13th Oct 2015 07:47
LONDON (Alliance News) - Amerisur Resources PLC Tuesday said log analysis at the Loto-2 well in Colombia has indicated 54 feet of net pay thickness in the Mirador formation, which it will test with its partner over the next two weeks.
The Loto-2 well is on the CPO-5 block in Colombia, in which Amerisur has a 30% stake with its partner ONGC Videsh Ltd owning the other 70% stake.
The well was drilled to a total depth of 10,320 feet and a seven-inch production liner has been set and cemented. The log analysis has suggested there is 54 feet of net pay thickness in the Mirador formation and the pair is now designing a programme to test the Mirador formation to judge how much oil it may contain.
The production liner, otherwise known as casing, is a large diameter pipe that is assembled and inserted into a recently drilled section of a borehole, forming the structure which holds the well together and aids the drilling process.
Amerisur said the results from the test will be released in the next two weeks.
"This is an encouraging result from Loto-2. We look forward to positive test results from this well and also to beginning the drilling of the next well from the Loto pad, Loto North-1," said Amerisur Chief Executive John Wardle.
Amerisur shares were down 4.1% to 28.28 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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