Dec 13 - Amerisur Resources Announce Successful Platanillo-7 Update

Source Press Release
Company Amerisur Resources Plc 
Tags Production/Development, Exploration, Discovery, Upstream Activities
Date December 30, 2013

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on the well Platanillo-7 in the Platanillo Field, Colombia, the 10th new well of the current drilling campaign, in addition to three successful sidetracks.

The well has been successfully drilled, on time and under budget, to a total depth of 8,533ft MD, achieving an offset of 1,181ft to the east of Platform 3N.

John Wardle, Chief Executive Officer of Amerisur, commented:

"This is another tremendous result for Amerisur. The geological risk at Platform 3N was always higher than at previous wells simply because we were stepping out beyond the area where wells had been drilled previously. The fact that the structure at 3N and the flow rates surpassed our expectations bodes well for future development wells in the area, underlining the field potential going north. We continue to work with all parties to resolve the constraints on our export processes, and I hope to be able to give an update on the Ecuador export option early in the New Year."

The reservoir section was logged and initial log analysis indicates the presence of 78ft gross, 46ft net oil column in the U sand formation, and 36ft gross, 24ft net oil column in the T sand formation, using Logging While Drilling (LWD) tools, for a total of 114ft gross, 70ft net, slightly greater than the pre-drill prognosis. LWD systems, while offering significant operational advantages, are prone to underestimating oil pay, due to a lower penetration of the signal into the reservoir compared with wire line conveyed tools. The Company therefore considers this analysis to be conservative. As predicted by Amerisur's seismic attributes model, the N sand was not well developed at this location.

The Company has completed the well for commercial production from the U sand. A total of 23ft of the 46ft net oil pay was perforated and flowed 3,052 BPD of 30.2 API oil on test under natural flow over a 34/64" choke with 180 psig at the wellhead and trace water. The well has now been choked back and placed on commercial production at approximately 1,300 BOPD.

The Serinco Rig D-10 is currently being skidded within Platform 3N in order to drill the next well on that pad, Platanillo-16. That well will be drilled to a location 2,428ft to the north east of Platform 3N. The objective of Platanillo-16 is to further develop the strong culmination of the Platanillo field seen on the 3D/3C seismic data and proven by the results of Platanillo-7. Based on the results of Platanillo-7 the Company is currently reviewing the development plan for the central zone.

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