Amerisur Resources PLC Operations Update (5998L)
April 29 2015 - 2:01AM
UK Regulatory
TIDMAMER
RNS Number : 5998L
Amerisur Resources PLC
29 April 2015
29 April 2015
Amerisur Resources Plc
Operations Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America, is pleased
to provide an update on operations in the Platanillo field,
Colombia.
The Company has reactivated a limited production volume from Pad
3N in the Platanillo field. This step has been taken due to an
improvement in operational netback from this production pad, on the
basis of cost reductions achieved through efficiencies and
negotiations of tariffs with service providers, the improvement in
current sales prices and the availability of additional reception
volumes at the Orito station operated by Ecopetrol.
Pad 3 is currently producing around 1,300 BOPD, and entire field
production is currently approximately 5,030 BOPD. 100% of this
volume is being delivered to Orito. At the same time Amerisur has
taken the opportunity to re-enter certain wells to perform chemical
treatments to improve well production. Capex guidance for the year
remains unchanged from the announcement made on 2(nd) February
2015.
Operational netback to the Company during early April was US$24
per bbl, with an estimated sales price of US$51, and the volume
contribution from Pad-3N is expected to increase operational
netback to US$29 per bbl at a sales price of US$55. Once the
interventions of wells on Pads 9 and 5 are completed, field
production in May is expected to be around 5,600 BOPD, with an
operational netback of US$30 per bbl in May, assuming that this
volume can continue to be delivered into the Orito facility.
John Wardle, CEO of Amerisur commented:
"Under current conditions our production volumes will be tied to
the lifting and transport cost profiles, until our interconnector
with Ecuador is ready later in the year. Naturally we welcome the
recent recovery in oil price and look forward to further
improvements as the market stabilises."
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 Tel: +44(0)203 757 4980
Mann
Camarco
Jeremy Low/Daniel Tel: +44 (0)207 653 4000
Conti
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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