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Operations in Paraguay

Posted in Operations

The Company currently holds three prospective licences in the Pirity/Pilar basin complex.

During 2017, a technical programme involving the detailed analysis of well data and samples and the reprocessing and reinterpretation of the seismic dataset from its exploration well, Jaguarete-1, was completed and as a result the Company relinquished its permit in San Pedro.

In line with Amerisur’s stated strategy, limited activity will take place in Paraguay in 2018 whilst a strategy for these blocks is developed.

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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 across Colombia covering 1,030,000 hectares gross. Amerisur has two core regions in Colombia: CPO-5 in the Llanos basin with ONGC Videsh and the Putumayo Basin with Occidental Andina and other partners.

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* 50 Tacacho* 50
Put-12 60 Terecay* 50
Coati block exploration area 60 Paraguay 100
Mecaya* 50 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.

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
• The Platanillo-20 treatment in June 2018 was successful, returning production to approximately 945 bopd



OBA (Oleoducto Binacional Amerisur)

Amerisur is 100% owner and operator of the OBA pipeline, a key piece of strategic, cross-border export infrastructure enabling us to deliver world-class operating margins. The pipeline is the first privately-owned piece of bilateral infrastructure between Colombia and Ecuador and provides a reliable, low cost route to commercialisation to support future growth.

The OBA interconnector pipeline connects production from the Platanillo field under the Putumayo River into the Victor Hugo Ruales pipeline infrastructure in Ecuador.

Amerisur has a core cluster of high potential assets consolidated around the OBA in the Putumayo basin.

Latest Developments
• Ministry of Mines and Energy of Colombia approval to begin the purchase and shipping of third party crude via the OBA expected in H1 2019
• Chiritza pumping station commissioned on time and on budget in November 2018, increasing Amerisur’s minimum capacity right to 9,000 bopd through the OBA
• OBA throughput in H1 2018 averaged 4,987 bopd
• In February 2018, the pipeline transported its 2 millionth barrel, generating savings of £20m in just 15 months of operation


Putumayo-9

Put-9 is located immediately to the north of Put-12 and to the east of Platanillo. Amerisur is Operator of the block and in November 2018 farmed out 50% of its 100% interest to Occidental*. 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 32.22MMBO net to Amerisur. Oil production from Put-9 could be exported using the OBA pipeline.

*Subject to ANH approval

Latest Developments
• Drilling of the first of up to six wells on Coendu structure (Put 9 and Put 12) is expected to begin in Q3 2019
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018


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 Prospect 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
• Drilling of the first of up to six wells on Coendu structure (Put 9 and Put 12) is expected to begin in Q3 2019
• A second 2D seismic acquisition programme of 73km in the south-eastern part of the block has begun
• A Consulta Previa was completed with three indigenous communities, which allows further seismic operations to be performed in the block


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
• Miraparriba-1 expected to spud in H1 2019 on Put-8
• Miraparriba-1 will be drilled as a directional well to the Miraparriba structure within the Put-8 block


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 made a contribution to consulta previa and operational costs of US$1,250,000. Additionally, Gulfsands also transferred the required guarantee for the Phase 1 work programme in favour of Amerisur in the amount of US$1,702,208. There was no consideration payable from Amerisur to Gulfsands.

Latest Developments
• Amerisur acquired a 100% working interest in Put-14 from Gulfsands in July 2018, with approval from the ANH received in December 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


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 final phase of the Consulta Previa process is being completed


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 and Indico-1X wells, as well as the evaluation area related to the Loto-1 oil discovery.

In January 2019, preliminary results of an independent reserves report on CPO-5 indicated gross 2P reserves of 22.7 MMBO at Indico-1X and 2.9 MMBO at Mariposa. The Reserves report attributes mean gross prospective resources of 49.3 MMBO to the Lower Sands (LS3) play around the Indico and Mariposa discoveries which are the targets of a new upcoming drilling programme.

Latest Developments
• Calao-1X exploration well spudded in February from the Indico pad to determine the prospectivity of the LS3 formation around the Indico discovery
• Drilling programme announced targeting 49.3 MMBO from a minimum of four additional wells from the Indico pad to determine the prospectivity of the area within the LS3 play
• In January 2019, the initial short term testing at the Indico-1X well flowed 35.9° API oil to surface from the LS3 of the Une formation at a series of choke sizes with a final flow rate of 4,530 barrels of fluid per day (gross) with a water cut of 0.33% at a choke size of 40/64" and a wellhead pressure of 241psi. As at 22 January 2019, Indico-1X was flowing under choked natural flow at approx. 5,130 BOPD
• The Mariposa well has produced at a stable rate of approximately 3,200 barrels of oil (gross) per day in natural flow from 12 feet of perforations near the top of the 120 feet oil column for over a year, during which time it has produced over 1.2 million barrels of oil with no significant water cut, which remains at 0.05%


Terecay

Amerisur farmed out 50% of its 100% interest in Terecay to Occidental Andina in November 2018 to accelerate its work programme and significantly reduce future capex requirements.* 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.

*Subject to ANH approval

Latest Developments
• Currently updating the local permits and socialising the activities shortly to commence. The initial programme envisages the acquisition of approximately 470km of 2D seismic data in H1 2019
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018


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. In November 2018, Amerisur farmed out 50% of its interest to Occidental Andina to accelerate its work programme and significantly reduce future capex requirements.*

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 block has unrisked resources of 179MMBO.

*Subject to ANH approval

Latest Developments
• Currently updating the local permits and socialising the activities shortly to commence. The initial programme envisages the acquisition of approximately 200km of 2D seismic data in H1 2019
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018


Mecaya

Amerisur acquired 58% working interest in Mecaya in March 2017 from Pacific Exploration & Production (now Frontera Energy) and is Operator. In November 2018, Amerisur brought its interest in the block from 58% (effective economic interest) to 100% working interest holder and Operator. Amerisur subsequently farmed out a 50% interest in the block to Occidental Andina to accelerate its work programme and significantly reduce future capex requirements.*

The Mecaya block lies 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%.

*Subject to ANH approval

Latest Developments
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018
• Acquired the outstanding working interest, bringing the Company to 100% working interest holder and Operator
• It is planned to present an application for environmental licensing and then perform an LTT of the well Mecaya-1


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
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