Amerisur Resource granted modification to licence

published 23 November 2011

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

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.