Amerisur secured farm-out deal approvals for the exploration blocks Putumayo-9, Terecay, Tacacho and Mecaya in southern Colombia
UK-based oil and gas producer and explorer Amerisur Resources has secured approval form Colombian authority – Agencia Nacional de Hidrocarburos (ANH) for farm out deal with Occidental.
On 23 November 2018, Amerisur signed a farm-out agreement with Occidental Andina, an affiliate of Occidental Petroleum, for the exploration blocks located in the Putumayo region, in southern Colombia.
ANH approval for Occidental farm out deal
The ANH has granted approval of the farm-out agreement with Occidental, which includes the exploration blocks Putumayo-9, Terecay, Tacacho and Mecaya in the Putumayo region, southern Colombia.
Amerisur said that Occidental acquires a 50% interest in each block and is expected to fund a consideration of £73m for exploration and appraisal programme from 2019 till 2021, which includes 85% of the 1068km 2D seismic equivalent and 100% of the planned four well drilling programme.
Amerisur will remain as operator for the blocks covering 1.4m gross acres and hold 448MMBO mid-case gross prospective resources.
Recently, the company completed the Platanillo-26 infill well, which reached the target depth of 9,350ft and encountered 46ft net pay in the upper and lower U sands. The well is producing approximately 710BOPD and the company is continuing the production optimisation on the field with a sidetrack well at Platanillo-22.
Amerisur CEO John Wardle said: “We are pleased to secure all the approvals associated with the transformational deal with Occidental. Work has started to initiate seismic surveys and drilling on the acreage later this year.
“Production optimisation at Platanillo continues to deliver with production now over 4,500 BOPD from the field. On completion at Sol-1 the drilling rig on CPO-5 will return to Indico for appraisal drilling that has the potential to increase reserves and production from the field.”
The firm said that operations on the Sol-1 exploration well continue and results will be announced shortly. After completion of drilling operations at Sol-1, the rig will move to drill the Indico-2 appraisal well.