Amerisur Resources, an oil and gas producer and explorer focused on South America, hit a new high on news that the oil found at its Platinillo-5 well has been placed in commercial production.
It is envisaged to produce at a controlled rate of approximately 1,500 barrels of oil per day (BOPD) initially, taking the company's total controlled rate production up to approximately 3,500 BOPD.
Moreover, the company has stated that it is "confident of achieving a year end production rate of 5,000 BOPD."
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It is well on the way to meeting market expectations and house broker RBC Capital Markets has a price target of 60p.
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