29th Oct 2013 11:46
LONDON (Alliance News) - Amerisur Resources PLC Tuesday said its Platanillo-14 well in Colombia has been successfully drilled on time and under budget to a total depth of 9,333 feet.
The oil and gas producer and explorer in South America said that initial log analysis indicates the presence of a 77 feet gross, 30 feet net oil column in the U sand formation at the site.
Amerisur said that due to lower penetration linked to the technology used, the analysis is very conservative.
The company said it is in the process of completing the well for commercial production and initial well testing is expected to begin in the next few days.
Amerisur Resources shares were up 0.6% to 44.50 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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