7th May 2014 08:56
LONDON (Alliance News) - Amerisur Resources PLC said Wednesday it has won approval to increase the commercial area of the Platanillo field.
The oil and gas producer and explorer focused on Latin America said that the Agencia Nacional de Hidrocarburos, the governing body of hydrocarbon exploration and production in Colombia, has approved a request to increase the commercial area of the Platanillo field.
Amerisur said the further extension of the southern part of the field will extend the current contract essentially to the national frontier with the Republic of Ecuador and is made without associated drilling obligations or payments.
The company expects to sign the required annexe to the contract in the coming weeks and said that it is currently designing the wells which will be drilled to drain the additional field area awarded.
"We estimate that this additional area will require 3 or more wells to fully develop, and management estimates between 3.9 and 5.0 million barrels of oil in new reserve potential," said John Wardle, Chief Executive.
This is a very favourable opportunity which further underlines the ultimate potential of the field while giving us access to significant additional oil volumes to bring through our established Pad 9S facilities and eventually into our Ecuador Interconnector," he added.
Shares in the firm were trading 0.41% higher at 61.75 pence per share Wednesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AMER.L