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Amerisur Resources spuds Calao-1X well on CPO-5 block (AMER)

Monday saw Amerisur Resources (LSE:AMER) announce the spudding of the Calao-1X well at its 30pc-owned CPO-5 block. Calao-1X forms one of four additional wells that the business plans to drill at the Indico pad, where it is targeting 49.3 million barrels of oil (MMbo).

Initial analysis by Amerisur has indicated that a 283 feet gross oil column is present in the Lower Sands formation at Indico-1, another of its wells at the Indico pad.  Indico-1 was drilled last year and delivered an initial flow rate of 4,530 bopd during short-term testing last month. Calao-1X, will be drilled to 11,940 feet and will target a structure alongside Indico.

Amerisur estimates that potential resources at Calao-1X will come in at between 2 and 9.8 MMbo.  That being said, due to its success at Indico-1, the business believes the well could offer more upside due to the potential for combination trapping.

Following Calaoe-1X, Amerisur will drill a well called Pavo Real-1. This will target a similar structure adjoining Indico to the northeast and is expected to hold somewhere between 2 to 23MMbo.

In addition to Indico, Amerisur produces from two other fields. These are Platanillo in the Putumayo basin and Mariposa-1, which currently produces around 3200 bopd and is also found on the CPO-5 block.

Following its current campaign at CPO-5, Amerisur will focus its attention on drilling the Coendu structure. Coendu is located south-east of the Put-9 and Put-12 fields. Amerisur plans to drill the first of up to six wells at the site in Q3 2019.

The company also expects to spud a well called Miraparriba-1 on its Put-8 field in the first half of this year.

Alongside drilling action, Amerisur expected to conduct seismic at its Tacacho block later this year. Tacacho was part of a farm-out deal made with Occidental Andina that also included Mecaya, Teracay, and Putumayo-9.

The deal, announced last November, was worth $93.25m and is expected to give Amerisur a free carry on five wells. Bringing in Occidental will enable Amerisur to accelerate its activities on the blocks while reducing the upfront Capex requirements.

It is unlikely investors will be left hungry for newsflow over the coming year. Amerisur’s drilling programme is continuing at pace with a very busy schedule ahead.

John Wardle, chief executive at Amerisur Resources, said:

Following the positive result from Indico-1, we are delighted to report the spudding of Calao-1X from the Indico pad to determine the size of the play. We look forward to sharing the results with our shareholders throughout this busy, and potentially transformational, period for Amerisur, which has already delivered material reserves and production growth on the basis of the Indico discovery.”

Author: Stuart Langelaan

Disclosure: The author does not own shares in the company mentioned above

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