19th Jun 2014 11:02
LONDON (Alliance News) - Amerisur Resources PLC Thursday said that it was awaiting results from a new well after completing its 14th successful well in the Plantanillo Field in Colombia, and has made further progress on its Ecuador pipeline project.
The oil and gas producer and explorer said it has completed its Platanillio-15 well in the Platanillo Field. The well has been placed on commercial production, and Amerisur said it had good test flow rates of 439 barrels of oil per day, and 30.61% American Petroleum Institute oil on test with 8% water at a controlled 23.5% drawdown.
Amerisur has begun work on the next well in the field, Platanillo-18, which it said will be drilled towards an area where it estimates the potential for up to a further 5.0 million barrels of oil. Amerisur said that the objective of the new well was to appraise and produce from that section of the field, and if it is successful, it will follow it up with three further wells in that area.
It said it was awaiting results from the new well and is confident it can quickly add material proven reserves to its asset base.
The company says it continues to make good progress on its Ecuador pipeline project, and the process engineering and bidding specifications are almost complete.
The project is on track to be in operation in the second half of the year, and Amerisur said it would lift its current production constraints and reduce its dependence on long distance trucking.
In Paraguay, the company has processed 366 kilometres of new 2D seismic data, and is currently reprocessing legacy 2D data to integrate into a complete data set. It will interpret the complete data set during the next month to select preferred drilling sites.
It is currently in advanced discussions with a selection of contractors to drill at least one well in San Pedro during 2014. It expects to drill a well to depth of approximately 10,000 foot at a cost of USD10 million to test the Lima and Santa Helena prospects.
Shares in Amerisur were trading down 0.4% at 60.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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