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.

digesting RNS Excellent news on all fronts reg ALL blocks ......DST #2 alone is a company maker ...Dry gas - reread as condensate on a parity with the sweetest Louisianna red ,,,This will be BIG !!!!.l mean really big ! ..Will repost later as am sending this by sat fone.........

SS,

I suggest that it would be worth updating the header to reflect the latest position.

Did sell up here a few weeks ago @ 16.5 to invest elsewhere. Excellent news knew they would come good but i needed the funds. Well done to all holders. gla

sold out @ 18.06 today. hope to get back in @ below 17

So?

.......o/t apologies et al --- Roly/ Have written to you via Money Am . Will post when return home - late tonight .......@+ J.

Ok Jamie, cheers.

Never bad to take a profit - although personally not sure it will drop back to 17 - but what do i know.

well done

market likes what it see's, could go to upper level of 19-20p for a while.

B/D I will update it this w/e although now the company is better at keeping its web site up to date the thread header is less important in my view. Slightly disappointed that given the potential they were only able to get the shares away at 16.5p but given what else is going on in the world - like Greece - maybe that was to be expected. At the current sp we are at a significant discount to Astaire's view of the company's NAV.

I would like to add to SS view here, I truly expected the strike price at 20p.
Unfortunately we chose the worst week so far this year for a placing.
Never mind the road is a long one and I am sure time will make up for it.

M

a publically trading company issues an RNS virtually ensuring a rerating as a consequence of transforming itself from a pure "all talk expo" to an agressive high impact expo/ PRODUCER with the potential from its PROVEN licenses to become a new Tullow of the Latin Americas and what happens ? > an army of holders sell up..- akin to leaving the Opera/orchestra in full swing or the match at half time ....l am left pondering what do people expect/want ? Get things in perspective ; Look at BP -the United Kingdoms biggest producer/explorer currently contenting itself with wells of the coast of Angola yielding a mere few thousand bbls p/d and yet a tiddler like Amer is sitting on licenses with tenfold potential As for placing :What with the problems of Greece, Portugal,Spain,and even lreland and lceland, impacting heavily on the economies and respective bourses of Europe the placing was lucky to even get off the ground ..ln dealing with high powered institutional negotiaters/financiers of post crash Europe there is no room for social niceities and mature polite discussion. Nor friendship nor the "old pals act " coming into play as was pre "big Bang" Britain . lts always the dollar margins . Always. Yes siree ;returns on that there said dollar. And they want to maximise their returns - both personally and for those upon whose instructions they act.So whats so wrong about that ? .They are not giving AMER 20 million bucks because they think JW or GC are amiable honourable,errudite, intelligent individuals.The utterly crazy corrupt greedy world that is the oil industry and its bloody history is beyond 99% of the publics perception .lts a very dirty business-both literally and metaphorically speaking . OIL -the maker and breaker of nations is a most ruthless and despotic world dominated by the strangest of bedpartners and everyone touched by its potential riches are spellbound. .And so quite naturally the institutions simply want their pound of flesh and to be in the money forthwith.Thats their function . ln my opinion the very notion of a placing at a premium was never on the cards.And 80 million shares @ 16.5 gives AMER a nice platform of support and vastly derisks shares bought beneath that level.lf institutions think 16.5 is worth paying then be assured that is their mininum worth .Their MININUM worth .lnstitutions picked these up on the cheap . l agree , but mms realised it also and despite heavy selling pressure and a generally bad day for oilees , they refused to go sub 17.75 and give the stock away. lnstitutional holders used to play the percentages game and in that NAV played its part - but now they want cast iron surety or as near as one can get. Plus its always the objective to allow the institutional holder think he struck a cracking deal as when the going gets tough he is more likely to support you . BUT dont forget ;The prospects we have are derisked proven sources of oil. We are not wildcatting !!!.We need no longer fret about cashburn as what we spend is generated ! .We know the oils there; the instititions have a damned good idea its there and now we have the money to drill it out.At our disposal is a technical savviness that the oil world could but dream about even a few years ago.We have a talented board with more connections than the Queen , top drawer geolists ,and headhunted snr management . And with a bit of luck - but no more luck than enjoyed by Grand Tierra who transformed wells producing a few hundred bblsoe p/d into 200,000,bblsoe p/d -and with the economic winds at our backs we will be in the 30.s before you know it -and at last appearing on the radar of the money magnets called "Big Oil" who have spent the past 9 years DECEIVING THE MARKET in simultaneously declaring increased reserves yet rapidly shrinking production and only maintaining s/p by buy backs,streamlining and 4 divis p/y and piling up cash via higher crude prices . Remember Shell being forced on 4 seperate occassions to revise reserves -and BP are no better bookeepers . They are not finding MORE oil -merely drilling more holes . They would love to get a foothold here- right on the doorstep of the worlds most addicted oil nation- and if we are successful we will have them q/ing up and naming OUR price .Of that i am as conviced as one can be .,,,l have seen it happen time after time after time . . .. .......Finally a little nugget of nonsense to bid you goodnight-but in 2004 Chaco on the merit of its licenses alone was mentioned in dispatches as a stock to contend for " new stock of the year" by no less than 5 securities houses -of course that was before they realised the board of the day were classified cretins and knew so little about oil it was both embarrassing and absurd - but how things can change.... l came as a shorter and ended up long to the tune of ......well who cares ...but believe me the irony is not lost on me .......l can almost smell success here.....-BONNE CHANCE A' TOUS.............A'BIENTOT.......@+ j...............Ramping ??....moi ? mais non .................................................................................................................SS .l hate putting anyone on the spot; and that is not my intention .But do i detect dissappointment in your last posting reg.striking price ? or the inability of AMER to fastrack leads with an expirienced dollar heavy partner to the extent you may have perhaps revised/ changed any previous held/proffered opinions. ? . .....

FCUK

Deep breath after reading that!!!
Nice to see we have convinced a self confessed shorter to go
long. We must have a good story then!!!

M

Certainly a better story than some of the other explorers such as DES, EME, Nighthawk and maybe even GKP, given the political situation in Iraq.

TFC: A compelling story ! (I'm referring to AMER of course)

And we are only half way through chapter 2.

Roll on the nitty gritty, should be quite exciting
2517

Wait untill TFC's book comes out ..

Sold AMER @ 18.12 , and will buy back in @ about 17, unless there is a weekend tip in the papers.

As you have told us already.

methinks the fact that preference was given to instutional holders as opposed to retail brokers tells a story in itself../ suggests the latter will be in the open mkt mooching around for stock themselves ; thus further boding badly for those those caught napping while short selling..-..lcarus comes to mind - .and i feel closure of said shorts will be a feature of next weeks trading . While still seeking clarification from horses mouth reg. placing it has been further claimed that offer was oversubscribed by a whopping 5/6 times despite relatively tiny discount to mkt price - furthur suggesting all concerned saw 16.5 as a price to tempting to ignore............