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Operations in Colombia

Posted in Operations

Amerisur is focusing on developing its assets in Colombia, which has a well-established petroleum industry with highly productive basins yet remains relatively unexplored. The Company believes there remains significant opportunity to explore lower-risk opportunities aiming to deliver significant medium-term cash flows through focused exploration in Colombia.

Amerisur has a strategic cluster of assets around the OBA pipeline, which are able to utilise the lower cost OBA export route. It also has assets across the wider Putumayo region, with 12 blocks in total covering 1,030,000 hectares gross.

The Company will continue to review new portfolio additions in Colombia that offer near to mid-term production opportunities that provide value for shareholders.


OBA Cluster % Other %
Operated:   Operated:  
Platanillo 100 Put-30 100
Coati Temblon Field 100 Andaquies 100
Put-9 100 Tacacho 100
Put-12 60 Terecay 100
Coati block exploration area 60 Paraguay 100
Mecaya 58 Put-14* 100
Non-Operated:   Non-Operated:  
Put-8 50 CPO-5 30

*subject to Agencia Nacional de Hidrocarburos (ANH) approval


Platanillo

The Company is Operator and has a 100% working interest in the block. The 11,119 hectare block is located in the Putumayo Basin, in the south of Colombia. The Company has continued to make excellent progress with the drilling and production programme in Platanillo, having successfully drilled 17 wells and three side-tracks in the main Platanillo structure and four wells in a separate structure to the north. This separate structure is a continuation of the Platanillo field but has a deeper oil-water contact. Total production to the end of August 2018 from the Platanillo field was 10,318,652 BO.

The OBA interconnector pipeline connects production from the Platanillo field under the Putumayo River into the Victor Hugo Ruales pipeline infrastructure in Ecuador. The pipeline is now operational and has increased production capacity constraints.

Latest Developments
• Pintadillo-1 well spudded in August - N Sands dry, but potentially commercial hydrocarbon bearing reservoir confirmed in the T and U sands. Flow testing of the T and U sands to commence shortly as of September
• The Platanillo-20 treatment in June 2018 was successful, returning production to approximately 945 bopd
• Platanillo-27 was successfully drilled to a depth of 9,600ft in December 2017
• Platanillo-25 was successfully side-tracked to a total depth of 8,620ft in October 2017
• Routine well service operations were undertaken in October 2017 on Platanillo-10, 11 and 20
• Platanillo-21, located on Pad 2N, was placed on commercial production in September 2017
• Platanillo-22 has been successfully drilled from Pad 2N, identifying an important extension to the block
• Platanillo-24 has been successfully drilled and placed on commercial production at a rate of approximately 420 BOPD
• OBA throughput in H1March 2018 averaged 4,9875,545 barrels of oil per day, with a peak of 5,809 barrels of oil


Putumayo-9

Put-9 is located immediately to the north of Put-12 and to the east of Platanillo. Amerisur increased its interest from 40% to 100% working interest in March 2017 and is now Operator. On the basis of existing seismic data, there are several interesting structures which are shared between Put-12 and Put-9. There are also independent structures which lie within Put-9, including the Airu-1 discovery, drilled in 1998.

The block has unrisked prospective resources of 64.43MMBO net to Amerisur. Oil production from Put-9 could be exported using the OBA pipeline.

Latest Developments
• A three well drilling programme is expected to commence in Q2 2019 targeting 37.8 MMBO (net WI)
• Acquired further 60% working interest in Put-9, taking interest up to 100%


Putumayo-12

Amerisur has a 60% working interest and is Operator of Put-12, with Pluspetrol having a 40% working interest. Put-12 is a 134,509-acre block which is adjacent to Platanillo to the East and shares its geology. Acquired in November 2012, the bid included a commitment to a seismic acquisition programme and the drilling of one exploration well during the first three-year exploration phase.

The Company intends to drill three wells on this block commencing in Q2 or Q3 2019, initially focusing on Prospects 1 (Coendu), 6 (Maracaya) and 2, targeting unrisked gross prospective resources of 54 MMBO, (plus 16 MMBO in Coendu mapped in block Put-9), 46 MMBO and 19 MMBO respectively. The net mean resources to Amerisur are 71.56 MMBO.

