Amerisur Encouraged By Platanillo Block Results
Amerisur has issued an update of testing operations of wells Alea-1R and Platanillo-2 in the Platanillo Block, Putumayo, Colombia.
Both wells were tested in natural flow from the Lower U formation through a selection of choke sizes during the period July 27, 2008 to September 19, 2008. Average flow rates from Alea-1R were 39 BOPD and 66 BOPD for Platanillo-2. These data were in line with previously calculated well efficiencies and confirmed regional production characteristics, which indicate that the aquifer support is moderate, and as expected may require some form of artificial lift, like most wells in the region in order to optimize production levels.
On September 20, 2008 a Hydraulic Jet Pump was installed in Platanillo-2 and a similar pump was installed in Alea-1R on 26th September 2008. The wells were then tested individually to ascertain their performance under artificial lift conditions. It should be borne in mind that Hydraulic Lift systems, by their very nature are designed on the basis of theoretical hydrodynamic models which require verification under field conditions. Alea-1R has been tested at the lowest design setting of the pump, i.e. an injection pressure of 500psi, and produced an average of 166 BOPD with 0.5% BS&W. This test confirmed the design of the pump, and indicates that the previously calculated Productivity Index (PI) of the zone is correct at 0.34 BOPD/psi of drawdown.
Platanillo-2 was tested at the same design point (500psi injection) and produced an average of 199 BOPD with 0.2% BS&W. Taking account of the slight design differences between the wells, this confirms the PI of 0.74 BOPD/psi of drawdown for this well. The produced crude oil has an API of approximately 31 degrees.
Having confirmed the pump design and deliverability of the wells at this lowest setting, in the next weeks the company will proceed to test both wells simultaneously at increasing injection pressure. The eventual stable production rate will be selected on the basis of good reservoir management practice and operational considerations. According to the design profile of the lifting system and the results obtained to date, with an injection pressure of 1500psi Alea-1R would deliver 370 Barrels of fluids per day and Platanillo-2 540 Barrels of fluids per day. The hydraulic pumps installed have an injection pressure design range from 500 to 2000 psi.
The oil produced during these tests is being sold to Ecopetrol S.A. and is delivered to the Mansoya terminal, located 75km from the well location via oil trucking.
The Company is operator of the block and holds a 60% working interest through its subsidiary, Amerisur Exploracion Colombia under the Platanillo Exploration and Production Contract with the ANH. Ecopetrol S.A. holds a 40% interest.
Dr. John Wardle, Amerisur´s Chief Executive Officer commented, "I am pleased with the results as they stand and am encouraged by the way the wells have reacted to artificial lift. These results, obtained through a careful and technically robust evaluation give grounds for optimism regarding the intended strategy for the third well in the Platanillo field.
"We foresee continued activity in the block through 2009, which will further reveal the ultimate potential of the project, and will allow us to continue to build on what has become an attractive and flexible position. We are now looking at other attractive opportunities to use our significant cash resources backed by our income stream to further enhance our portfolio. We are looking forward to updating shareholders as the strategy develops over the next months."
Giles Clarke, Chairman commented, "We have come a long way over the last 18 months and we are now on production testing at two wells, which is due to ramp up significantly in the months ahead. We have a controlling interest in our two main assets and have a clear roadmap to deliver value to shareholders from this powerful position."
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