Amerisur is focusing on developing its contracts 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 is currently interested in two projects – Platanillo and Fénix. It 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 14,341 hectare block is located in the Putumayo Basin, in the south of Colombia, and currently has 2 production wells, Alea-1R and Platanillo-2.
Latest Developments
• Defined the full field potential via the design, acquisition, processing and interpretation of a 125 km2 3D3C seismic survey over the entire block.
• Enhanced and maintained the production from the existing wells in the field so that the average production during the 9 months ended 31 December 2010 was 452 barrels of oil per day ("BOPD").
• An independent reserves report as at 31 December 2010 undertaken by Petrotech Engineering Ltd, certified 2P reserves increased to 3.6 MMBO from 1 MMBO of internally calculated reserves in 2009.
• The Company signed a Letter of Intent with Calmena Energy Services for the use of the Calmena Rig 836. Calmena is an experienced drilling contractor that currently operates one rig in Colombia. Rig 836 has been previously working on wells up to 10,000ft for Pemex in Mexico.
In December 2007 the Company acquired, through its subsidiary companies, 100% control and benefit of the area. The 24,117 hectare area is located in the Middle Magdalena Basin of Colombia.
The Middle Magdalena basin lies between the eastern and central ranges of the Andes mountains and has been a prolific producer of oil over many years with discovered reserves of approximately 1.9 billion barrels of oil and 2.5 TCF of gas in over 41 distinct fields. The Fénix Block is located in a thrusted section of the basin which is structurally complex, and is on trend with some of the most significant discoveries in the area. Recent renewed exploration success in the basin by other operators has been largely due to the application of modern 3D seismic technology and enhanced structural modelling techniques which have enabled the accurate mapping of complex structures.
Latest Developments
Isabel-1
• Isabel-1 continued on Long Term Test with production levels steady at approximately 20 BOPD having declined strongly from initial test flow rates. It has been concluded that the orientation of the well was not optimised with respect to where the oil bearing sands are located.
• All exploration commitments have been fulfilled until September 2012, when a 50km 2D commitment is due.
Reto Farm Out Agreement
• Farm out agreement with Reto for Fénix contract agreed in April 2011:
• Phase 1: Drilling of 10 wells to appraise and develop the Isabel structure funded by Reto which will give them a 20% working interest subject to regulatory approvals.
• Phase 2: Reto has the right, subject to the satisfactory completion of Phase 1, to earn an additional 10% working interest in exchange for the acquisition and processing of a seismic programme of at least 75 line km.
Iguasa-1
• The well has been the subject of a series of clean up and stimulation treatments, which, although showing improvement in oil delivery have subsequently tended to lose their effect.
• The Company believes that the natural tightness of the reservoir is further affected in this part of the structure by some compartmentalisation, the well continues to produce at low levels in natural flow.
• We intend to continue to observe and analyse – draw down data indicate anomalously low permeability. This effect could be ameliorated by a hydraulic stimulation, but further study is required to quantify the risks to success in such a process.
This page was last updated on 6th May 2011.
Amerisur is currently interested in two projects – Platanillo and Fénix. It 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 14,341 hectare block is located in the Putumayo Basin, in the south of Colombia, and currently has 2 production wells, Alea-1R and Platanillo-2.
Latest Developments
• Defined the full field potential via the design, acquisition, processing and interpretation of a 125 km2 3D3C seismic survey over the entire block.
• Enhanced and maintained the production from the existing wells in the field so that the average production during the 9 months ended 31 December 2010 was 452 barrels of oil per day ("BOPD").
• An independent reserves report as at 31 December 2010 undertaken by Petrotech Engineering Ltd, certified 2P reserves increased to 3.6 MMBO from 1 MMBO of internally calculated reserves in 2009.
• The Company signed a Letter of Intent with Calmena Energy Services for the use of the Calmena Rig 836. Calmena is an experienced drilling contractor that currently operates one rig in Colombia. Rig 836 has been previously working on wells up to 10,000ft for Pemex in Mexico.
In December 2007 the Company acquired, through its subsidiary companies, 100% control and benefit of the area. The 24,117 hectare area is located in the Middle Magdalena Basin of Colombia.
The Middle Magdalena basin lies between the eastern and central ranges of the Andes mountains and has been a prolific producer of oil over many years with discovered reserves of approximately 1.9 billion barrels of oil and 2.5 TCF of gas in over 41 distinct fields. The Fénix Block is located in a thrusted section of the basin which is structurally complex, and is on trend with some of the most significant discoveries in the area. Recent renewed exploration success in the basin by other operators has been largely due to the application of modern 3D seismic technology and enhanced structural modelling techniques which have enabled the accurate mapping of complex structures.
Latest Developments
Isabel-1
• Isabel-1 continued on Long Term Test with production levels steady at approximately 20 BOPD having declined strongly from initial test flow rates. It has been concluded that the orientation of the well was not optimised with respect to where the oil bearing sands are located.
• All exploration commitments have been fulfilled until September 2012, when a 50km 2D commitment is due.
Reto Farm Out Agreement
• Farm out agreement with Reto for Fénix contract agreed in April 2011:
• Phase 1: Drilling of 10 wells to appraise and develop the Isabel structure funded by Reto which will give them a 20% working interest subject to regulatory approvals.
• Phase 2: Reto has the right, subject to the satisfactory completion of Phase 1, to earn an additional 10% working interest in exchange for the acquisition and processing of a seismic programme of at least 75 line km.
Iguasa-1
• The well has been the subject of a series of clean up and stimulation treatments, which, although showing improvement in oil delivery have subsequently tended to lose their effect.
• The Company believes that the natural tightness of the reservoir is further affected in this part of the structure by some compartmentalisation, the well continues to produce at low levels in natural flow.
• We intend to continue to observe and analyse – draw down data indicate anomalously low permeability. This effect could be ameliorated by a hydraulic stimulation, but further study is required to quantify the risks to success in such a process.
This page was last updated on 6th May 2011.