Latest Developments
• The company intends to drill 3 wells on this block commencing in 2019, initially focussing on Prospects 1 (Coendu), 6 (Maracaya) and 2
• The exact order remains under review and depends upon the outcome of Coendu, with the potential for the Company's focus to move towards drilling multiple wells on this prospect, given its proximity to the OBA
• A Consulta Previa was completed with three indigenous communities, which allows further seismic operations to be performed in the block
• The 2D seismic programme over Coendu, which is shared between Put-12 and Put-9 began on 15 August 2018


Coati Block

Acquired in January 2016 as part of the Platino transaction, the Coati Block, 100% owned and operated by Amerisur, is located in the South West of the Putumayo basin, adjacent to the Loro and Hormiga oil fields and is in Phase 3 of its exploration period with no X Factor and low work commitments.

Canacol Energy Colombia SA ("Canacol"), a subsidiary of Canacol Energy Ltd of Canada has a 40% working interest in the exploration area of the Coati contract.

There is an existing discovery on the block, called Temblon, of which Amerisur owns 100%. Management estimate it contains 16MMBO of contingent resources and 4MMBO of prospective resources.

Latest Developments
• The previous Consulta Previa had to be terminated as it did not include all certified groups. The Company has now begun the process of defining the new Consulta Previa process in order to allow exploration works in the northern part of the block


Putumayo-8

Put-8, in which Amerisur has a 50% non-operated working interest, is a 102,799-acre block which lies adjacent to the west of the Platanillo field. The block is in Phase 1 of its exploration period, with a 2% X factor and low work commitments of one exploration well and 207km2 of 3D seismic. 49km2 of 3D seismic has already been acquired prior to the acquisition of the interest, and hence at no cost to Amerisur. The block has unrisked mid-case prospective resources of 16.27 MMBO net to Amerisur.

The Miraparriba-1 structure is a low U and T sand light oil structural target and will be drilled as a directional well. It is a low risk prospect covered by 3D seismic, with estimates of P50 gross resources of 4.4 MMBO.

Latest Developments
• The operator has recently informed the Company that due to organisational changes within Ecopetrol, the drilling of Miraparriba-1 from the Cohembi 2 pad is under review, and the Company expects to be updated in the course of September. Miraparriba-1 will be drilled as a directional well to the Miraparriba structure within the Put-8 block
• Regulatory permission has been received to drill the Miraparriba-1 well from the Cohembi-2 pad


Putumayo-14

Put-14 covers 46,361 hectares in the Caguan-Putumayo basin and is located contiguously to the south of Amerisur's 100% owned Terecay block. The contract is an Exploration and Production contract held with the ANH. The contract carries an X Factor of 5%. The contract is currently in Phase 0, in the process of performing a previous consultation (consulta previa) with a single indigenous community within the block as required by law before operations commence. Amerisur has a 100% working interest in the Put-14 block.

Put-14 was acquired* from Gulfsands Petroleum in July 2018. Under the terms of the FIA, Gulfsands will make a contribution to consulta previa and operational costs of US$1,250,000. Additionally Gulfsands will also transfer the required guarantee for the Phase 1 work programme in favour of Amerisur in the amount of US$1,702,208. There is no consideration payable from Amerisur to Gulfsands.

Latest Developments
• Amerisur acquired a 100% working interest in Put-14 from Gulfsands in July 2018*
• The contract is currently in Phase 0
• Subsequent to the consulta previa, Phase 1 commitments are the acquisition of 98km of 2D seismic data and the drilling of one exploration well. The period of Phase 1 is 36 months from the end of Phase 0

*Subject to ANH approval


Putumayo-30

Put-30 covers approximately 38,514 hectares and lies within the Putumayo basin, approximately 55km to the north of both the Company's 100% owned Platanillo field and 60% owned Put-12 Contract.

The block has cretaceous potential and is a recognized Tertiary play concept. The Company will explore to evaluate the potential of producible heavy oil deposits in the Neme formation.

