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Amerisur Resources Provides Update on Ecuador Operations

Source: www.gulfoilandgas.com 1/22/2018, Location: South America

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Amerisur Resources has provided an update on agreements in Ecuador for the use of the OBA/RODA pipeline systems for transport of Amerisur crude oil.

On January 19 in the Petroamazonas EP operational base at Lago Agrio, Ecuador, Petroamazonas EP and the Company signed the 'Second Cooperation Agreement for the Use of the Oil Pipeline Network of the Amazonian District (RODA)'. This agreement defines the terms and conditions for the construction and commissioning of the Chiritza re-pumping station at Km 51+300 of the RODA pipeline from Cuyabeno to the SOTE pipeline at Lago Agrio.

The construction and operation of this re-pumping station is designed to increase the carrying capacity of the Cuyabeno-Lago Agrio export line.

The agreement allows Amerisur, through its Ecuadorian subsidiary, to build and commission the Chiritza station. Once operational, the Company will gain an additional 4,000 bopd of guaranteed minimum carrying capacity, bringing Amerisur's guaranteed minimum carrying capacity to a total of 9,000 bopd.

The principal features of the agreement and its annexes are:
Amerisur estimates that the cost of the construction and commissioning will be approximately $3.7mm.
The cost to Amerisur is capped at $4.0mm.
The investment made by Amerisur is considered a pre-payment of the existing transport tariff over the first 5,000 bopd transported. Hence the Company will recover the investment made at Chiritza.
The second agreement has the same term as the first agreement, i.e. 15 years from the date of the first agreement, 11 June 2015. The agreements may then be extended.

The Company is currently in the process of procuring goods and services to fulfill its commitments under the Second Agreement. Amerisur estimates that the construction and commissioning will be completed in October 2018. This estimate will be updated as procurement of long-lead items continues.

John Wardle, CEO commented: 'I am very pleased to have completed the negotiation of this agreement, bringing important benefits to both Amerisur and Petroamazonas EP. The increase in Amerisur minimum carrying capacity is necessary in light of our continuing work in Platanillo and the upcoming exploration drilling within both Platanillo and the neighbouring blocks around the OBA facility. It is another example of our important and growing strategic relationship with Petroamazonas EP.'

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