Amerisur Resources Announces Reserves and Resources Update - Correction

Source Press Release
Company Amerisur Resources Plc 
Tags Reserve Update, Production/Development, Exploration, Upstream Activities
Date April 02, 2014

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, notes that there was an error in the text relating to the Net Present Value (NPV) calculations in the Reserves and Resources update published on 31 March (RNS 5488D). The NPV's published were stated to be after tax and royalties when they should have been reported as being after royalties but before tax.

The corrected version is re-issued below:

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America (LSE: AMER), is pleased to report an update to the certified reserves and resources for its exploration and production assets in Colombia and Paraguay.

Following receipt of an independent reserves report as at 31 December 2013 undertaken by Petrotech Engineering Ltd using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) gross field reserves increased from 12.0 MMBO (2012) to 19.8 MMBO, and 2P (Proven and Probable) gross field reserves increased from 29.9 MMBO (2012) to 32.8 MMBO. These 2P reserves have been evaluated by Petrotech to represent a Net Present Value ("NPV"), to Amerisur after royalties but before tax of US$1,974m undiscounted and $1,251m at a 10% discount rate.

The Company has also calculated additional prospective resources within the structure of the Platanillo field at 35.3 MMBO on a P50 basis.

In addition Amerisur is currently extending the attribute based mapping of the N sand prospect within the Platanillo contract area in order to estimate the reserves and resources associated with this prospect which has been proven to contain oil in the well Platanillo-2. That analysis is expected to be complete by Q3 2014 and is expected to add further important potential within the Platanillo contract area.

Amerisur - Summary of Reserves at 31 December, 2013

Contract/Field

 
Proven

 
Probable

 
Possible*

 
Prospective Resources*

 
MMBO

 
Platanillo - Colombia

 
19.774

 
13.040

 
0.900

 
35.275

 
Fenix - Colombia

 
0.274

 
0.27

 
0.34

 
**

 
Putumayo 12 - Colombia

 


 
400

 
San Pedro Block- Paraguay

 
623***

 

* Unaudited - Net Risked P50 Management Estimates
** Under Review
*** North West Prospects only


Amerisur is also pleased to report that on March 14 2014, the Company produced the 3 millionth barrel of crude oil from the Platanillo field.

A presentation and technical guide with further background on reserves and resources are now available on the Company website, .

John Wardle, CEO, said:

"I am very pleased that our active drilling programme last year created a significant shift of probable reserves into proven oil, while 2P reserves have also grown despite our important increase in production rates, which has now taken us past the 3 millionth barrel produced. The Platanillo field continues to deliver in growth terms, and I expect further important additions during 2014. We also have a portfolio of large exploration targets and are very focused on maturing those resources into reserves. Our exploration plans for Putumayo 12 and the San Pedro block in Paraguay are well advanced with strong indications of prospectivity in both blocks. In both those areas we are in advanced planning for drilling around the turn of the year. All our work programmes are fully funded and offer attractive prospects for new discoveries from which we expect to deliver continued strong growth."

Giles Clarke, Chairman, said:

"Amerisur has delivered a step change in performance and is now poised to further add to our mix of growing assets. I look forward to reporting to shareholders as our exciting programme develops."

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd