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.)

b>



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.

I see the old company secretary has taken up an option for 300,000 shares @2.2p each....

for 6500, i would too!

s/s
Are you expecting an update in Sept?

Bodeng, yes.

s/sure - thanks re IPL. Will take a look. Need another share to spark into life first though. Forever the optimist!

bwd, the CEO at IPL is well known to a few of us on here! It's riskier than AMER but could be more dramatic in a quicker timeframe - I am pretty sure that it will be a lot speedier than AMER has been - but that isn't saying much.
Still holding AMER too but getting very impatient with having been told that certain things were a done deal nearly 18 months ago only to find we are still awaiting the announcement.
Anyone know whether the Repsol deal has been irrevocably signed by Repsol and that all that is holding it up is the split between Ecopetrel and AMER? If that is not the case then presumably a drilling result announcement could justifiably be held back pending that signing on commercially sensitive grounds. I'm sure someone like BC knows where this is at - anyone due to see him sometime soon since he is unlikely to say much over the phone, - if at all?

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Amerisur Resources PLC
26 September 2007

26th September 2007



Amerisur Resources PLC ('Amerisur' or 'the Company')



Operations Update



Amerisur Resources Plc, the oil and gas explorer and developer focused on South
America, is pleased to announce that re-entry operations at the Alea-1 well have
commenced in line with the previously announced timetable. Amerisur expects
that results from this programme will be reported within the next few weeks.



Further to the announcement on 6th September regarding Platanillo-1, the Company
is also pleased to report that drilling operations to date have not encountered
any significant problem. The well has now reached a depth of approximately
7,000ft and we expect to reach total depth within the next 10 days. Further
announcements will be made in due course following the review and analysis of
electric logs.



Ends



Competent person: Technical information in this announcement has been reviewed
by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 23 years
experience in the industry, having worked for BP, Britoil, Emerald Energy and
Pebercan, and is a trained drilling engineer.



ENQUIRIES:


Billy Clegg/Caroline Stewart, Tel: +44 (0)207 831 3113

Financial Dynamics


Jerry Keen/Rhod Cruwys, Tel: +44 (0)20 7448 4400

Blue Oar Securities Plc








This information is provided by RNS
The company news service from the London Stock Exchange


2006 MoneyAM

Crunch time approaching for AMER. Success and away we go; failure won't be forgiven easily.

first oil by friday !!!!!!!!!!!!

Which Friday?

Trotting, Agree this Friday (5/10) looks likely + other news too?

Evening SS, repsol news? or possibly other projects?

prior to PV, the share price drifted. We seem to have flatlined prior to Plat and Alea, I am clinging to the hope that that is a positive sign before results! I really dont want the market to have chance to react to a duster at Plat as it wont be pretty. Although we do have Alea-1 to fall back on.

Fingers crossed for this week guys

Robbi, Both by Friday in my reckoning + drilling update.

SS
This could be a very important and rewarding week.

Sharesure - thanks mate, lets hope so. Our patience deserves rewarding. You dont appear to be on the other BB much anymore? trots is very hopeful for this week. Fingers crossed. Hope all is well.

as a disinterested observer, i shall watch with interest, but surely history and the odds prevailing throughout the oil industry (i think 5/1 are the usual odds) legislate against happy news.

"as a disinterested observer, i shall watch with interest"

Paradox?

Robbi, Trotting and I keep in regular touch on this and a few other stocks. This drilling should be a much better than 5/1 odds particularly on the re-opening of Plat 1 unless we are so unlucky that oil that amasses over millions of years migrates over the last 20 years. Anyway, either way the waiting should be over in the next 5 days.

an oxymoron maybe, though i should have written uninterested