TIDMAMER

RNS Number : 1284I

Amerisur Resources PLC

15 June 2017

15 June 2017

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

Platanillo Operations Update

   --     Platanillo-22 producing over 800 barrels of oil per day 
   --     Platanillo-21 producing over 400 barrels of oil per day 
   --     Platanillo-25 to spud in July 
   --     Platanillo-24 - successful chemical treatment performed

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update on production operations in Colombia.

On pad 2N, the recently drilled well Platanillo-22 continues to exceed expectations. Following an optimisation of the hydraulic pump design the well is now producing approximately 851 barrels of 31.5deg API oil per day (bopd) under stable conditions with 0.1 % water cut.

Well Platanillo-21, has been tested at 430 barrels of oil per day (BOPD) with 62% water cut from a 5ft perforated interval in the upper U sand and 11.5ft perforated interval in the lower U sand, using a hydraulic pump lifting system. The tested oil quality the same as Platanillo-22 at 31.5 degrees API. The relatively high water cut is due to a channel in the cement over the reservoir sections which will be treated at a future date. 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.

Platanillo-25, the third well from Pad 2N is currently being planned as a directional well stepping out to the south of Pad 2N, and is expected to spud in early July.

In line with the Company's optimisation work in the Platanillo field, an organic chemical treatment was performed on well Platanillo-24. This well, in a similar manner to some other producing wells had suffered a rapid decline in production. Post the organic treatment the well is producing approximately 820 bopd in a stable manner, using a hydraulic pump lifting system. Amerisur is currently considering other candidates for similar treatments, including Platanillo-20, Platanillo-9, Platanillo-14, Platanillo-12 and Platanillo-5.

Enquiries:

 
 Nick Harrison, CFO                         Tel: +44 (0)330 
  Amerisur Resources                         333 8246 
 Billy Clegg/Georgia Edmonds                Tel: +44 (0)203 
  Camarco                                    757 4980 
 Callum Stewart/Ashton Clanfield/Nicholas   Tel: +44 (0)20 
  Rhodes                                     7710 7600 
  Stifel Nicolaus Europe Limited 
 Chris Sim/George Price                     Tel: +44 (0)207 
  Investec                                   597 4000 
 Darrell Uden/Marcus Jackson                Tel: +44 (0)207 
  RBC Capital Markets                        653 4000

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 5,100 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. A 100% working interest in contract Put-9, acquired from Talisman Colombia and Meta Petroleum Corp. is currently awaiting approval by ANH. It has a diverse portfolio of longer term exploration assets.

The Company holds a 30% working interest in the CPO-5 block, located in the Llanos basin of Colombia which is operated by ONGC Videsh Ltd.

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

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June 15, 2017 02:00 ET (06:00 GMT)

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