Sign up
Oil Capital

Amerisur completes Putumay 14 acquisition

As per the terms of the farm-in agreement, Gulfsands transferred US$750,000 to Amerisur, which corresponds to the balance of the initial amount of US$1.25mln that was agreed between the parties to be a contribution from Gulfsands to the operational costs of Phase 0. Additionally, Gulfsands transferred US$1.7mln that will be required for the guarantee for the Phase 1 work programme
Onshore rig
Amerisur has an extensive acreage position in the Putumayo basin in partnership with Occidental Petroleum

Oil & gas producer Amerisur Resources PLC, (LON:AMER) has received approval for the acquisition of the Putumay 14 block in Colombia.

Approval from the Agencia Nacional de Hidrocarburos (ANH) has enabled the closing and completion of the farm in agreement (FIA) executed with Gulfsands Petroleum PLC.

The Put-14 block covers 46,361 hectares in the Caguan-Putumayo basin and is located contiguously to the south of Amerisur's operated Terecay block.

John Wardle, the chief executive officer of Amerisur, said the acquisition further consolidated the company’s position in the Putumayo basin and adds additional prospective acreage to its Terecay-Tacacho play.

“The block has further strategic importance in that it extends south towards the Putumayo river and Ecuadorian border. This brings benefits in terms of accessibility for operations and eventual evacuation of produced crude by providing a pathway to access the pipeline systems of Ecuador, in a similar way to the existing OBA [pipeline] system in our Platanillo field," Wardle said.

Amerisur shares were down 1.2% at 15.2p towards the end of the morning session.

John-H.jpg


Register here to be notified of future AMER Company articles
View full AMER profile View Profile
View All

Related Articles

© oil Capital 2019

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.