- Oil and gas producer and explorer Amerisur Resources said drilling success at the CPO-5 block delivered a 'material increase' in the company's reserve base.

The company said 1P reserves rose by 27.8% to were 17.82m barrels of oil and 2P reserves increased 23.6% 25.59m barrels of oil for the year ended 31 December, from a year earlier.

The company attributed jump in its reserve base to the drilling success in the CPO-5 block, which includes the Mariposa and Indico fields.

'The drilling success at Indico-1, together with the strong production behaviour observed at Mariposa-1 through the year have delivered a material increase in the Company's reserve base. We look forward to further production and reserves increases as our exciting, fully funded drilling programme develops during the year,' said John Wardle, CEO of Amerisur Resources.

At 9:16am: [LON:AMER] Amerisur Resources PLC share price was +0.29p at 16.99p

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