is expected to be placed back
onto a higher rate of commercial production in the next few
days.
CPO-5 is an Exploration and Production Contract, covering
198,000 hectares and located to the south of block Llanos 34 and to
the east of the Corcel fields. The block includes the evaluation
area related to the Loto-1 oil discovery. Amerisur has a 30%
(non-operated) working interest in the contract, ONGC Videsh Ltd
holds a 70% working interest and is the Operator. The second well
on the block, Indico-1, targeting an up-dip section of the Mariposa
play on the Lower Sands is expected to spud in H1 2018.
The Company will provide an update on the commercial production
performance of Mariposa-1 in the monthly production update in early
December. The Company maintains its target 2017 exit production
rate of over 7,000 BOPD.
John Wardle, Chief Executive Officer, commented:
"The commencement of production, albeit at a conservative
initial controlled rate, at CPO-5 is an important milestone for
Amerisur diversifying our production base from one to two oil
fields and is in line with our stated strategy to increase
production across our high quality portfolio of assets."
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/Nicholas Tel: +44 (0)20
Rhodes/Ashton 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
Glossary
API American Petroleum Institute Gravity
BOPD Barrels of oil per day
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.
Standard
Estimates of reserves and resources contained in this
announcement were prepared using the standards set by the Oil and
Gas Reserves Committee of the Society of Petroleum Engineers /
World Petroleum Congress Petroleum Resources Management System
(2007).
Inside Information
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.
Important notice
Forward looking statements and dates referenced in this
announcement, in relation to Amerisur's production, development and
exploration assets, are estimates and subject to change. Oil and
gas operations are subject to varying inputs that may impact
timing, including, inter alia, permitting; environmental
regulation; changes to regulators and regulation; third party
manufacturers and service providers, social issues and the weather.
The Company's estimates of timing for forward looking operations
are based on the best information it has to hand at the time,
however these timings may change with little or no notice to the
Company. The Company will update the market as and when it becomes
aware of a material change to any of the operations or timings
referenced in this announcement.
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 6,100 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. Additionally, the
Company holds a 100% working interest in contract Put-9, 100% of
Tacacho and 100% of Terecay acquired from Talisman and Pacific.
These acquisitions have now been approved by ANH. It has a diverse
portfolio of longer term exploration assets.
www.amerisurresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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