Amerisur Resources plc, the oil and gas producer and explorer focused on South America, announced an update on operations in the San Pedro block, Paraguay. A seismic acquisition program has been initiated in the block, which will acquire approximately 258 miles (416 kilometers) of new, high quality 2D seismic data over 5 leads. These leads have been developed based on reprocessed legacy seismic and the chemical, gravity and magnetic geotechnical data acquired by Amerisur in 2009, 2011 and 2013.
The leads are associated with multiple stacked reservoirs within the Lima and Santa Helena formations which are of Devonian age. The Company currently estimates a potential unrisked Stock Tank Oil Initially In Place (STOIIP) for the Lima formation of 501 millions of barrels of oil (MMbo), with unrisked prospective resources of 200 MMbo. The Santa Elena leads are estimated to hold unrisked STOIIP of 1,206 MMbo with unrisked prospective resources of 422 MMbo.
The seismic data will be acquired by Global Geophysical Services using the acquisition technique called Vibroseis. It is expected that the program will be completed within 60 days followed by processing, integration of the new information into the data set and interpretation over the following three months. The Company expects then to select drilling locations with a view to drilling the first new well in San Pedro towards the end of 2014. The Company is currently investigating a number of drilling rig and service options with regional providers.
John Wardle, CEO commented:
"The work we have done over the last years has confirmed that we have all the necessary ingredients for a working petroleum system in our San Pedro block. The seismic data will increase the definition of the mapping of these important structural closures. I am excited to start improving our understanding of the potential of these structures which will give us a very clear idea of optimal well locations for drilling later this year. We have been very successful in creating value from our Colombian assets and we look forward to delivering in Paraguay. Our extensive operating experience has been key in creating high levels of efficiency, and we fully expect to perform a comprehensive and cost effective exploration program in Paraguay."
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