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Amerisur Resources, Jupiter Energy, Bridge Energy news briefs

Contributed by Fox-Davies Capital

Amerisur Resources: Another Positive Platanillo update - The third well (Platanillo-5) flowed 31.8°API oil with trace water at 2,472 bopd in natural flow and has been placed on commercial production at a controlled rate of approximately 1,500 bopd. This will increase combined production to 3500 bopd and thus the Company remains on track to achieve its year end production target of 5000 bopd. Drilling of the fourth well (Platanillo-9) will commence this month and the Company is on track to drill eights wells by year end. Platanillo Block 2P/3P reserves were estimated at 7.7 MMBO and 10.6 MMBO  at the end of 2011.  The company plans to publish an updated reserves report by year end and we expect a significant upward revision in reserves estimates due to successful drilling of producer wells. In this news:

- As announced on 3 October 2012, the Platanillo-5 well encountered an interval of 99ft gross, 79ft net pay in the U sands of the Villeta formation.
- Platanillo-5 flowed 31.8°API oil with trace water at 2,472 BOPD in natural flow.
- Platanillo-5 has been placed on commercial production and is envisaged to produce at a controlled rate of approximately 1,500 BOPD initially, taking total Company controlled rate production up to approximately 3,500 BOPD.
- The Company is currently rigging down the Serinco Rig D-10 in order to move and rig up over the fourth drilling slot on Platform 9 to drill the fourth well of the current programme (Platanillo-9), deviating the well.

Jupiter Energy: Powered up - Success of the J-55 exploration well on Block 31 (Kazakhstan) maintains 100% success ratio at the field. Initial analysis indicates 112m of gross reservoir and approximately 60m net pay in the Mid Triassic carbonate reservoir unit. J-55 is the first well on the southern area extension, and its success has increased the possibility of an upward revision in reserves and resources. The updated reserve report released in June'12 estimated 2P reserves at 37mm, up 54% on the previous report. With 1 new exploration well planned for H2'12, testing of the J-53 and J-55 wells and a new reserve report due in early 2013, we are upbeat about the company's prospects. In this news:

- The forward plan, after completing production casing, is to stimulate and flow test the J-55 well for up to a maximum of 90 days during which time flow rates and reservoir pressures will be measured for various choke sizes and fluid samples collected for analysis.
- The well will then be shut in and an application will be submitted to the relevant regulatory authorities for the well to be put onto a Trial Production Licence.
- The ZJ-40 drilling rig will now be moved to the location of the J-58 well and it is expected that this well will spud before the end of October. The J-58 well location is mapped as up-dip to J-55 and 3.8km further to the southeast.
- The prospectivity of J-58 has been enhanced by the results of J-55 and has the potential to add a further 10 mmbls of resource to the area.

Bridge Energy: Picks up 1.55% stake in the producing Boa field - Bridge will pay $13.7mm (ex inventory cost) for 1.55% working interest in the producing Boa field from OMV (U.K.) Limited. The acquisition will increase Group 2012 production by 230 bopd and 0.2 mcfpd sales gas implying payback period of less than two years on the net oil price realization of $100/bbl (post tax) guided by the Company. Apart from being economically attractive, the acquisition also builds base for cash flow generation. Today's news bodes well for the Company. In this news:

- Acquired 1.55% working interest in the producing Boa field from OMV (U.K.) Limited for an adjusted consideration of $18.1m (the "transaction") with an effective date of 1 January 2012.
- The acquisition includes a transfer of around 40,000 barrels of oil stock which will be sold following completion for an estimated value of around $4.4 million (based on prevailing prices of around $110/bbl).
- The acquisition is being funded through a combination of current cash and Bridge's existing reserve base lending facility.
- The Boa working interest adds 0.5million barrels of 2P developed producing reserves to Bridge.