Amerisur’s revenue jumps 301 per cent on higher production

SOUTH America-focused oil and gas explorer Amerisur Resources yesterday reported a 301 per cent rise in full-year revenue, boosted by higher production from its flagship Platanillo field in Colombia.

The Aim-listed firm’s revenues rose to $169.2m (£100.5m) in 2013, while pre-tax profit went up 274.6 per cent to $75.3m.

“We have made significant progress in developing the Platanillo field with six new wells drilled in 2013 and three successfully re-entered and sidetracked wells,” said chief executive John Wardle.

Production at the field has now reached 7,250 barrels of oil per day.

The firm is on an expansion drive, with a planned pipeline between Colombia and Ecuador set for completion in the second half of the year. It expects to drill its first well in San Pedro, Paraguay, towards the end of the year, subject to seismic data tests.

The company plans to drill seven new wells in the Platanillo field and to launch a minimum three-well drilling programme in the nearby Put-12 asset by the end of the year.

“We are confident that our programme for 2014 will allow us to significantly increase production, increase our reserves and continue our strategically sound approach to exploration,” said Wardle.