Amerisur Resources has encountered oil on the Platanillo-3 well in the onshore Platanillo field in Colombia.
Analysis of the electric logs at Platanillo-3, the company's first of a six well drill programme, struck an interval of 85ft gross, 52ft net pay in the U sands of the Villeta formation.
The UK-based company expects that two additional zones within this formation could hold potential pay and is now evaluating the site.
Amerisur chief executive John Wardle said that 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," Wardle added.
The upper 26ft of indicated net pay was intersected in drill stem tests, where the interval hit 30.4°API oil with trace water at 2,340 barrels of oil per day in natural flow over a flow period of 24 hours, and choked back with wellhead pressure of about 44psi.
The well has now been closed to perform a pressure build-up test, in a bid to obtain pertinent reservoir pressure information after which a permanent completion string will be installed, and commercial production from the well will start.
Amerisur noted the well holds the potential for a high production of oil and completion options to raise efficiency will be considered, like the installation of a downhole electrical pumping system.
The company, which mainly has its operations in South America, now intends to skid the Serinco Rig D-10 for spudding the second well of the programme from the same location at Platform 9, deviating the well to an offset of about 600m south from Platanillo-3.