AIM-listed oil and gas producer Amerisur Resources has posted a trading update on its operations in South America reporting strong results at its Platinillo well.
The company reported that the fifth of eight planned wells in Colombia, technically referred to as Platanillo-6, had been drilled to a total depth of 8,609ft and had been completed for production.
Platanillo Field production is currently at 4,600 barrels of oil per day (bopd) and the total field production capacity has been estimated at 5,400 bopd.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In addition, the company reported that the 54.8km 2D seismic acquisition programme in its Fenix block has been successfully completed and that the results from data currently being processed would be available for interpretation during February 2013.
Dr. John Wardle, Chief Executive Officer of Ameriseur Resources, said: "This is another strong result, underlining the long term potential of the Platanillo field. With two rigs shortly working in unison I look forward to further exciting news.
"The constraints on production are likely to be short term and we are meanwhile developing a suite of alternatives to ensure future production growth is unaffected".
MF
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
