Amerisur Resources PLC Spudding of Calao-1X, CPO-5 (9105O)
February 04 2019 - 2:00AM
UK Regulatory
TIDMAMER
RNS Number : 9105O
Amerisur Resources PLC
04 February 2019
4 February 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Spudding of Calao-1X, CPO-5
Amerisur Resources Plc, the oil and gas producer and explorer
focused on South America, is pleased to announce that the spudding
of Calao-1X, an exploration well on the CPO-5 block using rig
E-2029, occurred on 1 February 2019.
Calao-1X is the second well to be drilled from the Indico pad to
determine the prospectivity of the Lower Sands ("LS3") formation
around the Indico discovery. As previously announced, initial
analysis by the Company indicated that a 283 feet gross, 209 feet
net, oil column is present in the LS3 formation at Indico-1.
Calao-1X will be a directional well, with a planned total
measured depth of approximately 11,940 feet, targeting a structure
alongside Indico to the southwest, towards the Aguila structure. On
a simple structural basis, the Company estimates potential
resources at Calao-1X of between 2 and 9.8 MMBO gross. However,
given the results at Indico-1, which indicate the potential for
combination trapping, the Company believes potential resources may
be significantly higher. The drilling of Pavo Real-1, which targets
a similar structure to Calao adjoining Indico to the northeast,
will follow Calao-1X.
Amerisur holds a 30% non-operated interest in the CPO-5 block
which is 70% owned and operated by ONGC Videsh Ltd. ("the
Operator"). The Company will make a further announcement in due
course once the well has been drilled and logged.
John Wardle, CEO of Amerisur Resources, said:
"Following the positive result from Indico-1, we are delighted
to report the spudding of Calao-1X from the Indico pad to determine
the size of the play. We look forward to sharing the results with
our shareholders throughout this busy, and potentially
transformational, period for Amerisur, which has already delivered
material reserves and production growth on the basis of the Indico
discovery."
ENDS
Enquiries:
Nick Harrison, CFO Tel: +44 (0)330 333
Amerisur Resources 8246
Billy Clegg / Georgia Edmonds / Kimberley Tel: +44 (0)203 757
Taylor 4983
Camarco
Callum Stewart / Nicholas Rhodes / Tel: +44 (0)20 7710
Ashton Clanfield 7600
Stifel Nicolaus Europe Limited
Chris Sim / Alexander Ruffman Tel: +44 (0)207 597
Investec 4000
Paul Shackleton / Dan Gee-Summons Tel: +44 (0)20 7614
Arden Partners plc 5900
Notes to editors
About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator with an
extensive, strategic acreage position in the underexplored Putumayo
in partnership with Occidental Petroleum ("Oxy") and a strategic
acreage position in Llanos in CPO-5 with partner ONGC. Amerisur is
the 100% owner and operator of the OBA pipeline, a key piece of
strategic, cross-border export infrastructure delivering oil from
the Putumayo in Colombia into Ecuador. Amerisur produces from three
fields, Platanillo in the Putumayo which generates cash flow to
fund its work programme, Mariposa-1 and Indico-1 in the Llanos
basin. Amerisur has recently announced a potentially
transformational result at Indico-1, which significantly exceeded
expectations - 283 feet gross, 209 feet net oil column without an
oil-water-contact.
Amerisur has a robust financial position with cash generation
and balance sheet to fund its work programme.
Competent person: Technical information in this announcement has
been reviewed by John Wardle Ph.D., the Company's Chief Executive.
John Wardle has 32 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
Glossary
mmbo million barrels of oil
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END
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