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Amerisur Resources details reserves and updates on production

"We are extremely encouraged by the progress made across our portfolio during 2018," John Wardle said
oil and gas operations
Fourth quarter production averaged 4,602 bopd

Amerisur Resources plc (LON:AMER) told investors that preliminary findings of an independent reserves report indicate that the producing Indico-1X well proves around 22.7mln barrels of oil.

The well, located within the company’s 30% owned CPO-5 project, is currently producing around 5,120 bopd in a test programme.

WATCH: Amerisur Resources details 2019 work programme as it spuds third CPO-5 well

Meanwhile, the reserves report also identified 2.9mln barrels of reserves at the Mariposa area where production from one well currently measures 3,150 bopd and a development plan is being prepared by the operator.

Group production in the fourth quarter amounted to 4,602 bopd, with the ‘peak’ daily rate reached 5,405 bopd and the current rate was 5,426 bopd.

Amerisur also gave details for the planned 2019 drill programme which will include four wells at Indico, up to six wells at the Coendu area and the Miraparriba-1 well.

“Our forward activities are all fully funded from internal resources and positive cash flow from our producing assets, and we remain debt-free,” said John Wardle, Amerisur chief executive.

"We are extremely encouraged by the progress made across our portfolio during 2018.

“In particular, the excellent results at Indico, where we have added immediate material reserves with very large future upside.”

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