Amerisur surges on Platanillo strike

Amerisur Resources

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Eoin O’Cinneide 

06 June 2012 07:33 GMT

Shares in Amerisur Resources have soared after the London-listed junior revealed it has struck oil at the first of a planned six-well development in Colombia.

The UK-based but South America-focused player hit an 85-foot gross interval in the U sands of the Villeta formation at its Platanillo-3 well on the Platanillo field.

The interval included 52 feet of net pay, Amerisur said on Wednesday.

Two additional zones in the Villeta formation may also contain potential pay and are under evaluation.

The company is planning to drill the second well – Platanillo-2 – from the same location soon.

Shares in Amerisur shot up a quarter before the opening of trading in London on Wednesday.

Chief executive John Wardle said: “This is an impressive result which underlines the potential of the Platanillo field. Our objective now is to push forward with the next wells, optimising their costs and operational efficiency to deliver our production targets this year.”