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 focussed 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 11 blocks in total covering 984,000 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.
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.
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.
• 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 March 2018 averaged 5,545 barrels of oil per day, with a peak of 5,809 barrels of oil.
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.
• A three well drilling programme is expected to commence in H2 2018
• Acquired further 60% working interest in Put-9, taking interest up to 100%
• Airu-1 well (within Put-9 block) has proven oil flowing at 450 BOPD
Amerisur has a 60% working interest and is Operator, and Pluspetrol has a 40% working interest. Put-12 is a 54,434-hectare 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 3 wells on this block commencing in H2 2018, initially focussing on Prospects 1 (Coembu), 6 (Maracaya) and 3, targeting unrisked mean prospective resources of 106MMBO, 47MMBO and 82MMBO respectively
• A Consulta Previa was completed with three indigenous communities, which allows further seismic operations to be performed in the block
• The Company and partner have decided to drill Coembu prior to acquiring further seismic data and social consultations for the studies required to apply for an environmental licence are now underway
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.
• 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
Acquired in January 2016, the Put-8 block lies adjacent to the west of the Platanillo field and 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. 95km2 of 3D seismic data has been acquired to date. Amerisur has a 50% (non-operated) working interest and Vetra holds the remaining 50% and is Operator.
The block has unrisked prospective resources of 12.3MMBO net to Amerisur.
• Regulatory permission has been received to drill the Miraparriba-1 well from the Cohembi-2 pad
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.
• The Consulta Previa process is in progress and is expected to be completed in 2018
• Acquisition of Talisman’s 50% interest in December 2016
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 198,000 hectares and located to the south of block Llanos 34 and to the east of the Corcel fields. The block includes the evaluation area related to the Loto-1 oil discovery. That well was drilled in 2013 and tested oil in the Mirador formation during a short test however lack of zonal isolation prevented performance of a long term test. Core and electric log data indicate 61ft of net pay within the Mirador. A further two wells within the north-western sector of the block, Kamal and Metica also tested oil.
The block has unrisked prospective resources of 142.3MMBO and 13.4MMBO contingent resources net to Amerisur.
• 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 3,000 BOPD
• The drilling of Indico-1 is planned for H1 2018
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.
• ANH granted an extension to the exploration commitment while environmental licensing is completed
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 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.
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.
• It is planned to present an application for environmental licensing and then perform an LTT of the well Mecaya-1