Amerisur Awaits Ministry Approval for Platanillo Drilling

Amerisur announced results for the six months ended June 30, 2011.

Period highlights: 

  • Operating profit up 94% to US $1.8MM (2010: US $0.9MM)
  • Platanillo Block (located in Colombia) 2P reserves increased to 3.6MMBO; approval of modification of Environmental License to commence drilling program expected shortly
  • Reached commercial agreement with Reto Petroleum Limited Colombian Branch to develop the Fenix Block together
  • Interpretation of Aeromagnetometry program on Paraguayan San Pedro block underway; post period end the Group announced that senior executives held a very positive meeting with the Paraguayan Government to discuss the progress it is making
  • Cash resources of US $17.7MM (2010: US $26.3MM)

Giles Clarke, Chairman of Amerisur said, "We continue to make good progress in both Colombia and Paraguay. We are eagerly awaiting approval from the Ministry of Environment, Housing and Territorial Development so we can commence our significant drilling program on the Platanillo Block. This remains our priority.

"The agreement with Reto will enable us to make swifter progress on Fenix, and in August we held a successful meeting with the Paraguayan Government and remain confident in the prospects for the San Pedro Block. Therefore we are excited about the prospects for our blocks in the months ahead and look forward to updating shareholders on this.