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.

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.

http://moneyam.uk-wire.com/cgi-bin/articles/201008040800084991Q.html

Am not selling on this good news.

At least it all sounds promising still, I guess that's something

Hi guys


My take on the situation is positive, although they are further
behind the curve than I thought. As for Fenix and Iguasa in particular
the well has been cleaned up and will perform in due course. At the moment its on a restricted choke and oil production is erratic but nevertheless it is producing
circa 100bopd. This will improve as time goes on, but no targets are really in place as it will take time to complete its testing. Isabella is now in LTT and has had a problem with a failed pump which has now been replaced and production
is again being wound up from its current 150bopd or so.

I think its accurate to say that Alea/Plat has emerged as a cash cow.
The extra acerage, 1000 hectacres, to the Ecuador border has been granted and 3d seismic
is about to start in the next few days. This will enable the Co to pinpoint the next drills this year and their target is 2 this year at 1000bopd from each. I did suggest to JW that he drills at a 45 deg deviation into Ecuador, this got some laughter from the floor, but as he said "its everyman for himself" there and that will more than liekly be done!
The first 4 new wells in Plat will achieve 1000bopd each and the subsequent ones circa 500 bopd as the fiels is exploited. A total of circa 38 Wells will be frilled in the Puntomayo basin/field by ourselves, this could well give a SP of around 60p with a PE of 10.

Reserves of P1, P2 and P3 will be submitted by an independant to ANH by next March, this figure will be confidential for the time being but will be in line with our production of 5000bopd from Alea by end of 2011. Capex will be around $80mil for Alea over 18 Months and will be funded from current capital and production. With net revenues of $60 a barrel the company funding is assured.

As an asside the VHR field in Ecuador is located in a level of sands just 10 feet thick. These same sands on our side of the border is some 20 feet thick so the potential here is bodering on enormous.

All in all I am pleased and will be looking to add to my position as and when funds become available. Our Broker has been over there for the last 2 weeks and a note will follow shortly.

M

Moneylender

Did you go to the AGM ? TFC said he would be there to grill Giles Clarke but he as been missing from this thread for about 3 weeks now [ he has a slight french accent i should imagine ]

Aldwick, I was there for drinks last night with the board until 1.30am and again at AGM
today. I cannot be certain as I dont know TFC but i do not think he attended, he certainly did not grill anyone! This year was well attended prob around 50 people there, some were obviously old aquaintences that I have met and some new investors, all in all
a good turn out.

Moneylender

ok , thanks

http://www.amerisurresources.com/Amerisur_AGM_Presentation_040810.pdf

M/L Thank you for the update. Did GC explain why the target of 6500 b/d by 3rd qtr 2011 given at the presentation to Brokers at the time of the last Placing had been scaled back and moved out a qtr or two?

I agree that the message is still good although hearing more confirmed news on total potential reserves would have been helpful. Brokers seem to have been given that some time ago.

http://www.amerisurresources.com/Amerisur_AGM_Presentation_040810.pdf