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Amerisur Resources receives approval for Occidental farm-out agreement

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Oilfield Technology,

The Agencia Nacional de Hidrocarburos (ANH), Colombia's national hydrocarbons agency, has granted approval of the farm-out agreement with Occidental announced 23 November 2018. The deal relates to four exploration blocks: Putumayo-9, Terecay, Tacacho and Mecaya in the Putumayo region, southern Colombia. Occidental will acquire a 50% interest in each block and in consideration will fund a US$93 million exploration and appraisal programme between 2019 - 2021. Funding includes 85% of the 1068 km 2D seismic equivalent and 100% of the planned four well drilling programme.

Amerisur remains operator of the blocks that cover 1.4 million gross acres and hold 448 million bbl mid-case gross prospective resources, based on management estimates.

Platanillo (WI 100%): production optimisation

The company recently completed the Platanillo-26 infill well targeting an undrained area of the Platanillo field. The well reached the target depth of 9350 ft and encountered 46 ft net pay in the upper and lower U sands. The well is now onstream and producing around 710 BOPD. Production optimisation on the field continues with a sidetrack well at Platanillo-22.

Production update: current production over 6800 bpd

Year-to-date production to the end of May 2019 averaged around 5300 bpd. Current group working interest production is now over 6800 bpd following the successful infill well at Platanillo and continued stable production from CPO-5. FY19 production guidance is maintained at 5000 - 6000 bpd and does not include any contribution from exploration drilling.

CPO-5 (WI 30%): Sol-1 exploration well

Operations on the Sol-1 exploration well continue and results will be announced shortly. After drilling operations are completed at Sol-1 the rig will move to drill the Indico-2 appraisal well.

John Wardle, CEO of Amerisur, said: "We are pleased to secure all the approvals associated with the transformational deal with Occidental. Work has started to initiate seismic surveys and drilling on the acreage later this year. Production optimisation at Platanillo continues to deliver with production now over 4500 bpd from the field. On completion at Sol-1 the drilling rig on CPO-5 will return to Indico for appraisal drilling that has the potential to increase reserves and production from the field".

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