2011
• Rig contracted for Platanillo drilling campaign.
• Acquired and processed 125km2 3D3C seismic survey over Platanillo.
• Farm out agreement with Reto for Fenix 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.
• Continues to generate positive monthly cashflow and in January achieved a new high monthly cash flow from sales of US$ 1.7m.
2010
• 125km2 3D3C seismic survey of Platanillo was completed in December 2010.
• Platanillo production rates significantly enhanced - reservoir understanding improved.
• Integrated Study completed.
• Drilled Iguasa-1 and Isabel-1 wells in the Fénix block which identified independent oil accumulations.
• Raised additional US$20m capital at 16.5p before expenses, enabling the Company to accelerate development by funding:
• Ongoing appraisal and exploration activities in the Platanillo and Fénix blocks in Colombia, and
• A focussed exploration programme on the San Pedro block in Paraguay to mature the prospect inventory.
• Milestone July 2010 – gross revenues exceeded US$1m/month.
• Extended Platanillo Exploitation Area - additional 4 MMBO potential.
2009
• Declared Commerciality in Platanillo - 24 year term with option to extend.
• Drilled Iguasa 1 - discovery under evaluation.
• Drilled Isabel 1 – discovery under Long Term Test.
• Increased interest to 100% interest in Platanillo block after being appointed operator of the contract, in line with strategy of having controlling interest in prospects.
• Reinterpretation of existing seismic and well data reveals attractive opportunities in Paraguay – completed comprehensive geological and geo-physical reinterpretation.
• 100% equity in two Paraguayan blocks, targeting farm out agreements.
2008
• Appointed Operator of the Platanillo contract in Colombia, bringing economic benefits that will help to facilitate the evaluation of the block.
• Recommenced long-term testing operations of Alea-1R and Platanillo-2 wells following the installation of upgraded facilities, with both wells tested individually and simultaneously under natural flow and with artificial lift conditions.
• Appointed as unrestricted Operator for the purposes of the Mini-Ronda 2008.
• Dr Douglas Ellenor appointed as Non-Executive Director.
Previously
• Acquired an additional 35% interest in the Fénix block through control of the holding company to gain 100% economic benefit of the Fénix block.
• Acquired and processed 103km2 of new 3D seismic data on the Fénix block.
• Well Alea 1 successfully re-entered and placed on test production.
• Platanillo 1 and 2 drilled on time and within budget. Two new zones tested oil in the Platanillo-2 well.
• Company raised £16.9m before expenses through two share placings to enable the new management team to implement a new strategy focused on advancing projects that are expected to provide near term value for shareholders.
• Company changed name to Amerisur Resources plc to reflect area of focus.
• Strengthened Board through significant changes. Appointed Giles Clarke as Chairman, Dick van den Broek as Deputy Chairman (now retired), John Wardle as Chief Executive Officer and Nick Harrison as Finance Director. Graeme Stephens became Non-Executive Director (previously Technical Director – now retired).
• Company entered Colombia for the first time in October 2005 through a farm-in agreement with Repsol to appraise & develop the Alea discovery in the Putumayo Basin.
• Chaco Resources changed its name from Gold Mines of Sardinia following the sale of its Sardinian Gold Mine interests.
This page was last updated on 6th May 2011.
• Rig contracted for Platanillo drilling campaign.
• Acquired and processed 125km2 3D3C seismic survey over Platanillo.
• Farm out agreement with Reto for Fenix 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.
• Continues to generate positive monthly cashflow and in January achieved a new high monthly cash flow from sales of US$ 1.7m.
2010
• 125km2 3D3C seismic survey of Platanillo was completed in December 2010.
• Platanillo production rates significantly enhanced - reservoir understanding improved.
• Integrated Study completed.
• Drilled Iguasa-1 and Isabel-1 wells in the Fénix block which identified independent oil accumulations.
• Raised additional US$20m capital at 16.5p before expenses, enabling the Company to accelerate development by funding:
• Ongoing appraisal and exploration activities in the Platanillo and Fénix blocks in Colombia, and
• A focussed exploration programme on the San Pedro block in Paraguay to mature the prospect inventory.
• Milestone July 2010 – gross revenues exceeded US$1m/month.
• Extended Platanillo Exploitation Area - additional 4 MMBO potential.
2009
• Declared Commerciality in Platanillo - 24 year term with option to extend.
• Drilled Iguasa 1 - discovery under evaluation.
• Drilled Isabel 1 – discovery under Long Term Test.
• Increased interest to 100% interest in Platanillo block after being appointed operator of the contract, in line with strategy of having controlling interest in prospects.
• Reinterpretation of existing seismic and well data reveals attractive opportunities in Paraguay – completed comprehensive geological and geo-physical reinterpretation.
• 100% equity in two Paraguayan blocks, targeting farm out agreements.
2008
• Appointed Operator of the Platanillo contract in Colombia, bringing economic benefits that will help to facilitate the evaluation of the block.
• Recommenced long-term testing operations of Alea-1R and Platanillo-2 wells following the installation of upgraded facilities, with both wells tested individually and simultaneously under natural flow and with artificial lift conditions.
• Appointed as unrestricted Operator for the purposes of the Mini-Ronda 2008.
• Dr Douglas Ellenor appointed as Non-Executive Director.
Previously
• Acquired an additional 35% interest in the Fénix block through control of the holding company to gain 100% economic benefit of the Fénix block.
• Acquired and processed 103km2 of new 3D seismic data on the Fénix block.
• Well Alea 1 successfully re-entered and placed on test production.
• Platanillo 1 and 2 drilled on time and within budget. Two new zones tested oil in the Platanillo-2 well.
• Company raised £16.9m before expenses through two share placings to enable the new management team to implement a new strategy focused on advancing projects that are expected to provide near term value for shareholders.
• Company changed name to Amerisur Resources plc to reflect area of focus.
• Strengthened Board through significant changes. Appointed Giles Clarke as Chairman, Dick van den Broek as Deputy Chairman (now retired), John Wardle as Chief Executive Officer and Nick Harrison as Finance Director. Graeme Stephens became Non-Executive Director (previously Technical Director – now retired).
• Company entered Colombia for the first time in October 2005 through a farm-in agreement with Repsol to appraise & develop the Alea discovery in the Putumayo Basin.
• Chaco Resources changed its name from Gold Mines of Sardinia following the sale of its Sardinian Gold Mine interests.
This page was last updated on 6th May 2011.