Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), is pleased to announce an update to the certified reserves and resources for its production assets in Colombia.
Following receipt of an independent reserves report for the Platanillo field as at 31 December 2016 undertaken by Petrotech Engineering Ltd, using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) gross field reserves were 15.11 million barrels of oil ("MMBO") (2015: 15.20 MMBO) after production of 1.13 MMBO during the period and 2P (Proven and Probable) gross field reserves were 24.47 MMBO (2015: 23.70 MMBO).
After production, current 1P reserves represent an increase of approximately 1MMBO from year end 2015. This technical increase of the Expected Ultimate Recovery ("EUR") (a forward-looking model which assumes a decline factor and projects the volume of oil which will ultimately be recovered from each well) takes account of the successful infill wells and optimisation work undertaken during the year, together with the cost savings generated by the operation of the OBA transfer system. During the period there were no reserve additions from the drilling of new wells outside the current established limits of the Platanillo field. The Company is currently drilling Platanillo-22, which has reached 5,651ft, where 9.5/8" casing has been successfully set and cemented. Should this well encounter commercial oil in the Pad 2N structure, further reserves will be added to the field.
Proved & Probable
Proved, Probable & Possible (3P)
Oil & Liquids reserves (MMbo)
Source: [Petrotech Engineering LTD., Reserves Audit @ 31 Dec 2016]
Oil & Liquids Prospective Resources (MMbo) - Audited*
Oil & Liquids Prospective Resources (MMbo) - Non Audited**
Audited*: Platanillo, CPO-5, Fenix-Coati, Put-8, Andaquies, Put-12, Tacacho.
Non Audited**: Platanillo (N Sand), Coati (Temblón U Sand), Put-30.
These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 31 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
Petrotech Engineering Ltd is an independent oil and gas reserve evaluation firm.