TIDMAMER
RNS Number : 8713D
Amerisur Resources PLC
12 July 2016
12 July 2016
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 Colombia and Ecuador.
Putumayo Basin
Platanillo-8
The infill well at Platanillo-8 has been drilled to Total Depth
("TD") of 8,719 feet on Pad 5S and a 7 inch casing has been run and
successfully cemented. Schlumberger electric logs indicate the well
encountered oil columns in the Upper U, Lower U and T sands, with
excellent reservoir quality. The N sand was not well developed at
this position, in line with Amerisur's seismic attribute predictive
model.
In the U sand total net pay of 27 feet is estimated, with an Oil
Water Contact ("OWC") in the lower part of the Lower U sand. The T
sand reservoir exhibits 14 feet of net pay within excellent quality
reservoir with no OWC shown on the logs, for a total of 41feet of
net pay.
The Company intends to test the T sand followed by a Long Term
Test ("LTT") of that interval, to further enhance the understanding
of this important reservoir and support the declaration of
commerciality required by the Agencia Nacional de
Hidrocarburos.
The well was drilled ahead of schedule, reaching TD in 15 days
compared to the planned 21 days due to operational enhancements and
excellent operational performance. These significant time and cost
savings will be important in the future drilling programme.
Once the Serinco D-10 drilling rig is released from Pad 5S, it
will be mobilised to Pad-2N to drill the first of up to two step
out wells in the north of the Platanillo field. The workover rig
Serinco D-6 will also be mobilised to perform the workover of
Platanillo-20
OBA Pipeline System
Despite extremely inclement local weather conditions, including
the flooding of the work area, not seen in many decades and damage
to local access roads, progress continues on the OBA pipeline
system and we expect the line to be in operation in the coming
weeks.
Coati
The Company is currently performing the Consulta Previa required
by law with local indigenous communities in order to initiate the
seismic and LTT programmes in this block.
Put-12
Following social consultations, the Company expects to begin 2D
seismic acquisition operations in this contract within the next
month.
Llanos Basin
CPO-5
The electrical submersible pump ("ESP") initially installed in
the well Loto-1 has now been function tested and was found to be in
good operating condition. Consequently a workover to replace the
ESP will not be necessary. Surface facilities are currently being
installed to perform the 30 day test of the Mirador L4 interval of
this well.
The Company and its partner, ONGC Videsh Ltd have defined the
location for two exploratory wells within the North West 3D seismic
data grid in this block. It is planned to drill both wells back to
back in the latter part of the year into 2017. The first,
Mariposa-1, is targeting an up dip structure of the Cadelilla/Yatay
field within the Guatiquia block. The wells drilled in those fields
have exhibited exceptional production characteristics with very
light oil from the formation termed the Lower Sand, which is
believed to be present in a structurally attractive configuration
at the Mariposa-1 location. The second well, Sol-1 is targeting a
well-defined fault closed structure, with characteristics common to
many Llanos basin fields. The expected reservoirs in this well are
Mirador, Guadalupe and Ubaque.
John Wardle, CEO of Amerisur commented:
"I am pleased to report the successful drilling of Platanillo-8,
after a hiatus of almost 18 months of drilling activities.
Operational performance has been outstanding, with important
enhancements that we can apply going forward. We expect to drill,
complete and test the well for a total of US$3.5 million, a
significant saving over previous wells. I am very pleased that our
first use of the new funds raised in March has had such an
efficient and positive result. The reservoir and oil pay
encountered further strengthens our reserve base within Platanillo
and confirms our geological models. The lack of N sand is also,
paradoxically, good news, since our in-house model accurately
confirmed that this zone would have poor development at the N sand
level. Our N sand model within the field indicates significant N
sand development in other areas of the block, and we are currently
designing the appraisal programme for this important emerging play,
which will give further sustainability to the Platanillo
development over the years to come.
"I am confident that the OBA will be in operation shortly,
despite the difficulties we have encountered on the last lap, and
look forward to updating shareholders as that goal is reached.
"Strong progress continues to be made across the rest of the
portfolio and we have an active work programme in place in the
second half of the year which includes the acquisition of 2D
seismic at Put-12, the workover of Platanillo-20, the first of up
to two step out wells in the north of the Platanillo field and the
commencement of drilling operations for two exploratory wells at
CPO-5."
ENDS
Enquiries:
Billy Clegg/Georgia Tel: +44 (0)203 757 4980
Mann
Camarco
Callum Stewart/Ashton Tel: +44 (0)20 7710 7600
Clanfield
Stifel Nicolaus
Europe Limited
Chris Sim/George Tel: +44 (0)207 597 4000
Price
Investec
Darrell Uden/Daniel Tel: +44 (0)207 653 4000
Conti
RBC Capital Markets
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the 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
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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. Amerisur's strategy is to acquire, explore and develop
large acreage positions in major under explored basins located in
South America. The Company's distinctive approach has been to own
100% of its assets at early stages in order to have full control
over the fields' development. That requirement is now being relaxed
as a sound production baseline has been established and in response
to the widening opportunity set to which the Company has
access.
In Colombia, the Company is operator and has a 100% working
interest in the Platanillo block which includes the Platanillo
field, which produced an average of 4,437 BOPD during 2015. The
11,341 hectare block is located in the Putumayo Basin. The Company
has a 60% working interest and operatorship in block Put-12, a
55,000 hectare block which is adjacent to Platanillo and shares its
geology and a 50% working interest in Put-30 a 38,514 hectare
block, approximately 55 kilometres to the north of the Company's
100% owned Platanillo field. In addition, the Company has a 30%
working interest in the CPO-5 contract, located in the Llanos basin
and a 49.5% working interest in the Tacacho contract, located in
the Caguan-Putumayo basin. The Company has recently acquired 50%
working interest in the PUT-8 Block adjacent to the west of
Platanillo, a 100% working interest and operatorship in the Coati
Evaluation Area (Temblon Field) within the Coati Block (Amerisur
60% and operator) located in the South West of the Putumayo basin
and a 100% working interest and operatorship in the Andaquies Block
located in the north east of the Putumayo basin.
In Paraguay, Amerisur is the largest acreage holder in the
country, with approximately 4.8 million hectares covering four 100%
owned oil and gas permits in the Paraguayan part of the Chaco and
Parana Basins.
John Wardle is CEO of Amerisur, having worked in Colombia since
1994, first for BP Exploration and subsequently for Emerald Energy.
The Company is chaired by Giles Clarke and is listed on the AIM
Market of the London Stock Exchange.
www.amerisurresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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