Operations in Paraguay

Posted in Operations

The Company currently holds three prospection licences in the Pirity/Pilar basin complex in the west of Paraguay.

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.

During 2018, the Company has impaired a further $1.4m of investment in Paraguay and is currently carrying less than $0.5m of investment on the balance sheet.

In line with Amerisur’s stated strategy, only technical review activity will take place in Paraguay in the near term.


Operations in Colombia

Posted in Operations

Overview of Blocks

Amerisur has built an extensive and diverse portfolio of production and exploration assets in Colombia through low-cost, value-accretive acquisitions, consolidating its position around its wholly owned OBA pipeline, which delivers strong operating margins.

It has a high-impact acreage position with Oxy and other partners in the Putumayo basin of Colombia, an underexplored area with significant field potential. It also has a strategic acreage position with ONGC in the Llanos basin through the CPO-5 block containing the Mariposa and Indico discoveries.

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 1,022,726 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 others. 

Block WI % Gross
Gross 2P
Gross Prospective
Platanillo (O) 100 27,476 17.51 2.8 (upside)
PUT-8** (O) 100 102,800 - 52.4
PUT-9* (O) 50 121,452 - 60.1
PUT-12 (O) 60 134,534 - 82.2
Tacacho* (O) 50 589,010 - 133.9
Terecay* (O) 50 586,626 - 251.3
Coati block exploration area (O) 60 46,279 - 15.8
Coati Temblon Field (O) 100 15,564 - 9.3
PUT-14 (O) 100 126,941 - 28.9
PUT-30 (O) 100 95,172 - 151.5
Andaquies (O) 100 114,879 - 14.4
Mecaya*(O) 50 74,128 0.78 4.1
CPO-5 30 492,352 25.66 105.0 (upside)

*subject to Agencia Nacional de Hidrocarburos (ANH) approval
** Acquisition of remaining 50% working interest and Operatorship subject to ANH approval

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 2018 averaged 4,113 bopd
• In December 2018, the pipeline had transported 3.4 million barrels, generating savings to date of $34.2m


The Company is Operator and has a 100% working interest in the 27,476-acre, low-cost, mature Platanillo block, located in the Putumayo basin providing steady free cash flow. Total production from the Platanillo field in 2018 was 1.61 MMBO. The Company’s focus is to maintain production at a 3 – 4,000 BOPD plateau. As at 31 December 2018, the Platanillo block had 2P field reserves of 17.5 MMBO.

Since the Platanillo drilling campaign began in 2012, 17 wells and three side-tracks have been drilled in the main Platanillo structure from five pads (Pads 9S, 5S, A, 1N, 3N). Additionally, four wells have also been drilled from Pad 2N in a separate structure to the north, which is a continuation of the Platanillo field but has a deeper oil-water contact.

Latest Developments
• Further well interventions are planned across the Platanillo field as part of the normal maintenance and optimisation operations
• A workover was completed on Platanillo-8 to install a selective completion, which allowed an 8 foot interval of the Lower U sand to be perforated and produced with existing production from the T sand. That interval was producing in a stable manner at 820 BOPD.
• The Platanillo-20 treatment in June 2018 was successful, returning production to approximately 945 bopd


Putumayo-9 is located immediately to the north of Putumayo-12 and to the east of Platanillo, carrying an X factor of 18%. As part of Amerisur’s focused, low-cost acquisition strategy, the Company increased its interest in PUT-9 from 40% to 100% in March 2017 and also assumed Operator status. Subsequently, in November 2018, Amerisur farmed out* 50% of its 100% interest in the block to Oxy to accelerate its upcoming work programme and significantly reduce future capex requirements while retaining significant upside to any future success on the block. As part of the farm-in Oxy will pay 85% of the total planned 2D seismic capex and fund one well at PUT-9, as part of an indicative programme, subject to change by mutual consent.

Existing seismic data shows several interesting structures shared between PUT-12 and PUT-9 and also independent structures lying within PUT-9, as they have similar geological configurations and structural trends with a north-south preferential orientation that have continuity in both areas including the Airu-1 discovery, which was drilled in 1998. Furthermore, stratigraphic plays related to the pinch-out of the U and T Sands have been interpreted, whose mapped areas are shared by both blocks.

*Subject to ANH approval

Latest Developments
• A drilling programme of up to three wells, across PUT-9 and PUT-12 is expected to commence in Q3 2019 starting with Coendu-1, an Oxy-funded well, followed on success, by Coendu-2 in Q4 2019, in PUT-9 targeting 16 MMBO gross resources.
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018 


Putumayo-12 is a 134,534 acre block which is located adjacent to Platanillo to the east and shares its geology. Amerisur has a 60% working interest and operatorship of PUT-12, with Pluspetrol having a 40% working interest, and the block carries a 29% X factor. The Company acquired PUT-12 in November 2012 and the bid included a commitment to a seismic acquisition programme and the drilling of one exploration well during the initial exploration phase.

