TIDMAMER
RNS Number : 2980A
Amerisur Resources PLC
23 March 2017
23 March 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Reserves & Resources Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America (LSE: AMER),
is pleased to announce an update to the certified reserves and
resources for its production assets in Colombia.
Following receipt of an independent reserves report for the
Platanillo field as at 31 December 2016 undertaken by Petrotech
Engineering Ltd, using the standards set by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers, certified
1P (Proven) gross field reserves were 15.11 million barrels of oil
("MMBO") (2015: 15.20 MMBO) after production of 1.13 MMBO during
the period and 2P (Proven and Probable) gross field reserves were
24.47 MMBO (2015: 23.70 MMBO).
After production, current 1P reserves represent an increase of
approximately 1MMBO from year end 2015. This technical increase of
the Expected Ultimate Recovery ("EUR") (a forward-looking model
which assumes a decline factor and projects the volume of oil which
will ultimately be recovered from each well) takes account of the
successful infill wells and optimisation work undertaken during the
year, together with the cost savings generated by the operation of
the OBA transfer system. During the period there were no reserve
additions from the drilling of new wells outside the current
established limits of the Platanillo field. The Company is
currently drilling Platanillo-22, which has reached 5,651ft, where
9.5/8" casing has been successfully set and cemented. Should this
well encounter commercial oil in the Pad 2N structure, further
reserves will be added to the field.
Reserves
Gross field
------------------------------- --------------------------------------------------------------
Proved Proved & Probable Proved, Probable & Possible (3P)
(1P) (2P)
------------------------------- ------- ------------------ ---------------------------------
Oil & Liquids reserves (MMbo) 15.11 24.47 30.71
------------------------------- ------- ------------------ ---------------------------------
Total (MMbo) 15.11 24.47 30.71
------------------------------- ------- ------------------ ---------------------------------
Source: [Petrotech Engineering LTD., Reserves Audit @ 31 Dec
2016]
Resources
Net attributable
------------------------------------------------------------------
Low Estimate Best Estimate High Estimate
-------------------
Oil & Liquids
Prospective
Resources (MMbo)
- Audited* 186.55 631.32 1,643.72
------------------- ------------- -------------- --------------
Oil & Liquids
Prospective
Resources (MMbo)
- Non Audited** 108.64 502.31 2,622.48
------------------- ------------- -------------- --------------
Total (MMbo) 295.19 1,133.63 4,266.20
------------------- ------------- -------------- --------------
Audited*: Platanillo, CPO-5, Fenix-Coati, Put-8, Andaquies,
Put-12, Tacacho.
Non Audited**: Platanillo (N Sand), Coati (Temblón U Sand),
Put-30.
These assessments are made in accordance with the standard
defined in the SPE/WPC Petroleum Resources Management System
(2007).
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.
Petrotech Engineering Ltd is an independent oil and gas reserve
evaluation firm.
The information contained within this announcement is considered
to be inside information prior to its release, 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.
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
About Petrotech Engineering Ltd
Petrotech Engineering Ltd. is an independent oil and gas reserve
evaluation firm located in Burnaby, British Columbia, Canada. John
Yu is a professional Petroleum Engineer with over 40 years of
experience in Domestic and International Oil and Gas. He attended
the University of Alberta and graduated with a Bachelor of Science
in Metallurgical Engineering in 1974. He is a registered
Professional Engineer in the Province of British Columbia. Since
May of 1981 he has been a Petroleum Engineering Consultant and
President of Petrotech Engineering Ltd. of Burnaby, B. C.
Glossary
"EUR" those quantities of petroleum
which are estimated, on
a given date, to be potentially
recoverable from an accumulation,
plus those quantities already
produced therefrom.
----------------------------- -------------------------------------
"MMBO" million barrels of oil
----------------------------- -------------------------------------
"MMBOE" million barrels of oil
equivalent
----------------------------- -------------------------------------
"MMscf" million standard cubic
feet
----------------------------- -------------------------------------
"Proven Reserves" or those quantities of petroleum,
"1P" which, by analysis of geoscience
and engineering data, can
be estimated with reasonable
certainty to be commercially
recoverable, from a given
date forward, from known
reservoirs and under defined
economic conditions, operating
methods, and government
regulations. If deterministic
methods are used, the term
reasonable certainty is
intended to express a high
degree of confidence that
the quantities will be
recovered. If probabilistic
methods are used, there
should be at least a 90%
probability that the quantities
actually recovered will
equal or exceed the estimate.
----------------------------- -------------------------------------
"Proven + Probable Reserves" those additional Reserves
or "2P" which analysis of geoscience
and engineering data indicate
are less likely to be recovered
than Proved Reserves but
more certain to be recovered
than Possible Reserves.
It is equally likely that
actual remaining quantities
recovered will be greater
than or less than the sum
of the estimated Proved
plus Probable Reserves
(2P). In this context,
when probabilistic methods
are used, there should
be at least a 50% probability
that the actual quantities
recovered will equal or
exceed the 2P estimate.
----------------------------- -------------------------------------
"Proven + Probable + those additional Reserves
Possible Reserves" or which analysis of geoscience
"3P" and engineering data indicate
are less likely to be recovered
than Probable Reserves.
In this context, when probabilistic
methods are used, there
should be at least a 10%
probability that the quantities
actually recovered will
equal or exceed the sum
of estimated proved plus
probable plus possible
reserves.
----------------------------- -------------------------------------
"Contingent Resources" those quantities of petroleum
estimated, as of a given
date, to be potentially
recoverable from known
accumulations by application
of development projects,
but which are not currently
considered to be commercially
recoverable due to one
or more contingencies.
----------------------------- -------------------------------------
"Low Estimate Contingent the estimate of Contingent
Resources" or "1C" Resources, with a 90% probability
that the estimated potentially
recoverable quantity will
equal or exceed the estimated
quantity
----------------------------- -------------------------------------
"Best Estimate Contingent the estimate of Contingent
Resources" or "2C" Resources, with a 50% probability
that the estimated potentially
recoverable quantity will
equal or exceed the estimated
quantity
----------------------------- -------------------------------------
"High Estimate Contingent the estimate of Contingent
Resources" or "3C" Resources, with a 10% probability
that the estimated potentially
recoverable quantity will
equal or exceed the estimated
quantity
----------------------------- -------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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