Key events in Amerisur Resources’ journey to becoming a cash generative producer are summarised below.
• Chris Jenkins appointed to the Board as a Non-Executive Director
• Successfully drilled Jaguarete-1 well in Paraguay and the infill well at Platanillo 8
• Successfully acquired Platino Energy (Barbados) Ltd from COG Energy for a total consideration of US$7 million
• Successful placing of new ordinary shares of 0.1 pence each in the Company to raise net proceeds of approximately US$35 million
• Reserves updated in Colombia proving certified 1P gross field reserves were 15.2 MMBO production of 1.62 MMBO during 2015 and 2P gross field reserves were 23.7 MMBO
• Drilling commenced on well Platanillo 24
• Successfully acquired Petro Dorado South America SA Assets, which include a 30% working interest in the CPO-5 (ONGC Videsh Ltd holds a 70% working interest) and a 49.5% working interest in the Tacacho contract (Pacific Stratus Energy holds 50.5%)
• Loto-2 was drilled to a total depth of 10,320 ft MD, and a liner run and cemented. Two zones within the Mirador formation, L1 and L3 were tested, where electric log analysis indicated the existence of 54ft net pay.
• Stephen Foss appointed to the Board as a Senior Independent Non-Executive Director.
• Successfully drilled Platanillo 7,17,16,15,18 and 20
• Platanillo-20 produced light oil from the T sand, confirming it as a separate oil reservoir and demonstrating future upside at Platanillo
• Joint venture agreement signed with Talisman Colombia, 50% each for Put-30
• Successfully re-entered and side-tracked Platanillo 1, 2 and Alea-1
• Successfully drilled Platanillo 10, 11, 12, 14
• Successfully drilled Platanillo 3, 4, 5, 9 and 6
• Successfully completed a placing of £26.5million
• Acquired a 60% working interest and Operatorship of Put-12
• Acquired two new licences within the Piriti and Pilar sedimentary basins in Paraguay
• Commercial agreement reached with Reto Petroleum Limited Columbian Branch to develop the Fenix Block together.
• Successfully drilled Isabel-1 in the Fenix block
• Extended the Platanillo exploration area
• Successfully completed a placing of £13.7 million
• Acquired 100% interest in Platanillo block, in line with strategy of gaining controlling interest in prospects
• Commerciality declared in Platanillo with Alea 1 and Platanillo 2 in production- 24 year term with option to extend
• Successfully drilled Iguasa-1 in the Fenix block
• Acquired 100% interest in two Paraguayan blocks – San Pedro and Curupayty
• Appointed Operator of the Platanillo block
• Drilled Platanillo 1 and 2
• Amerisur Resources was created in 2007 out of a shell listed Company on the London Stock Exchange
• Board strengthened with the appointment of Giles Clarke as Chairman, John Wardle as Chief Executive Officer and Nick Harrison as Finance Director
• Company name changed to Amerisur Resources to reflect its area of interest
• Company enters Colombia through a farm-in agreement with Repsol to appraise & develop the Alea discovery in the Putumayo Basin