In December 2016, Amerisur acquired the outstanding working interest in the block from Talisman Colombia Oil & Gas Ltd, thus holding 100% and Operatorship.

The block has unrisked prospective resources of 449MMBO.

Latest Developments
• The Consulta Previa process is in progress and is expected to be completed in 2018


CPO-5

CPO-5 was acquired in June 2015 through the Company's acquisition of Petro Dorado South America SA (PDSA) a subsidiary of Petro Dorado Energy Ltd (PDEL). Amerisur has a 30% (non-operated) working interest in the contract. ONGC Videsh Ltd holds a 70% working interest and is the Operator.

CPO-5 is an Exploration and Production Contract, covering 492,352 acres and located to the south of block Llanos 34 and to the east of the Corcel fields. The block includes the Mariposa-1 well and the evaluation area related to the Loto-1 oil discovery.

The block has unrisked prospective resources of 142.3MMBO and 13.4MMBO contingent resources net to Amerisur.

Latest Developments
• The drilling of Indico-1 is planned for October 2018, targeting the same play as the successful Mariposa-1 well
• In May 2017, Amerisur and its partner successfully drilled the Mariposa-1 well, which flowed at a stabilised rate of 4,601BOPD of 40.8 degree API oil in natural flow from a limited perforation interval
• The Long-Term Test (LTT) of Mariposa-1 commenced in November 2017 and production is currently in excess of 3,200 BOPD


Andaquies Block

Andaquies is 100% owned and operated by Amerisur and is located in the north east of the Putumayo basin. The block sits to the north east of a proven structural play within the Putumayo basin and has multiple proven reservoir targets, six mapped leads targeting both proven and speculative plays and unrisked resources of 82MMBO.

Latest Developments
• ANH granted an extension to the exploration commitment while environmental licensing is completed


Terecay

Amerisur acquired a 100% working interest in Terecay in March 2017 from Pacific Exploration & Production (now Frontera Energy) and will be Operator. The Terecay block lies between Put-12 and Put-9 and Tacacho.

Regional mapping has been completed, but more seismic data is required to determine if the structural trends coming from Put-13 and Put-14 blocks extend northward to Terecay. The regional seismic processing project commissioned by the Company is expected to assist in prospect definition.


Tacacho

Tacacho was acquired in June 2015 through the Company’s acquisition of Petro Dorado South America SA (PDSA) a subsidiary of Petro Dorado Energy Ltd (PDEL). In March 2017, Amerisur acquired 50.5% working interest in Tacacho from Pacific Exploration & Production (now Frontera Energy), taking its holding to 100% owner and operator.

Tacacho is an Exploration and Production contract, covering 238,000Ha in the eastern Caguan-Putumayo basin. It is a heavy oil exploration play, supported by regional studies which indicate a continuation of the heavy oil trend extending from the eastern llanos basin through to the ITT field complex in the eastern Oriente basin of Ecuador. Additionally, the well Solita-1, drilled nearby by Texaco in 1948 indicated the presence of hydrocarbons in the Pepino formation. Large structures have been defined on existing 2D seismic, with closures at both the base and top of the Pepino formation. The contract is currently in Phase 1, where the exploration commitment is 480km of 2D seismic. The phase is currently suspended while social consultations and security planning is performed.

The block has unrisked resources of 179MMBO.


Mecaya

Amerisur acquired 58% working interest in Mecaya in March 2017 from Pacific Exploration & Production (now Frontera Energy) and will be Operator. The Mecaya block is in a faulted zone, with potential for traps similar to Platanillo and has proven oil, with the Mecaya-1 well drilled in 1989 by ECP flowing at 782 BOPD.

The Company commissioned an evaluation of reserves at the Mecaya block related to the well Mecaya-1 from Petrotech Engineering Ltd. 1P reserves were certified at 0.31 MMBO and 2P reserves at 0.45 MMBO to Amerisur on a working interest basis of 58%.

Latest Developments
• It is planned to present an application for environmental licensing and then perform an LTT of the well Mecaya-1
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