Amerisur Wins License in Putumayo Basin
Amerisur Resources Plc has been conditionally awarded the Put-12 exploration license in the Putumayo basin, where Amerisur's Platanillo field is located, under the Ronda Colombia 2012 licensing round held Oct. 17.
The licensing round was organized by the Agencia Nacional De Hydrocarburos, which has made all bids submitted public. The winning bids are subject to confirmation of qualification requirements with final confirmation of license award expected to be announced Nov. 26, 2012.
Amerisur has formed a joint venture with the Latin America based Pluspetrol to bid for Put-12, with the parties owning 60 percent and 40 percent respectively. Amerisur will act as operator on the block. The joint venture's bid included an additional royalty to the state of 29 percent and an additional work program of $7.2 million during the first 36 month exploration phase.
The Put-12 block covers approximately 54,444 hectares and lies immediately to the east of the Company's 100 percent owned Platanillo field.
John Wardle, Chief Executive of Amerisur commented:
"We are very pleased to have won the bid for Put-12. I look forward to ratification of the award during November and beginning operations shortly thereafter. We have extensive operating experience in this area as the block lies next to our Platanillo field, in a shared geological environment where we see significant play potential. The common environment will allow us to very effectively leverage our presence in the area and so operate with high efficiency, increasing the value of the asset. Our joint venture partner, Pluspetrol, is a very successful and experienced company which has had great success in remote regions in other countries and we very much look forward to working with them."
Giles Clarke, Chairman of Amerisur said:
"The fact that we have been awarded this license through such a competitive bidding round is a real testament to the team's ability. We have had great success in the Platanillo field to date and we look forward to exploring the potential of the Putumayo basin further from this very strategic acreage position."
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