9th Feb 2015 08:39
LONDON (Alliance News) - Amerisur Resources PLC on Monday said it has signed a letter of intent with PetroAmazonas in Ecuador outlining the terms of an agreement for Amerisur to use the group's pipeline infrastructure.
PetroAmazonas is the operator of the Cuyabeño gathering system and the wider Amazonas pipeline network. The letter of intent between the two will allow the final negotiation and signing of final agreements with PetroAmazonas and other Ecuadorian entities ahead of the construction of the pipeline.
Amerisur expects those talks to close in coming weeks.
In Colombia, the modification of the existing Platanillo environmental license to include oil transport by pipeline is being reviewed by the local licensing authority, and Amerisur said it is expecting a positive outcome.
After this and the requisite environmental approvals in Ecuador are received, the company expects to start constructing and commissioning on the Ecuador interconnector in the first half of this year.
"We continue to make excellent progress towards commencing construction of the pipeline and the signing of the letter of intent by PetroAmazonas is an important milestone to take the project forward," said Amerisur Chairman Giles Clarke.
Shares in Amerisur were up 6.4% to 33.25 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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