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Amerisur Resources (AMER)

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Friday 08 June, 2018

Amerisur Resources

Monthly Production, OBA and Operational Update

RNS Number : 7529Q
Amerisur Resources PLC
08 June 2018
 

08 June 2018

 

Amerisur Resources Plc ("Amerisur" or the "Company")

 

Monthly Production, OBA Throughput and Operational Update

 

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide unaudited production from the Company's two producing fields, the Platanillo Field and the Mariposa-1 Long Term Test (LTT), and provide OBA throughput data for the month of May 2018 (the "Period").  

Production

·     Total production was 149,030 barrels of oil ("BO") during the Period.

·     Average daily production was 4,807 barrels of oil per day ("bopd") during the Period.

·     Peak daily production was 5,344 bopd during the Period.

 

OBA Export

 

·     Total export volume was 128,169 BO during the Period.

·     Average daily throughput was 4,134 BO during the Period.

·     Peak daily throughput was 5,024 BO during the Period.

Platanillo field production was affected by the ongoing treatment and maintenance programme together with a reduction in production from certain key wells due to various causes. The well Platanillo-6, which had been returned to levels of approximately 260 bopd post its workover experienced an increase in water cut which is under investigation. The treatment of Platanillo-11 appears to have been effective, returning production to previous levels in a stable manner. The Platanillo-20 treatment was also successful, returning production to approximately 945 bopd.  A reduction of total fluid volume and small increase in water cut has also been observed in Platanillo-21 and 24, which are under review for intervention. Platanillo-22 has maintained a low water cut (0.2%) but total fluid delivery has been observed to fall over the last 4 weeks. This well is also under review for intervention.

Operational Update

Civil works for the Pintadillo-1 road and location in the Putumayo basin continue to advance despite difficult climatic conditions and extensive flooding in the area. The flooding in particular has necessitated the installation of additional drainage works on the road and a change in the elevation of the drilling location. It is expected to install the 13.3/8" conductor pipe in each of the three well cellars currently under construction at the end of the week commencing 11 June 2018, followed by rig mobilisation. Spudding of Pintadillo-1 is expected in July 2018.

In the CPO-5 block in the Llanos basin, severe weather conditions continue, however progress continues to be made and the well Indico-1 is also expected to spud in Q3 2018 as previously guided.

In the PUT-8 block, the operator Vetra informs that the well Miraparriba-1 is expected to spud in Q3 2018 as previously guided.

In Ecuador, the Chiritza re-pumping station project is on track to complete commissioning in Q3 2018, with operations on target to commence in September subject to acceptance by RODA, one month ahead of schedule currently. Once commissioned and in operation the Company will have an increased minimum transport capacity with Petro Amazonas EP and RODA of 9,000 bopd.

A short presentation showing civil work and Chiritza project progress will be available later today on the Amerisur website www.amerisurresources.com

These data will vary month on month as development, appraisal and exploration operations continue, and also due to the factors involved in operating in the Putumayo region of Colombia.  These factors include inclement weather, social issues with drilling and oil transportation and planned and unplanned shut downs for technical works undertaken among others.  The data has not yet been approved by the Colombian Agencia Nacional de Hidrocarburos (ANH) or national customs and tax authorities DIAN and may be subject to revision.

 

John Wardle, CEO commented:

"The continuing cycle of well work is frustrating, however I believe that our understanding developed over the 11 years of production experience in Platanillo will give us success in this process, which is to be expected given the growing age of the well stock and the volumes produced to 31 May - over 10,041,419 barrels of oil. The weather conditions in the Putumayo were of course expected, and taken into account in our planning. The small revisions to the road and location design will enhance its efficiency in use. I am very pleased that we are making such good progress on all work fronts, and look forward to updating shareholders as our exciting programme develops."

ENDS

 

Enquiries:

 

Nick Harrison, CFO

Amerisur Resources

 

Tel: +44 (0)330 333 8246

Billy Clegg/Georgia Edmonds/Kimberley Taylor

Tel: +44 (0)203 757 4980

Camarco

 

 

Callum Stewart/Nicholas Rhodes/Ashton Clanfield

Stifel Nicolaus Europe Limited

Tel: +44 (0)20 7710 7600

 

 

Chris Sim

Tel: +44 (0)207 597 4000

Investec

 

 

 

 

 

     

 

Notes to editors

Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay and production from two fields in Colombia. In 2016 Amerisur successfully built and is 100% owner of the strategic OBA oil transfer line into Ecuador.

 

In Colombia, the Company is operator and has a 100% working interest in the Platanillo block which includes the Platanillo producing field in the Putumayo basin, and holds a 30% non-operated working interest in the CPO-5 block containing the Mariposa-1 producing field in the Llanos basin.

 

Amerisur has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line.

 

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.

 

www.amerisurresources.com 


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