Amerisur to Begin Data Interpretation at San Pedro Block

- Amerisur to Begin Data Interpretation at San Pedro Block

Wednesday, July 13, 2011
Amerisur Resources plc

Amerisur announced an update on operations in Colombia and Paraguay.

Platanillo

The Company applied for a modification of the Platanillo Global Environmental License to the Ministry of Environment, Housing and Territorial Development (MAVDT) on January 21, 2011. That modification contemplated the construction of an access road to the southern part of the field and 8 new drilling locations within that section. The Company has maintained a close contact with MAVDT and has promptly provided all the information and assistance required by the environmental authorities. The proposal is under review by MAVDT.

It is expected that the drilling program will be underway during 4Q 2011. Given the delays occasioned by the permitting process the Company expects to complete 3 new wells during 2011, however the drilling program would continue consecutively should results merit, thus completing the total of 6 new wells during 1H 2012.

San Pedro Block Paraguay

The 13,000 km Aeromagnetometry program was completed on time and on budget and Fugro is well advanced with the data processing. The Company expects to begin interpretation during July 2011.

John Wardle, CEO, said, "The tremendous growth of activity in the Petroleum and Mining sectors in Colombia has placed an unprecedented load upon regulatory resources. This is an extraordinary situation, never seen before in the Colombian industry and has had an extraordinary effect upon the operations of all Operators in the country. Our respect for the environment where we work is paramount and is an integral part of our business. I believe we have maintained these high standards in our work and proposals to date. All preparations for the drilling program are complete, and have been so for some time, hence once we receive the approval of the environmental modification I expect to achieve rapid progress."

Oil & Gas Post

Promote Your Page Too
LINK

Amerisur to Farm-Out Fenix Contract

Amerisur to Farm-Out Fenix Contract

Tuesday, April 12, 2011
Amerisur Resources plc

Amerisur has entered into a Commercial Agreement with Reto Petroleum Limited Colombian Branch (Reto) under which Reto has the right to acquire a working interest in the Fenix Exploration and Production contract (100% owned and operated by Amerisur) in exchange for completing certain work programs and investments.

Phase 1 of the agreement contemplates the drilling of 10 wells to appraise and develop the Isabel structure. These wells will be funded 100% by Reto. Once this work program is completed to Amerisur's satisfaction, the Company will cede a 20% undivided working interest in the Fenix contract to Reto, subject to regulatory approvals.

The drilling operations associated with Phase 1 must be completed within 18 months of the effective date of the agreement.

Phase 2 of the Commercial Agreement gives Reto the right, subject to satisfactory completion of Phase 1, to earn an additional 10% undivided working interest in the Fenix block in exchange for the funding (100%) of the acquisition and processing of a seismic program of at least 75 line kilometers within the Fenix contract area. In the event that Reto does not exercise this right, they will fund 20% of this seismic program.

Amerisur Exploracion Colombia, the Company branch established in Colombia will remain the operator of the contract. The effective date of the agreement is April 6, 2011.

John Wardle, CEO, said, "I am very pleased to welcome Reto, whose principals have enjoyed great success in the Colombian E&P sector in the past and who bring a wealth of experience and background understanding to the Fenix contract. Your board believes this is a strong win-win deal for both parties, which will expose us to significant activity in the Fenix block without impacting upon progress or taking our focus away from our principal challenge this year, the development of the Platanillo asset. The terms of the agreement may also cover off our exploration commitments in the Fenix contract for the next two phases, which begin on April 22. Naturally this agreement also demonstrates the level of industry interest in Fenix, which we continue to believe has very significant potential. These work programs will go a long way to defining and accessing that potential."