A Consulta Previa was completed with three indigenous communities (Buenavista, Santa Cruz de Piñuña Blanco and Bajo Santa Helena), which allowed seismic operations to be performed in the block. After review with its partner, the Company initially decided to begin licensing for drilling of the Coendu prospect without further seismic acquisition. However, given improved access to the area, the 2D seismic programme over Coendu, which is shared between PUT-12 and PUT-9 began on 15 August 2018. In September 2018, the six line 2D seismic programme of approximately 43 kilometres over the Coendu prospect was fully acquired and processed in Bogota. This information has been integrated into the existing data set in order to refine imaging and resource estimates for the Coendu prospect.

Latest Developments
• The drilling programme at PUT-12 is due to commence following PUT-9 drilling, should that well be successful, with Coendu-3 targeting unrisked mean gross prospective resources of 54 MMBO

Coati Block

Canacol (Arrow) has a 40% working interest in the exploration area of the Coati contract and Amerisur holds the remaining 60% and is Operator. The exploration area 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.

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 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. Following notification by Vetra Exploración y Producción Colombia SAS (“Vetra”) of the proposed sale of its 50% working interest in PUT-8, post year end, Amerisur exercised its right of first refusal to acquire that 50% and Operatorship from Vetra (subject to ANH approval) for $19.1 million. The block has unrisked mid-case prospective resources of 52.4 MMBO (100% Amerisur).

In March 2018, the Operator at the time (Vetra) received regulatory permission to drill the Miraparriba-1 well from the Cohembi-2 pad, an existing pad located in the adjacent Suroriente block. The Miraparriba-1 structure is a low U and T sand light oil structural target. It is a low risk prospect covered by 3D seismic, with estimates of gross prospective resources of 18.2 MMBO (mid-case). In H2 2018, the Operator at the time informed the Company that due to organisational changes within Ecopetrol, the drilling of Miraparriba-1 from the Cohembi 2 pad was under review, and the Company understands that the negotiations with Ecopetrol continue to proceed favourably with approval anticipated in 2019. However, given the increase to 100% working interest, the Company are more likely to drill Miraparriba from within the Put-8 block. Environmental studies required to drill the Miraparriba and the Bienparado structure, to the west of Platanillo field are now underway. Additionally, it is planned to acquire a total of 112km2 of 3D seismic data over the Nyctybius prospect in the central part of the block.

Latest Developments
• The drilling of Miraparriba-1 from the Cohembi 2 pad is under review with approval anticipated in 2019


Putumayo-14 covers 126,941 acres 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 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. As part of the agreement, Gulfsands made a contribution to Consulta Previa and operational costs of $1.25m. Additionally, Gulfsands also transferred the required guarantee for the Phase 1 work programme in favour of Amerisur in the amount of $1.7m. There was no consideration payable from Amerisur to Gulfsands.

Phase 1 commitments are the acquisition of 98km of 2D seismic data and the drilling of one exploration well.

Latest Developments
• Amerisur is continuing the Consulta Previa with local communities before initiating the seismic programme during 2019


PUT-30 covers approximately 95,172 acres 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.

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 Cretaceous exploration potential in line with the adjoining Andaquies block (Amerisur 100%) and additionally has a recognised Tertiary Play concept. The Company will evaluate the potential of producible heavy oil deposits in the Neme formation. The block has unrisked mid-case prospective resources of 151.5 MMBO.

Latest Developments
• Amerisur is completing the final phase of the Consulta Previa with an indigenous community within the block as a necessary step before seismic data acquisition during 2019


CPO-5 is an exploration and production contract located to the south of the prolific Llanos 34 block and to the east of the Corcel fields. The block includes the two producing fields Mariposa and Indico and the evaluation area related to the Loto-1 oil discovery. Amerisur has a 30% (non-operated) working interest in the contract, with ONGC holding a 70% working interest and the operatorship.

Mariposa-1 continues to produce in a stable manner at approximately 3,150 BOPD in natural flow from 12 feet of perforations near the top of the 120 feet oil column with 0.4% water cut over a 28/64” choke for over a year. The well has produced over 1.5 million barrels of oil to date. The Mariposa structure has now been declared a commercial discovery by ANH and the field development plan is under preparation by the operator. Mariposa lies 6.5km northwest of Indico-1.

In December 2018, Amerisur and its partner successfully drilled Indico-1X using rig E-2029 to a total target depth of 10,604 feet measured depth and encountered the Lower Sands (LS3) of the Une formation.

The LS3 sand package is the same formation which holds the 120 feet oil column discovered at Mariposa. Indico-1X was logged with a Triple-Combo wireline logging suite from Schlumberger and initial analysis by the Company indicated that a 283 feet gross, 209 feet net, oil column is present in the LS3 formation. The LS3 unit is a high quality sand with some shale intercalations, principally towards the base. The LS3 unit sits upon Palaeozoic basement. In the Company’s initial analysis, no Oil-Water-Contact was detected in the wireline logs acquired in the well, hence the base of the oil column encountered at the Palaeozoic level represents a Lowest-Known-Oil for the Indico structure. The wireline formation pressure and sample data subsequently acquired in the LS3 formation confirmed an oil column throughout the reservoir, with no indication of an OWC.

