Amerisur Resources Plc: Exercise of Right of First Refusal Put-8

Source Press Release
Company Amerisur Resources Plc 
Tags Asset Deals, Deals, Upstream Activities
Date March 20, 2019

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on corporate activities in Colombia.  

Following notification by Vetra Exploración y Producción Colombia SAS of the proposed sale of its 50% working interest in block Put-8, Amerisur is pleased to report that it has exercised its right of first refusal to acquire that working interest, as per the terms set forth in the existing Joint Operating Agreement between Amerisur and Vetra.

Following approval by the Colombian National Hydrocarbons Agency (ANH) the Company will hold 100% working interest and operatorship in Put-8.

The consideration for the acquisition is USD $19.1 million which will be met from internal resources.

John Wardle, CEO of Amerisur Resources said:"

Put-8, strategically located between oil fields has been a prime part of our Putumayo portfolio since we acquired a 50% working interest by way of the Platino acquisition. The opportunity to increase our working interest and acquire operatorship was very attractive to us, consolidating even further our position around the OBA pipeline and bringing more operational flexibility. In the interim, while awaiting approval by ANH, preparations for the exciting drilling programme in the block will continue."

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.  

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd