TIDMAMER

RNS Number : 6306T

Amerisur Resources PLC

09 January 2017

09 January 2017

Amerisur Resources Plc ("Amerisur" or the "Company")

Platanillo-24 Update

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on the drilling of well Platanillo-24 in Colombia. Platanillo 24 has been drilled under time and under budget, to a total depth (TD) of 8,485ft measured depth (MD), achieving an offset of 1,275 ft to the east of Platform 3N.

This well was designed as an infill well on the most northern developed lobe of the Platanillo field, located between wells Platanillo 7 and 17. The reservoir section was logged and initial log analysis indicated the presence of 67.5ft gross, 38ft net oil column in the U sand formation. The analysis of T sand indicates a 14ft gross and 8ft net oil column. The N sand was not well developed at this location, in line with the Company's seismic attributes model. The well is currently being completed for commercial production from the U sand and it is expected to produce into the Pad 3N facilities.

Subject to resolution of local social protests, the Company plans to mobilise the Serinco Rig D-10 to Pad 2N, in order to drill Platanillo 22, the first appraisal well from Pad 2N, the furthest north Pad on the Platanillo block.

John Wardle, Chief Executive Officer of Amerisur, commented:

"Platanillo 24 is a good result, the second of our planned infill wells. The well was drilled to TD in just over 15 days at a cost of under US$2M. I look forward to successfully initiating production from the U sand."

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.

ENDS

Enquiries:

 
 John Wardle/Nick Harrison     Tel: +44 (0) 203 
 Amerisur Resources             757 4980 c/o Billy 
                                Clegg 
 
 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

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 producing field. 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-9, Put-12 and Coati. 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

MSCUGUWPGUPMUMB

(END) Dow Jones Newswires

January 09, 2017 02:24 ET (07:24 GMT)

Amerisur Resources (LSE:AMER)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Amerisur Resources Charts.
Amerisur Resources (LSE:AMER)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Amerisur Resources Charts.