Amerisur To Add Exploration License in Colombia

Amerisur Resources plc, the oil and gas producer and explorer focused on South America, announced that it has presented to the Agencia Nacional de Hidrocarburos "ANH" a request for a partial assignment of interest, rights and obligations in the exploration contract Put-30, awarded to Talisman Colombia Oil & Gas Ltd. (Talisman Colombia) in the Ronda Colombia 2014 licensing round.

The 2014 licensing round was organized by the ANH, which has made public all the bids submitted. The Put-30 Exploration and Production Contract was signed between Talisman Colombia and the ANH Sept. 10.

Amerisur has formed a joint venture with Talisman Colombia, an affiliate of Talisman Energy Inc. with the parties owning 50 percent, subject to approval by the ANH. Talisman Colombia is the current operator on the block but the joint venture is studying the potential for Amerisur to operate this contract, subject to ANH approval. The successful bid included an additional royalty to the state of 4 percent (X Factor) above the baseline 8 percent royalty and a total work program of $26.9MM during the first 36 month exploration phase, to include 129 miles (209 kilometers) of 2D seismic acquisition and the drilling of one exploration well.

The Put-30 block covers approximately 38,514 hectares and lies within the Putumayo basin, approximately 34 miles (55 kilometers) to the north of both the Company's 100 percent-owned Platanillo field and 60 percent-owned Put-12 Contract.

John Wardle, chief executive of Amerisur commented:

"We are very pleased to announce this important addition to our Putumayo portfolio. We have extensive operating experience in this area where our Platanillo field and Put-12 block also lie. In Put-30 we will explore to evaluate the potential of producible heavy oil deposits in the Neme formation. The presence of this heavy oil zone has been demonstrated in many wells within this part of the basin over the years, and we believe the time has now come to add such prospects within our portfolio. The potential resources of the area are of significant size and we look forward to a rapid and efficient exploration and evaluation program. On success, the mix of Put-30 heavy crude with our light oil from our developments and exploration activities to the south will be a very exciting and strategic combination. Our joint venture partner, Talisman Colombia, is a very successful and experienced operating company which has had great success in remote regions in other countries and we very much look forward to working with them."


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