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.

I'm not bothered about it being in Cardiff (I lived there long enough) and it'll be more convenient to some than travelling to London.
As for ego stroking - they won't get it from me and I doubt there will be any fawning from those I know who are attending.
The CEO is still the main man as far as I'm concerned, and I found him to be pretty straight forward in the past.

bwd, Agreed, but I still want a more relevant chairman - this one isn't. His attitude annoys far too many people who are more important to moving this company forward than he can, and that does not help us. If he was helping it in a way that chairmen can, we would not be so undervalued given where we are in the exploration and production cycle of the assets Amer is currently working on. I also don't buy all this tosh about his valuable connections in Paraguay that are so helpful in moving forward on those prospects - we have made scant progress in the last 3 years.

Understood SS. I don't know enough (anything, in fact) about what's been going on or being said behind the scenes.
But if there is a suggestion that he should be removed then I doubt he'd give up without a fight, and there would have to be a very strong candidate lined up to take his place. Preferably someone with industry experience who can be full-time. All stating the obvious really... but this area is way above my pay grade!
Maybe this issue will be raised by others in Cardiff next week.

SS,

When you say....'more important than he is to moving the company on', who are you referring to?

A few years ago at another AGM - I printed out some sticky labels and left them at the door so that people could stick them to their person and be recognised by others from this and other BB's.

If you think it is a good idea - let me have your BB handle together with your first name or name you prefer to be called - and I will do the same again

Anyone going to the AGM?

See you there b. Mine's a pint of Brain's, thanks. ;-)

predateur - will do

GC has the option to buy 26 million shares at 7.15p, exercisable before the end of 2012. I very much doubt that he will go anywhere until he has cashed these in.

Express

Bullish agm statement in the pipeline

Tfc

Are you going to agm?

anyone else want a badge/label to identify themselves at the AGM ?

Guys,
I'm pretty sure I've asked this before, but cannot for the life of me remember if anyone replied. Perhaps someone can help.
I've been holding these shares for quite a while & recently realised that my various share certificates are all still in the name of Chaco Resources.......my question is, were new certificates issued to replace the old ones when the company changed name ?
Any help would be much appreciated.

I don't hold these shares tudwick, so cannot help I'm afraid but if no-one here can help you could contact the Registrars who are:-

http://www.capitaregistrars.com/shareholders/contact/

Many thanks, will do

How quiet can a stock get? Nearly a billion shares in issue and only 1 trade of 5,000 shares the day before the AGM. Not worrying, but very wierd. The board and its advisers need to be congratulated on keeping their AGM message so secret.

Maybe peopel have taken their postions and now waiting for news . from my postion am not selling or adding untill after the AGM.

Let's hope it doesn't turn out to be a "non event".

8 months on from drilling Fenix it had better not be. Look fwd to any feedback from the AGM as I won't be going.

I expect something in the morning!

Not just 2 pints of gold top either.