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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Amerisur Resources plc    AMER   GB0032087826

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Amerisur Resources plc : Platanillo-7 Update

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01/08/2014 | 12:32pm CET

Platanillo-7 Update - London Stock Exchange http://www.londonstockexchange.com/exchange/news/market-news/marke...

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Company Amerisur Resources PLC

TIDM AMER

Headline Platanillo-7 Update

Released 07:00 30-Dec-2013

Number 5070W07

RNS Number : 5070W Amerisur Resources PLC

30 December 2013

30 December 2013
Amerisur Resources Plc ("Amerisur" or the "Company") Platanillo-7 Update
Highlights
· 10th successful new well in the current campaign

· Demonstrates field potential further north

· Strong test flow rates - 3,052 BPD of 30.2 API oil under natural flow (on 34/64" choke)

· Placed on commercial production at approximately 1,300 BOPD (on reduced choke)

· Rig moving to drill Platanillo-16 on platform 3N

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on the well Platanillo-7 in the Platanillo Field, Colombia, the 10th new well of the current drilling campaign, in addition to three successful sidetracks.
The well has been successfully drilled, on time and under budget, to a total depth of 8,533ft MD, achieving an offset of 1,181ft to the east of Platform 3N.
John Wardle, Chief Executive Officer of Amerisur, commented:
"This is another tremendous result for Amerisur. The geological risk at

1 of 3 30/12/2013 11:15

Platanillo-7 Update - London Stock Exchange http://www.londonstockexchange.com/exchange/news/market-news/marke...

Platform 3N was always higher than at previous wells simply because we were stepping out beyond the area where wells had been drilled previously. The fact that the structure at 3N and the flow rates surpassed our expectations bodes well for future development wells in the area, underlining the field potential going north. We continue to work with all parties to resolve the constraints on our export processes, and I hope to be able to give an update on the Ecuador export option early in the New Year."
The reservoir section was logged and initial log analysis indicates the presence of 78ft gross, 46ft net oil column in the U sand formation, and
36ft gross, 24ft net oil column in the T sand formation, using Logging
While Drilling (LWD) tools, for a total of 114ft gross, 70ft net, slightly greater than the pre-drill prognosis. LWD systems, while offering significant operational advantages, are prone to underestimating oil pay, due to a lower penetration of the signal into the reservoir compared with wire line conveyed tools. The Company therefore considers this analysis to be conservative. As predicted by Amerisur's seismic attributes model, the N sand was not well developed at this location.
The Company has completed the well for commercial production from the U sand. A total of 23ft of the 46ft net oil pay was perforated and flowed 3,052 BPD of 30.2 API oil on test under natural flow over a
34/64" choke with 180 psig at the wellhead and trace water. The well has now been choked back and placed on commercial production at approximately 1,300 BOPD.
The Serinco Rig D-10 is currently being skidded within Platform 3N in order to drill the next well on that pad, Platanillo-16. That well will be drilled to a location 2,428ft to the north east of Platform 3N. The objective of Platanillo-16 is to further develop the strong culmination of the Platanillo field seen on the 3D/3C seismic data and proven by the results of Platanillo-7. Based on the results of Platanillo-7 the Company is currently reviewing the development plan for the central zone.
ENDS
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 28 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
ENQUIRIES:

Ben Brewerton/Natalia Erikssen, Tel: +44 (0)207 831 3113

FTI Consulting

Stephen Foss/Daniel Conti

Tel: +44 (0)207 653 4000

RBC Capital Markets

2 of 3 30/12/2013 11:15

Platanillo-7 Update - London Stock Exchange http://www.londonstockexchange.com/exchange/news/market-news/marke...

Chris Sim / Ben Colegrave

Tel: +44 (0)207 597 4000

Investec

This information is provided by RNS

The company news service from the London Stock Exchange

END

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Financials ($)
Sales 2016 55,9 M
EBIT 2016 -8,06 M
Net income 2016 -8,21 M
Finance 2016 29,9 M
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 11,26
EV / Sales 2016 5,56x
EV / Sales 2017 2,01x
Capitalization 340 M
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 0,40 $
Spread / Average Target 43%
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NameTitle
John Wardle Chief Executive Officer & Executive Director
Charles Giles Clarke Chairman
John Nicholas Harrison Executive Director & Finance Director
Douglas Wayne Ellenor Independent Non-Executive Director
Victor M. Valdovinos Executive Director & Regional Director
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