Reserves Update

Source Press Release
Company Amerisur Resources Plc 
Tags Reserve Update, Production/Development, Upstream Activities
Date March 07, 2019

1P reserves up 27.8% and 2P reserves up 23.6%

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on the certified reserves for its production assets in Colombia.  

Following receipt of an independent reserves report for the Platanillo and Mecaya fields undertaken by Petrotech Engineering Ltd, and the CPO-5 block undertaken by McDaniel and Associates Consultants Ltd as at 31 December 2018, using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) working interest field reserves were 17.82 million barrels of oil ("MMBO") (2017: 13.94 MMBO) and 2P (Proven and Probable) working interest reserves were 25.59 MMBO (2017: 20.70 MMBO). Total production from the Platanillo field during 2018 was 1.61 MMBO and total production from the CPO-5 block, (Mariposa and Indico fields) at 31 December 2018 was 1.15 MMBO. 

This represents an increase of 27.83% in 1P and 23.62% in 2P reserves over year end 2017, and is due to the drilling success in the CPO-5 block previously reported.

Reserves

  Reserves Oil & Liquids Amerisur Net Working Interest  (MMBO) 
BLOCKS (Amerisur working interest)  Proved (1P)  Proved & Probable (2P)  Proved, Probable & Possible (3P) 
Platanillo (100%)  11.55  17.51  20.17 
CPO-5 (30%)  6.00  7.69  11.28 
Mecaya (50%)  0.27  0.39  0.45 
Total   17.82  25.59  31.90 

Source: Petrotech Engineering LTD., Reserves Audit at 31 Dec 2018; McDaniel and Associates Consultants Ltd., Reserves Audit at 31 Dec 2018

John Wardle, CEO of Amerisur Resources said:"

The drilling success at Indico-1, together with the strong production behaviour observed at Mariposa-1 through the year have delivered a material increase in the Company's reserve base.  We look forward to further production and reserves increases as our exciting, fully funded drilling programme develops during the year."

These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).

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.  

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd