Advertisement

Amerisur Resources advances on positive Platanillo update

Shares in South America-focused oil and gas producer Amerisur Resources rose on Monday after the company unveiled a positive update on its operations at the Platanillo Field in Colombia.

Shares in South America-focused oil and gas producer Amerisur Resources rose on Monday after the company unveiled a positive update on its operations at the Platanillo Field in Colombia.

The AIM-listed company reported that the area known as the "Platanillo-1 ST1 sidetrack" had encountered a 22 foot (ft) net pay interval in the U sand and produced 530 barrels of oil per day (bopd) in a controlled production test.

Advertisement - Article continues below

Furthermore, the company said that the Platanillo-10 well encountered 68 ft net pay in U and T sands and reported that Platanillo Field production is currently at 4,700 bopd. It pointed out that production was constrained by pipeline and export facility availability and said that total field production capacity was estimated at 6,400 bopd.

The company said that it was active in developing new alternatives for oil delivery, and expected those options to allow a continued growth in production over the coming months.

Dr. John Wardle, Chief Executive Officer of Amerisur Resources, commented: "I am very excited by the result of the Platanillo-1 ST1 sidetrack. To encounter producible oil at that position in the structure augurs well for the size of the eventual recoverable resource in the Platanillo field.

"Additionally, this great result has significantly de-risked the northern section of Platanillo. Based on our 3D seismic and this well data I am confident we will develop significant reserves volumes in the northern part of the block."

Shares in Amerisur Resources were up 5.39% to 53.75p at 09:19 on Monday morning.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?
UK Economy

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?

John Stepek runs his eye over the chancellor's £30bn stimulus package and asks if it's enough to get the economy back on its feet after months of lock…
9 Jul 2020
Have small companies lost their edge?
Sponsored

Have small companies lost their edge?

SPONSORED CONTENT – The tectonic plates beneath the modern investing landscape appear to have started moving in new directions
26 Jun 2020