Pre AGM Operations Update

Source Press Release
Company Amerisur Resources Plc 
Tags Production/Development, Exploration, Upstream Activities, Guidance, Financial & Operating Data
Date May 14, 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 operations in Colombia ahead of its annual general meeting today.  

Highlights

·      Production now 6,500 bopd - FY19 guidance maintained at 5,000 - 6,000 bopd

·      Successful workover campaign at Platanillo

·      First third-party oil received

Platanillo (WI 100%): Infill Drilling and Workover Campaign

The company recently spud the Platanillo-26 infill well targeting a potentially undrained area of the Platanillo field identified on seismic. The well is drilling ahead at 7,800ft with a target depth of 9,350ft.

Production optimisation at Platanillo continues with workovers completed at Platanillo-2 and Platanillo-7, where a second selective completion was installed in both wells to allow the U and T sands to be produced simultaneously. The next phase of the production optimisation plan is to re-enter Platanillo-22 to perform a sidetrack and increase the productive potential of the well.

CPO-5 (WI 30%): Sol Spud

The Sol-1 exploration well was spud on 11 May 2019. The planned target depth is 10,005ft, targeting the Mirador and Lower Sand formations.

Production Update: Current Production now 6,500 bopd

Production to the end of April averaged 5,019 bopd, with Platanillo averaging 3,271 bopd. Current group working interest production is now around 6,500 bopd following the successful workover campaign at Platanillo and stable production from CPO-5. FY19 production guidance of 5,000 - 6,000 bopd is maintained and does not include any contribution from exploration drilling.

OBA Pipeline

Further to the Company's announcement dated 7 May 2019, the first batch of third-party volumes has been received at Platanillo as part of the initial contract, with discussions continuing to increase toward the previously stated 2,000 bopd through H2/19.

John Wardle, CEO of Amerisur, said:

"We have achieved considerable success through our ongoing Platanillo workover campaign with production now over 4,000 bopd from the field. There is the potential to enhance this further with ongoing infill drilling and subsequent sidetrack. Exploration and Production continues apace on CPO-5".

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