30th Sep 2014 14:36
LONDON (Alliance News) - Amerisur Resources Tuesday reported an increase in profit and revenue for the first-half, as its Platanillo Field made gains.
The company posted pretax profit of USD50.8 million for the six months to June 30, compared with USD29.1 million a year earlier, as revenue jumped to USD114.1 million from USD64.4 million.
Amerisur Resources said it made considerable progress in the first-half with its Platanillo field, eith developments including increasing production capacity, drilling four new wells, increasing proven developed reserves, de-risked the northern lobe of the block and moved forward the export pipeline project, to be built under the river into Ecuador and connect to the Victor Hugo Ruales infrastructure.
In addition, Amerisur Resources said its field production facilities have been significantly enhanced, with more efficient processes which use less chemical treatment, more extensive storage tankage and higher capacity.
The company also said with operating cash flows from the Platanillo field continuing to run significantly ahead of the its capital requirements for its entire work programme and with a number of fully-funded value enhancing events to come in the second-half and into 2015, it is in a "strong position to pursue further opportunities focused on our areas of interest."
Amerisur Resources shares were quoted up 3.9% at 56.88 pence Tuesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AMER.L