Indico-1X is currently producing under an extension of the short-term test programme granted by ANH, while the application for the Long Term Test is processed. Indico-1X had been choked back intermittently during critical drilling operations at the Indico pad to approximately 1,100 BOPD but at 1 April 2019 is producing 4,932 BOPD at a 46/64” choke.

The scale of success at Indico-1X opens up a significant potential in structures between the Mariposa and Indico fields, together with lateral structures within the LS3 play.

It is expected that these wells will throw further light on the combination trapping anticipated to exist in this play. This would have the capacity to create a very large reserve base.

A minimum of three additional wells on the basis of the Indico discovery are now planned. Calao-1 was spudded at the beginning of February 2019, targeting a structure alongside Indico to the southwest, towards the Aguila structure. The Calao-1X exploration well was drilled to a final depth of 11,445 feet, the LS3 reservoir was logged and no hydrocarbon potential was identified. The Company analysis indicates that the formation was encountered deeper than prognosis and the well was located in an area without closure. The well has the potential to be used as a water disposal well in the future. Amerisur and the Operator are currently integrating the results of this well into the general geophysical model while reviewing the model applied for the well Pavo Real-1.

A further two appraisal wells will be drilled within the Indico discovery from the Indico pad, with the objective of building production and refining resources and reserves estimates. Sol-1, targeting gross resources of 4 MMBO (gross), is drill-ready and the Company is considering with its partner whether to drill this well following the above programme or to take up the option for a second drilling rig in the short term.

In addition, the partners are evaluating a further increase in drilling activity for 2019, targeting an accelerated appraisal/development of the Indico field, the NE structures and other prospects associated with Indico down-dip and Mariposa offsets. This may involve the contracting of a third drilling rig.

Latest Developments
• A minimum of three additional wells on the basis of the Indico discovery are now planned
• In April 2019, Indico-1X was producing 4,932 BOPD
• Preliminary results of an independent reserves report indicated 2P reserves of 22.7MMBO (gross) and 3P reserves of 33.3 MMBO (gross) with estimated expected ultimate recovery from Indico-1X of 5.9 MMBO (gross)
• The Mariposa structure was declared a commercial discovery by the ANH


The Terecay block lies between PUT-12, PUT-9 and Tacacho. Amerisur farmed out 50% of its previous 100% interest in Terecay to Oxy in November 2018. As part of the farm-out, Oxy will pay 85% of the total planned 2D seismic capex as part of an indicative programme, subject to change by mutual consent.

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.

Consulta Previa and licensing procedures for the seismic acquisition have been completed, and the seismic acquisition, of which Amerisur is 85% carried, is expected to commence in Q1 2019. Terecay is estimated to contain unrisked mid-case prospective resources of 125.65 MMBO net to Amerisur.

*Subject to ANH approval

Latest Developments
• Seismic acquisition is expected to commence in Q1 2019
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018 


Tacacho is an Exploration and Production contract, covering 589,010 acres 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.

In March 2017, Amerisur acquired the remaining 50.5% working interest in Tacacho from Pacific Exploration & Production (now Frontera Energy), taking its holding to 100% and Operator. In November 2018, Amerisur farmed out 50% of its interest to Oxy. As part of the farm-out, Oxy will pay 85% of the total planned 2D seismic capex and fund three wells on the block, as part of an indicative programme, subject to change by mutual consent.

Latest Developments
• The Consulta Previa and licensing procedures for the seismic acquisition have been completed and this is expected to begin in H1 2019, of which Amerisur is 85% carried. The Consulta Previa and licensing procedures for drilling will also begin in H1 2019.
• Farmed out 50% of its 100% interest to Occidental Andina in November 2018 


Amerisur acquired a 58% economic interest in Mecaya in March 2017 from Pacific Exploration & Production (now Frontera Energy) and is Operator. In November 2018, Amerisur increased its working interest to 100% in exchange for a royalty over future production. In acquiring the remaining interest at Mecaya, Amerisur was relieved of its obligation to carry capital expenditure of approximately $8.6m. As part of the farm-out to Oxy in November 2018, Oxy will pay 85% of the total planned 2D seismic capex and fund one well on the block, as part of an indicative programme, subject to change by mutual consent.

The Mecaya block lies adjacent to PUT-9 covering approximately 74,128 acres and has a faulted zone with potential traps similar to those in the Platanillo field. The Mecaya-1 well, drilled in 1989 produced 682 BOPD of 27 degree API oil with 0% water on test from the M2 reservoir. An early objective of the programme within the Mecaya block is to place Mecaya-1 on long-term test.

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 0.27 MMBO and 2P reserves at 0.39 MMBO to Amerisur based on a 50% working interest.

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

Andaquies Block

Andaquies covers approximately 114,879 acres and is 100% owned and operated by Amerisur. The block lies 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 mid-case resources of 14.4 MMBO. Andaquies is contiguous with PUT-30, with no X factor and low work commitments of one exploration well by the end of 2018.

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