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.

SS,

I am not sure what GC has done wrong here. The company was going nowhere with the previous mob - at least now there is production, shortly more production and an extended drilling programme over the next 12 months or so.

Bhunt, Not unless it is in London. I'm not sure that I would be particularly welcome as far as the chairman is concerned anyway and as we don't seem ready to turf him out just yet I'll wait until that moment. Hearing John Wardle's update firsthand would be useful although by then I would hope that we are a long way forward from where we are now, subject to no more pointless market shake-outs like yesterdays.

SS I am happy with GC. Yesterdays bear raid which it was in my view albeit a mini bear raid, happens when news which is expected does not happen.

We are waiting for news which is now delayed.This in line with what went on at RKH sowed the seeds of doubt in investors holding E&P oilies. Strange coincidence both shares lost value on the same day through no explainable reason.

This is a very rich well by all reports and having spoken to Amer ,they are treating it as a fine wine which has to be nurtured. They are treating the stimulation with kid gloves and are not willing to hurry the operation.

Believe me I am happy with this.

In time we will be looking back and saying a job well done. JW is on site.

Yuff we'll have to differ on GC. Agree that yesterday's mkt shake out was all that it was. Need to find out who Michinoko Ltd is and whether their 6.04% is significant.

SS where do Michinoko come in to the equation?

SS sorry just seen the RNS!!

Yuff, Either their name is spelt wrongly in the RNS or they are very secretive. Google comes up with nothing!

Michinoko and Mr Clarke also have interests in Purewafer (PUR), is this just coincidence???

Not sure it is toby.But if Giles has put his mates in to the tune of 56m shares Giles must have confidence.

Exactly.

is that cricket!

This looks to be being held back - presumably to shake out a few PI's and let institutions etc buy ahead of the results in a few weeks time. I don't believe that there isn't already news which could be released on Iguasa - it may even have been shared with some already. Not the time to give up on this stock in my view.

I sincerely hope that we don't have to wait weeks for anything concrete. They said that the Iguasa re-entry work would take place in April so, by anyone's standards, an (official) update is way overdue.

back to bid/offer of 15 / 15.25 on piffling sized trades and derisory volume a tad in excess of 500,000 - offer actually went up 0.5p on two relatively small trades of 50,000 and 68,000 yet bid remained static illustrating mms arent allowing too many pi's to buy in at these cheap levels ../..SS.l fully concur with your posting 2171- Like yourself l strongly suspect news is undoubtadly known to the chosen few reg a whole range of matters. -..Bearing in mind GCs recent comment that lguasa "exceeded all expectations" i furthur suspect the news will be far from bad and those selling now are unfortunately going to regret that decision to bail out ,,,,mais c'est la vie,,,,,,,,,,,,,.......... P A T I E N C E is the keyword here ! Patience -..pur et simple...and in spades ! . The bigger picture looks dire and this is a very dangerous punishing mkt -without doubt a mkt heading south.and one that is an invitation to shorters. But oil is always needed .....l have a gut feeling news reg lguasa is iminent in order to allow the forthcoming AGM to run in a smooth and orderly fashion and not sink into an orgy of angry investors demanding reasons for dearth and esp. delays of price sensitive informations............but in saying that-Qui sait ? Perhaps they will use the AGM to reveal all with GC and JW making a triumphant entrance attired in purple and crowned in laurel leaf..:-)).......lncidentally have a look at oil futures-appears mkt anticipates $100 p/b and very soon

Posted on the ii board

LSE board has a member called Pacificstate.

He claims that he has a contact in Amerisur in Columbia. He claims that they have increased production on the Fenix block from 350 BO/d to 800 to 1000. I cannot verify, but hope he is right. Please check his posts yourself.

I acknowledge it doesnt seem to make a blind bit of difference nowadays, but surely isn't it `against the rules' as such, to delay releasing company information which is most definitely price sensitive ?

Their idea of what constitutes "price sensistive" does not always match ours. I believe they have also told some shareholders that they do not want to put out info "piecemeal".

So with regards to Fenix/Iguasa, I suspect they are waitng for every stage of the re-entry work and various tests to be completed before they put pen to paper. How long will that take? No idea. It's annoying - but there you go.

BWD, there is already talk about an independent review of Fenix having been completed and significant daily flow rates. Since that seems to come from someone fairly close to the company the Board ought to announce this news piecemeal. Leaks of information to a select few doesn't go down well with the FSA!

.........especially if the `select few' that it's leaked to, happen to be affiliated to GC in some shape or form, allegedly

SS - If that's the case then yes - all relevant info should be made available as soon as possible.

I suspect the sp is being now being gently walked back up again, ahead of the expected news.