TIDMAMER
RNS Number : 8240C
Amerisur Resources PLC
20 April 2017
20 April 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Operations Update
Platanillo-22 Flow tested ahead of pre-drill expectations -
Deeper oil-water contact found - Reserves upgrade expected
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, is pleased to announce an update on
operations in the Platanillo field in Colombia.
-- Platanillo-22 has been tested at 613 barrels of oil per day
(BOPD) materially ahead of pre-drill expectations
-- Well has been placed on commercial production and produced
oil is being trucked to the southern pads for export via the OBA
system
-- Observed results suggest that the oil accumulation at Pad 2N
has a separate closure from Pad 3N and the greater Platanillo field
- importantly, the oil water contact ("OWC") is deeper than the
main field
-- As a result, provisional re-mapping indicates the potential
for up to 7.82MMBO of recoverable reserves within the Pad 2N
structure, previous estimate of 1.4MMBO
-- Serinco D-10 rig expected to spud Platanillo-21 from Pad 2N in next few days
Platanillo-22 has been tested at 613 barrels of oil per day
(BOPD) with 0.22% water cut from a 14ft perforated interval in the
lower U sand using a hydraulic pump lifting system. The tested oil
quality is slightly better than the main Platanillo field at 31.5
degrees API. The pre-drill production estimate for this well was in
the range of 300 to 400 BOPD. The well has been placed on
commercial production and produced oil is being trucked to the
southern pads for export via the OBA system.
The structure drilled by Platanillo-22, located at Pad 2N,
approximately 3.38 km north of Pad 3N was previously undrilled but
was believed, on the basis of seismic data to be connected to Pad
3N. Drilling and logging data indicate that the structure is
separate and the nature of its closure may offer further reserves
upside than previously envisaged on the basis of 3D seismic.
The reservoir units in the Cretaceous Villeta formation were
encountered slightly deeper than prognosed. However, the Oil Water
Contact (OWC) within the reservoirs was encountered significantly
deeper than expected, being 37ft deeper in the Upper U and 23ft
deeper in the Lower U formation. No OWC was observed in the N sand.
The T sand did not indicate pay in this well. The greater effective
oil column in the U sands is likely to increase certified reserves
in the field.
The observed results suggest that the oil accumulation at Pad 2N
has a separate closure compared to Pad 3N and the greater
Platanillo field. This indicates the presence of a permeability
barrier between those pads, which may be formed either by a
sub-seismic fault or a stratigraphic feature which allowed the Pad
2N structure to be filled to a greater extent than the remainder of
the field. Since the reception of these data the Company has been
closely evaluating the 3D seismic cube and the anomaly processing
and has identified certain subtle features within the basement and
overlying formations which may be the cause of that barrier.
Provisional re-mapping has been performed and the Company
estimates, using volumetric calculations, the potential for up to
7.82 million barrels of oil (MMBO) of recoverable reserves within
the Pad 2N structure, as opposed to the previous estimate of
approximately 1.4MMBO. Further testing of Platanillo-22, and
drilling of further wells are required to define the actual
increase in potential reserves. Once these activities are performed
Amerisur will commission an independent reserves report to SPE
standards.
The Company has now moved the drilling rig Serinco D-10 over the
adjacent drilling cellar on Pad 2N, and expects to spud
Platanillo-21 in the next few days. Platanillo-21 is a short
deviation directional well aimed at the crest of the mapped
structure, with a drilling offset of 250ft and a total planned
measured depth of 8,485ft. Given the important results from
Platanillo-22, the Company plans to log this well with both Logging
While Drilling and Wireline techniques, and additionally to acquire
core data through the entire Villeta sequence, i.e. from top N Sand
to the igneous basement. These data will be important in terms of
enhancing understanding at Pad 2N and in our nearby prospects and
adjoining blocks.
On the CPO-5 block, well Mariposa-1 is currently at a casing
point at 10,575ft.
John Wardle, Chief Executive Officer of Amerisur, commented:
"Our production expectations of Platanillo-22 have been exceeded
by the testing results from the perforated interval, with further
pay available in the well to exploit in the future. The important
discovery that the OWC is deeper than the main field is very good
news indeed, and we look forward to confirming the magnitude of the
increase in reserves this creates as operations continue. This
result will lead us to drill further wells from Pad 2N than
previously envisaged, and we are currently planning the drilling of
a third well from Pad 2N."
"I look forward to updating the market on the progress of
Platanillo-21 and the continuing production from
Platanillo-22."
Giles Clarke, Chairman of Amerisur said:
"The confirmation of the production potential of Platanillo-22
and the existence of a deeper OWC is an exciting development which
adds further value to Amerisur shareholders through increasing our
reserves and is an important step towards our production targets.
Our continuing drilling success is a tribute to the quality of the
Platanillo Field but also gives me great confidence in our ability
to add further reserves from similar structures in our
strategically located portfolio."
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.
Glossary:
"Degrees API" - is a measure of the density of a hydrocarbon
fluid. 10 degrees API is a hydrocarbon of equivalent density to
fresh water. The higher the API in degrees, the less dense the
hydrocarbon fluid. The API degree is calculated from the specific
gravity of the hydrocarbon fluid via the following formula:
API Gravity (in degrees) = (141.5/Specific Gravity of fluid) -
131.5
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. 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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