Amerisur Resources, an oil and gas producer and explorer focused on South America, has been granted a modification to its Global Environmental Licence, over an increased area of 4,480 hectares.
The licence was granted by the Ministry of Environment and Sustainable Development following the company's request in January to modify and extend the licence to encompass additional prospectivity.
The initial six well development programme, which will now commence over both the original and newer southern areas of the licence early in the New Year, is targeting additional estimated prospective resources of approximately 30m barrels of oil (mmbo).
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 enhanced well plan indicates the first well will be logged and ready to test within 30 days, while further wells will then follow consecutively.
Chief executive officer John Wardle said: "The grant of the modification to our Global Environmental Licence for the exploitation of the Platanillo field has approved Amerisur Resources' plan for the required infrastructure works, 11 additional drilling platforms with up to a further 55 wells, currently anticipated to be required over the remaining 22 years of this phase of the Platanillo contract."
The share price 13.33% to 17p by 14:13.
NR
-
Zoopla: UK house price growth hits three-year high amid stamp duty rushZoopla's latest house price index reveals house price growth as buyers rush ahead to avoid avoid higher stamp duty bills from April
-
"I can't afford to pay my tax bill, what help can I get from HMRC ?"Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
