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Amerisur Resources PLC  -  AMER   

Platanillo Operations Update

Released 07:00 04-May-2017

RNS Number : 1220E
Amerisur Resources PLC
04 May 2017
 

4 May 2017  

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

 Platanillo Operations Update

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

 

Highlights

·     Platanillo-22 producing over 700 barrels of oil per day ("bopd")

·     Platanillo-21 at 7,573ft ahead of time and budget

·     Platanillo-25 in planning stage

·     Platanillo-8 - successful chemical treatment

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 719 barrels of 31.5° API oil per day under stable conditions with 0.15 % water cut.

Well Platanillo-21, a low step out directional well targeting the crest of the Pad 2N accumulation is currently at coring point, 10ft above the N sand reservoir at 7,573ft measured depth (MD), having successfully set and cemented 9.5/8" casing. It is planned to core all reservoir sections in this well, with total depth being achieved in approximately 20 days from today. A further announcement will be made when drilling operations are complete.

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 once testing is completed on Platanillo-21.

In line with the Company´s optimisation work in the Platanillo field, an organic chemical treatment has been trialled on well Platanillo-8. This well, in a similar manner to some other producing wells, had suffered a decline in production, with a pre-treatment production level of 108 bopd. Following treatment the well is producing approximately 350 bopd in a stable manner. Amerisur is currently considering other candidates for similar treatments, including Platanillo-9, Platanillo-14, Platanillo-12 and Platanillo-5.

Operations on the Mariposa-1 well in the CPO-5 block continue. An update will be provided in due course.

John Wardle, Chief Executive Officer of Amerisur, commented:

 "I am very pleased with the performance of Platanillo-22 in what may become an important new production centre at Pad 2N. Also with the good progress on Platanillo-21, where core data will give us further understanding of this separate accumulation in the Platanillo field area and hence benefit our future exploration and development efforts. Additionally, the structural position of this well should lead to similar production performance as Platanillo-22, thus adding further to our growing production profile and supporting achievement of our stated targets.

"As oil wells produce, in some cases there are observed declines which are not due to reservoir performance, but to the accumulation of solids, paraffin and in some cases asphaltic deposits down hole in the producing zones of the well. I am very pleased that our detailed analytical work resulted in an accurate formulation to treat and remove these deposits in Platanillo-8, where we have seen an impressive recovery in oil production. We now plan to roll this technique out to other wells in the field which may benefit from this type of treatment."

ENDS

Enquiries:

 

Nick Harrison, CFO

Amerisur Resources

 

Tel: +44 (0)330 333 8246

Billy Clegg/Georgia Edmonds

Camarco

 

Tel: +44 (0)203 757 4980

Callum Stewart/Ashton Clanfield/Nicholas Rhodes

Stifel Nicolaus Europe Limited

 

Tel: +44 (0)20 7710 7600

Chris Sim/George Price

Investec

 

Tel: +44 (0)207 597 4000

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 5,200 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 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.

 

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.

 

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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Platanillo Operations Update - RNS