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Amerisur Resources PLC  -  AMER   

Caguan-Putumayo Basin Acquisitions

Released 07:44 16-Mar-2017

RNS Number : 6458Z
Amerisur Resources PLC
16 March 2017
 

16 March 2017

 

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

 

Caguan-Putumayo Basin Acquisitions

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce certain asset acquisitions made in the Caguan-Putumayo basin.

These assets, subject to approval of the cession of interest by the Agencia Nacional de Hidrocarburos (ANH) have been acquired from Meta Petroleum Corporation and Pacific Stratus Energy Colombia Corporation; both companies are ultimately owned by Pacific Exploration and Production, a Canadian listed company. The working interests acquired are:

·     60% in the Put-9 contract area

·     58%* in the Mecaya contract area

·     100% in the Terecay contract area

·     50.5% in the Tacacho contract area.

The consideration for the acquisitions was US$4.85MM in total which has been paid in cash from existing resources. Additionally a 2% overriding royalty interest (ORRI) will be payable to Pacific Exploration and Production in respect to Amerisur net production from the Terecay block and a 1.2% ORRI on net production from the Put-9 block.

Following the acquisition, and subject to ANH approval, the Company will hold, through its subsidiaries the following working interests in the Caguan-Putumayo basin of Colombia:

·     Coati                         100% Temblon Field / 60% exploration area **

·     Put-8                         50%

·     Platanillo                   100%

·     Put-12                       60%

·     Put-9                         100%

·     Mecaya                     58%

·     Andaquies                100%

·     Put-30                       100%

·     Terecay                     100%

·     Tacacho                    100%

 

A presentation detailing the acquisition, contractual status and prospectivity of the expanded portfolio will be available to view shortly on the Company website at www.amerisurresources.com.

John Wardle, Chief Executive Officer said:

"I am very pleased to announce this important acquisition which positions Amerisur for significant growth in the Caguan-Putumayo basin. The working interests we have acquired are strategically located close to our OBA transfer system, thus potentially securing rapid and basin leading margin monetisation of new reserves in these blocks, and expose the Company to the full suite of exploration opportunity in the basin. Subject to ANH approval, the Company will be operator in all contracts with the exception of Put-8. The blocks contain a variety of attractive prospects, with analogues to the Platanillo field, other interesting structural traps, including some already proven to contain oil through existing, tested legacy wells. We have also captured the projected stratigraphic pinch out areas of our proven T and U sand reservoirs, which offer the potential for large accumulations of high quality crude oil. Additionally, the large blocks Terecay and Tacacho, with baseline government royalties, encompass significant opportunity for heavier oil discoveries, in line with the models proven in adjoining fields in Ecuador."

Giles Clarke, Chairman commented:

"This is an extremely important acquisition for Amerisur, creating a wide and deep portfolio of opportunity for the Company within the Putumayo basin, our principal focus for the future. I congratulate the CEO and his team on achieving this strategic deal at such attractive terms and look to the future with great confidence."

 

*Post fulfilment of certain commitments

** Canacol is currently farming in to a 40% working interest in the exploration area of the Coati block

 

ENDS

Enquiries:

 

Nick Harrison, CFO

Amerisur Resources

 

Tel: +44 (0)330 333 8246

Billy Clegg/Georgia Edmonds

Tel: +44 (0)203 757 4980

Camarco

 

 

Callum Stewart/Ashton Clanfield

Stifel Nicolaus Europe Limited

Tel: +44 (0)20 7710 7600

 

 

Chris Sim/George Price

Tel: +44 (0)207 597 4000

Investec

 

 

 

Darrell Uden/Marcus Jackson

RBC Capital Markets

 

Tel: +44 (0)207 653 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 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 including the Platanillo block, Put-8, Put-12 and Coati. A 40% working interest in contract Put-9, acquired from Talisman Colombia is currently awaiting approval by ANH. 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
 
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Caguan-Putumayo Basin Acquisitions - RNS