Amerisur Drills Third Well in Colombia Campaign 2012-09-07

Amerisur Drills Third Well in Colombia Campaign

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announced an update on the well Platanillo-5 in the Platanillo Field, Colombia, the third of a planned eight well drilling campaign.

Platanillo-5 is being drilled directionally to a reservoir target approximately 1,400 feet north of the bottom hole location of Platanillo-3. The well has been spudded and is now at a depth of 5,300 feet. The Company expects log data from this well and to update the market by the end of September.

Platanillo-3 continues to produce commercially at a controlled rate of approximately 1,500 barrels of oil per day (bopd). Platanillo-4 has been placed on commercial production with a permanent completion at an initial controlled rate of 500 bopd. The Company expects to exit 2012 with a production rate of 5,000 bopd.
 

Following completion and placing on production of Platanillo-5, the Serinco Rig D-10 will be moved to a new, fourth cellar (currently under construction) on Platform 9 to drill an extra well, named Platanillo-9 (due to the order in which wells were permitted with the Ministry of Mines and Energy) which will be directionally drilled to a location approximately 1,600 feet west of Platanillo-3.

"Our new production is being carefully and efficiently brought on stream, in an increasing trend, in line with our reservoir management objectives, while drilling continues according to plan. I look forward to updating shareholders further as our work progresses," Chief Executive Officer John Wardle commented.