Amerisur Resources PLC Spudding of Jaguaret , Paraguay (9976V)
April 22 2016 - 2:00AM
UK Regulatory
TIDMAMER
RNS Number : 9976V
Amerisur Resources PLC
22 April 2016
22 April 2016
Amerisur Resources Plc ("Amerisur" or the "Company")
Spudding of Jaguareté-1, Paraguay
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America (LSE: AMER),
is pleased to announce the spudding of Jaguareté-1, in the San
Pedro block within the Parana basin in eastern Paraguay using the
Quieroz Galvao QG-1 drilling rig.
Jaguareté-1 is expected to take approximately 40 days to drill
to an estimated total depth of 10,000ft and is targeting the Santa
Elena and Lima formations of Devonian age and carries prospective
resources of 106 million barrels of oil. As a result of lower
industry tariffs and the Company's efficient logistical management,
the dry hole cost including the logging of the well is expected to
be approximately $9 million.
John Wardle, CEO of Amerisur Resources said:
"We are delighted to have commenced the drilling of Jaguareté-1
in the San Pedro block, the first exploration well in our active,
fully funded 2016 work programme. Jaguareté-1 is an exploration
well which carries risk in this new basin. I look forward to an
efficient execution of the programme and hope for positive results.
The well, on success has the potential to open up a new petroleum
province in a country where Amerisur holds an attractive acreage
position of approximately 4.8 million hectares covering four 100%
owned oil and gas permits. Our work to date suggests that all
necessary conditions are present for a commercial hydrocarbon
discovery in our blocks in Paraguay and we look forward to updating
shareholders in due course on the results."
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
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 55km 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 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
DEFINITIONS AND GLOSSARY OF TECHNICAL TERMS
Resource and Reserve data disclosed in this announcement has
been estimated in accordance with the Petroleum Resource Management
System guidelines endorsed by the Society of Petroleum
Engineers.
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.
In addition to the terms previously defined, the following
definitions apply throughout this announcement unless the context
otherwise requires:
"BOPD" barrels of oil per day
------------- ---------------------------------------------
"Prospective those quantities of petroleum estimated,
Resources" as of a given date, to be potentially
recoverable from undiscovered accumulations
by application of future development
projects. Prospective Resources
have both an associated chance
of discovery and a chance of development
------------- ---------------------------------------------
"Spudding" the process of beginning to drill
a well
------------- ---------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUAUARNNASUUR
(END) Dow Jones Newswires
April 22, 2016 02:00 ET (06:00 GMT)
Amerisur Resources (LSE:AMER)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amerisur Resources (LSE:AMER)
Historical Stock Chart
From Apr 2023 to Apr 2024