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Amerisur Resources acquires Gulfsands Putumayo 14 block in Colombia

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Oilfield Technology,

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, has announced that it has signed a farm in agreement (FIA) with Gulfsands Petroleum Plc (Gulfsands) for the acquisition, subject to Agencia Nacional de Hidrocarburos (ANH) approval, of 100% Operated working interest in the Putumayo 14 (Put-14) block in Colombia.

The Put-14 block covers 46 361 hectares in the Caguan-Putumayo basin and is located contiguously to the south of Amerisur's 100% owned Terecay block. The contract is an Exploration and Production contract held with the ANH. The contract carries an X Factor of 5%. The contract is currently in Phase 0, in the process of performing a previous consultation (consulta previa) with a single indigenous community within the block as required by law before operations commence.

Gulfsands has indicated Put-14 is non-core to its forward strategy and in light of the Company´s strategic focus on the Putumayo basin, Amerisur undertook a review of the contract area, which indicated attractive follow-on prospectivity associated with the Terecay acreage. Under the terms of the FIA, Gulfsands will make a contribution to consulta previa and operational costs of US$1 250 000. Additionally, Gulfsands will also transfer the required guarantee for the Phase 1 work programme in favour of Amerisur in the amount of US$1 702 208. There is no consideration payable from Amerisur to Gulfsands.

Subsequent to the consulta previa, Phase 1 commitments are the acquisition of 98 km of 2D seismic data and the drilling of one exploration well. The period of Phase 1 is 36 months from the end of Phase 0.

Amerisur and Gulfsands will now apply to ANH for the transfer of operatorship and the 100% working interest in the contract.

John Wardle, CEO of Amerisur commented: "This is an attractive deal for the Company, further consolidating our strategic position in the Putumayo and adding additional prospective acreage to our Terecay-Tacacho play fairway, where we see significant potential in multi-layered reservoirs, proven in our existing operations, in legacy wells and within Ecuador. The block has further strategic importance in that it extends south towards the Putumayo river and Ecuadorian border. This brings benefits in terms of accessibility for operations and eventual evacuation of produced crude by providing a pathway to access the pipeline systems of Ecuador, in a similar way to the existing OBA system in our Platanillo field."

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