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Amerisur Resources adds to production base with Platanillo-18 success

Published: 07:54 26 Aug 2014 BST

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Amerisur Resources (LON:AMER), the oil and gas producer and explorer focused on South America, has made further good progress on the Platanillo field in Colombia.

The company has successfully drilled the 14th new well of the current drilling campaign, in addition to three successful sidetracks.

Platanillo-18 has been successfully drilled to a total depth of 9,511 feet, and log analysis indicated the presence of a 20 feet gross, seven feet net, oil column in the U sand formation, and the presence of a 13 feet gross, 12 feet net, oil column in the N sand formation.

The N sand formation was tested and a total of five feet of the 12 feet net oil play was perforated, with 340 barrels of oil per day (BOPD) of 18.0 API (American Petroleum Institute scale) subsequently flowing in the test.

“The test of the N sand was very positive, and since this test is located at some 3.4 km from the only other N sand test in Platanillo-2ST1, it gives further support to our view of an important resource existing within that unit which we will continue to define and develop over the next few years,” said John Wardle, chief executive officer of Amerisur.

The company then went on to complete the well for commercial production from the U sand. A total of five feet of the seven feet net oil pay was perforated and flowed 530 BOPD of 29.7 API oil on test. The well has now been placed on commercial production at around 360 BOPD.

The company said the rig used on Platonillo-18 is now being moved on to drill Platanillo-20.

“I am also pleased to report that the Platanillo field U sand development, albeit under production constraints, recently passed the 4,000,000 barrels of oil produced milestone, and our confidence in the reservoir performance continues to build.

"Platanillo-20, our next well will be cored in all proven and probable reservoir sections. These samples of the physical reservoir, which will be the first seen on surface in this field, will allow us to further categorise the petrophysical properties of our reservoirs, and will lead to enhanced understanding. It is probable that these data will allow the company to justify an increase in the expected ultimate recovery from the reservoirs and a consequent increase in certified reserves," Wardle said.

Current production in the Platanillo field remains constrained in the range of 7,000 to 7,500 BOPD.

The company has sent documentation to the Ecuadorian authorities seeking permission to move oil from Colombia to Ecuador, as per the bi-national agreement between the two countries.

Formal approval from the Ecuadorian government is expected soon, Amerisur said. In the meantime the Colombian environmental licence process is underway. All indications are that the transfer line will be in operation by the end of the year.

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