Amerisur Resources Shares Hit by Failure of Calao-1X Well

By Adam Clark

Amerisur Resources PLC (AMER.LN) shares fell Tuesday after the oil-and-gas company said that the Calao-1X exploration well in Colombia has no hydrocarbon potential.

The company said the results from the well will be integrated into its geophysical model as it reviews its model for the Pavo Real-1 well. Amerisur holds a 30% interest in the CPO-5 block containing the well, which is owned and operated by India's Oil & Natural Gas Corp. Ltd. (500312.BY).

"It is important to ensure that we fully re-evaluate Pavo Real-1X before committing to drill, and Amerisur has recommended to the operator that drilling focus should return to the Indico structure for the moment, with the drilling of Indico-2, a low-risk appraisal well. The Calao result has no impact on the previously disclosed CPO-5 reserves for year-end 2018," Chief Executive John Wardle said.

Shares at 0823 GMT were down 2.52 pence, or 15%, at 14.34 pence.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

March 26, 2019 04:46 ET (08:46 GMT)

Amerisur Resources (LSE:AMER)
Historical Stock Chart
From Mar 2024 to Apr 2024