Amerisur tumbles after 'disappointing' lack of potential at Colombian target

25th Sep 2018 11:39

(Sharecast News) - Oil and gas company Amerisur Resources saw its shares fall on Tuesday after the firm revealed that its main target in Colombia has no oil producing potential.The N sands anomaly at the Platanillo field had been the firm's primary focus with its Platanillo-1 well but unexpectedly showed no hydrocarbon potential, leading the company to assess logs and samples of the other three anomalies it had intended to target.John Wardle, chief executive of Amerisur said: "While it is disappointing not to have encountered the N Sand as expected, we are encouraged by the development of the T and U sands in this area, in light of our success to date at Platanillo-8 and Platanillo-20. On success these accumulations offer reserves upside and useful bolt-on production volumes."The company said that the U and T anomalies were promising and that it has so far produced 300,000 barrels of oil from the latter anomaly at the Pintadillo-8 and Pintadillo-20 wells.As such, the AIM traded company reported that it will shortly commence flow testing of the T and U sands, with crude from the T sands to be evacuated through the OBA pipeline if testing is successful.Elsewhere, the firm expects to complete commissioning of its Ecuadorian Chiritza re-pumping station in early October after electrical power systems were installed on budget and ahead of schedule.Once completed, the station will give Amerisur access to a carrying capacity of 9,000 barrels of oil a day through the RODA pipeline.Back in Colombia, the company has also completed collecting 2D seismic data on the Putumayo-12 block of the Coendu prospect, is on schedule to spud the Indico-1 well in October and reports that talks are progressing will for a drilling programme at the Miraparriba-1 site.Amerisur's shares were down 15.12% at 12.85p at 1140 BST.