Amerisur Resources is exploring for oil and gas in South America, currently in Colombia and later it plans to exploit its licences in Paraguay. It has a new Board of Directors and following a recent Placing at 6p (250m shares) sufficient cash to see through its current drilling plans and carry out some further corporate asset improvement opportunities.

Valuation of Amerisur Resources : 'Rule of Thumb' based on c.800m shares and using 10% DCF on oil at $70/barrel is 0.75p on the sp for every 1m barrels (CHP's share) that is proved in the ground.

Amerisur (formerly Chaco Resources) now has two exploration blocks in Colombia which it is currently evaluating and preparing to drill, one of these in the last quarter of 2007. It has also applied for further blocks in Colombia which are also believed to offer near term production. It also has three substantial areas in Paraguay and is awaiting news on a fourth. The next six months (May-November 2008) should see a steady news flow as it establishes the companys transformation from being an exploration company to becoming a significant oil production company. Set out below are some of the milestones which should produce announcements and have a positive effect on the share price. Any potential reserves are quoted in recoverable oil assets.



Platinillo, Colombia :

100% interest in a field currently assessed at holding 38.1m barrels of light sweet crude oil. Previously this a well flowed at 533 b/d before it was capped.Modern extraction methods may achieve up to double this output/well. Drilling completed for assessment and details of reserve figures and resumption of production daily figures awaited at Dec.2009. (Some guessestimates suggest the field might contain as much as 70m-100m barrels.)

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Tigra/Fenix block

100%% Further 3D seismic is completed; previous drilling has resulted in 30,000 barrels of oil from this block. Other blocks nearby in the Magdalena basin have also produced well. Drilled 11/2009; optimistic RNS (17 leads to follow)but reserve figures awaited

RNS :Expect further news on this block imminently and maybe a JV or other arrangement to speed up the timescale to production



Additional blocks to be announced

New local management team, in particular the CEO, is reputed to have some excellent contacts which will bring some high quality blocks to Amerisur in the coming months.

Curupayty Block, Paraguay :

1.39m hectares in north, close to Bolivia. Two wells previously drilled and both showed oil.

RNS : Expect JV with larger producer.



San Pedro Block, Paraguay :

1m hectares in south-east. Previous drilling showed oil.

RNS : Expect JV with larger producer.



Parana Basin, Paraguay :

Canindeyu block covering 1,789,000 hectares. Bordering Brazil. Oil field on Brazilian side already drilled. Chaco also expect to find oil and, at a deeper level, considerable quantities of gas. Chaco has obtained valuable historic seismic for re-evaluation.

RNS : Presidential Decree received 2/11/06.. Petrobras has announced its intention to increase substantially its effort to exploit Paraguay's hydrocarbons and has announced a farm-in on CDS's adjacent block. Possibility that they or another major will do likewise with Amerisur



Corporate Activity : The new Chairman is believed to have been brought on board to prove some or all of the existing Colombian assets and get these oil producing, arrange a JV on the Paraguayan assets before negotiating a sale of the company as consolidation of explorers in the region continues. An exit sp north of 1.00 over the next 12 months might be a reasonable target provided the drilling programme lives up to expectations, the price of oil remains at/above current levels and an approach is made for the company.

No worries. Never done it myself - a different league. The RNS should steady a few nerves and quieten the doubters for a while. But what will happen to the sp in the next few weeks is anyone's guess. Good luck to you too.

decent RNS and only 2 or 3 posts? Whats happening to this board?!
anyone care to comment on where we go from here.
I for one am now more optimistic.

I think we have fallen off the radar in recent weeks, Shankly. But I was pleased to see the RNS too. Confirmation that solid progress is being made with both Platanillo and Fenix.
We have a clear schedule of events for Platanillo and a rather upbeat tone.There is still a long, long way for me to get back in credit but am happy with the progress report.
I had hoped (and thought) the Repsol deal was in the bag but it seems there are still negotiations. No matter, I expect we will find out one way or the other before drill results. But all in all, a welcome update.

Agree totally on all points.A small way to go for me, been here since 2005!

Noone really knows where we go from here, hence the quiet board - the company now only gives out news updates very rarely indeed, so it's just a case of trusting the board and keeping our fingers crossed that commercial quantities are discovered somewhere within our acreage. Not very scientific i know...

Its been quite a while since we have seen !mill+ T trade buy,hope its the start of a steady move in the right direction

capetown
Sound good to me.

slowly making up lost ground.

September through October will be exciting months,

Yes, could be the start of a decent recovery here now. Next month is the time when things will (finally!) get started. People taking positions now....and getting past 6p will be a positive signal imo.

Hearing very very positive sounds from the boys in the city.
I am told they are expecting news flow October time.

Whilst not huge numbers it has been steady buying so far today.
2517

The rise is disproportionate to the volume that has been traded-always a good sign.

bwd----------- looks like your recovery call is spot on.
2517

George - a rare event for me! Wish I could get it right more often. LOL

some decent buying volume today, interesting to see some buyers at 7p, next stop 9p...?

BigTed 8p would be good for the session,
Another good start to the day.

Yesterday's rise mentioned briefly in the D Express market round-up today. No link, sorry.
"Oil and gas explorer Amerisur Resources, formerly Chaco Resources, gained 1.13p to 6.62p on suggestions it had bought all or part of venture partner Repsol's 35 per cent stake in the Alea discovery field in Colombia. There was also talk of Colombia licences in the pipeline."

Moving in the right direction but big move ahead.

bodeng1,can you expand on that??