South America-focused oil and gas group Amerisur Resources has signed a contract for a drilling rig for its Platanillo project in Colombia.
The Serrinco D10 1200HP drilling unit will be used for two firm wells with a continuing option to extend for further wells and the contractor for the rig expected mobilisation of the unit within the next week. Results from the first well are expected in May.
"I am very pleased to have signed up Rig D10 and look forward to our contractor undertaking a rapid and efficient mobilisation to the drilling location," said Chief Executive Officer John Wardle.
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
Amerisur also said that the recently worked over Platanillo-2 well is now being tested with an electrical submersible pump at higher rates than previously reported in natural flow.
"The start of our exciting drilling programme is most welcome; and given our success in the N sand of Platanillo-2 we have even more objectives to go for in the new wells," Wardle added.
BC
-
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
