Amerisur Resources announces the acquisition of the 35 per cent. participation in the Platanillo block from Repsol Exploracion Colombia S.A. and the assignment of the increased working interest in the block has been approved by the Agencia Nacional de Hidrocarburos ("ANH").
The participation has been acquired for cash and the effective date of the transaction is 1st June 2008. The costs and revenues of oil produced during the latest period of Long Term Testing relating to Repsol´s participation during this period will accrue to Amerisur. The Company looks forward to updating shareholders shortly on the Long Term Testing of the block.
The Company is operator of the block and now holds a 60 per cent. working interest through its subsidiary, Amerisur Exploración Colombia under the Platanillo Exploration and Production Contract with the ANH. Ecopetrol S.A. holds a 40% interest.
Dr. John Wardle, Amerisur´s Chief Executive Officer commented:
"I am very pleased we have achieved a significant position in this contract, which we believe to have tremendous potential for the development of the company."
