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Amerisur re-establishes oil production and receives Fenix Block deadline extension

Last updated: 12:58 26 Oct 2009 GMT, First published: 13:58 26 Oct 2009 GMT

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Amerisur Resources (AIM: AMER) announced that it had re-established production on the Platanillo Block in Colombia following the successful of a temporary contract. The company has also been granted an extension to its Phase II license for the Fenix exploration programme. The Platanillo block is located in the Putumayo Basin of southern Colombia, and is held 100% by Amerisur Resources through its subsidiary.


In Platanillo, Amerisur placed the Alea-1R well and Platanillo-2 well back into production on. The wells are currently being monitored and allowed to stabilise before adjusting injection rates to optimise production levels. Amerisur also reported that an Exploitation Environmental License is “proceeding favourably”, and is expected to be completed during December 2009.


Elsewhere in Colombia, Amerisur received confirmation from the Agencia Nacional de Hidrocarburos that the Fenix E&P Contract second phase termination would be extended until February 2010.  The contract was extended to compensate for delays in negotiating certain terms of the environmental licence. As a result, Amerisur will have additional time to review the results of Iguasa-1 before the end of the phase two.  The Fenix block, located in the Middle Magdalena Valley Basin of Colombia is owned and controlled 100% by Amerisur.


Last Monday, Amerisur announced the spudding of the Iguasa-1 well on the Fenix block. This morning the company informed investors that the operation is ‘proceeding according to plan’. The Iguasa-1 well has reached a depth of 2,365ft and is expected to take approximately 30 days in total to drill and log.


Amerisur Resources Plc Chairman, Giles Clarke commented on the company’s progress in Colombia: “Progress at Fenix is encouraging, where the actual drilling results are very much in line with our geological prognosis in this complex area ... The shows of oil and gas we have observed to date are also encouraging, and we look forward to continued good progress into the deeper sections of the well ... The recommencement of production at Platanillo is significant, where our increased interest now gives us 100% of the post-royalty revenue from those wells.”

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