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Amerisur Resources Provides Operations Update

Source: www.gulfoilandgas.com 7/29/2019, Location: South America

Amerisur Resources Plc (Amerisur), the oil and gas producer and explorer focused onshore Colombia (AMER), is pleased to provide an operations update.

Highlights

High impact Indico-2 appraisal well next on Block CPO-5, following Sol discovery

CPO-5 (WI 30%): Sol-1 Exploration Well Update

Testing operations on the Sol-1 exploration well are complete. As previously announced, the well was drilled to a final depth of 9,986ft. Following initial analysis, 26.5ft net oil pay in the top of the LS3 sands and 10.5ft net oil pay in the LS1 sands of the Une formation were identified, based on logging and MDT samples.

An interval of 9 feet in the LS3 sands was perforated to perform a short-term test (STT). The well was initially tested under natural flow then closed and completed with an electrical submersible pump producing at a rate of 253 BOPD of 38.9 API oil with a water cut of 5%.

Following rig demobilisation and adjustment of facilities Sol-1 will continue producing under STT in order to evaluate the application to ANH to begin a long term test on the well.

The CPO-5 drilling program continues with the Indico-2 appraisal well, once the rig arrives from the Sol location. The Indico field was discovered in December 2018 where the Indico-1 discovery well found 283 feet gross, 209 feet net oil column in the LS3 sands and no indication of an Oil-Water-Contact (OWC). The objective of Indico-2 includes increasing production and to test the extent of the OWC to better define field reserves (22.7 MMBO 2P gross reserves announced 22 January 2019 based on independent analysis by McDaniels and Associates).

Platanillo (WI 100%): Production Optimisation

The company recently completed the sidetrack of the Platanillo-22 well which is now on production.

Production Update: Average Group WI Production around 5,537 BOPD to end June

Year to date production to the end of June 2019 averaged around 5,537 BOPD. FY19 production guidance remains 5,000 - 6,000 BOPD and does not include any contribution from exploration drilling.

John Wardle, CEO of Amerisur Resources said:

"As anticipated, the Sol-1 test results reflect a modest discovery. We now look forward to drilling the Indico-2 appraisal well that has the potential to transform Indico reserves as it tests the extent of the oil-water-contact".

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).

Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 33 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.



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