Amerisur Resources, an oil and gas producer and explorer focused on South America, has said tests on the well Platanillo-4 in the Platanillo Field, Colombia, resulted in a natural flow production rate of around 1,100 barrels per day of oil with trace water.
A permanent production system is being installed to place the well on commercial production early next week.
Meanwhile, Platanillo-3 well continues to produce commercially at a controlled rate of approximately 1,500 barrels of oil per day and Platanillo-5, is due to begin drilling early next week.
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
The well are part of a planned eight well drilling campaign.
John Wardle, Chief Executive Officer said: "I am very pleased with the results of Platanillo-4, which contributes substantially to the new production capacity we are adding with each well. The well response is excellent, and we plan to improve the productivity still further once on commercial production."
The share price fell 0.68% to 36.75p by late afternoon.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
