Amerisur uncovers 22.7m barrels of oil at Indico-1X site

South America focussed oil and gas producer Amerisur Resources has uncovered around 22.7m barrels of oil at its producing Indico-1X well.

Amerisur's well, which is located within the firm's 30% owned CPO-5 project, has been producing roughly 5,120 barrels of oil per day as part of its recent test programme.

An independent report also located some 2.9m barrels of reserves at the Mariposa project, where a development plan was being prepared by the well's operator.

The AIM-listed firm saw group production top 4,602 bopd in the fourth quarter - with a "peak" daily rate of 5,405 bopd.

Chief executive John Wardle said: "We are extremely encouraged by the progress made across our portfolio during 2018."

"The activity we plan in CPO-5 and in our acreage in the Putumayo basin during 2019 has the potential to transform Amerisur - I have never been more excited by, or optimistic about the company's future."

As of 1220 GMT, Amerisur shares had picked up 1.32% to 18.60p.