Amerisur Spuds Iguasa-1 Onshore Colombia

Platanillo and Fenix Fields
(Click to Enlarge)

Amerisur Resources reported that at midday on Saturday, October 17, the drilling of Iguasa-1 commenced. Iguasa-1 is the Company's first well to be drilled on the Fenix Block. The planned total depth of the well is 6,413ft and is expected to take approximately 30 days to drill and log.

The well is being drilled using the PTX-22 drilling rig which is owned by Petrex S.A. Sucursal Colombia. Weatherford (Colombia) Ltd, an international drilling services contractor is providing the bulk of drilling services and equipment.

The Fenix Block is an area of 24,117 hectares located in the Middle Magdalena Basin of Colombia, which has been a prolific oil producing area for many years with discovered reserves of approximately 1.9 billion barrels of oil and 2.5 TCF of gas in over 41 distinct fields. There has previously been production in the block from shallow formations, and one well, La Tigra 10, produced over 30,000 barrels of 23°API to 33°API oil during testing and intermittent production in the period from 1969 to the early 1980´s.

Giles Clarke, Chairman of Amerisur Resources plc said, "This is the next step in the Company's journey to becoming an important explorer and producer in the region."

John Wardle, CEO of Amerisur Resources plc said, "We are pleased to begin our first well in the Fenix Block and look forward to updating shareholders on the results of the drilling. There is considerable reserve potential in the prospect we are exploring with this well, which will, if successful, have significant impact for the prospectivity of the area and create important additional value for the Company."

The Fenix block is located in the Middle Magdalena Valley Basin, Colombia and is controlled 100% by the Company through its subsidiaries.


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