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.

is this the case you are looking for ?

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Sep 13 2010 21:01 BST

SS .. Your input and interpretation would be greatly appreciated...Your long held opinion on GC has proven spot on the mark. plus latest distractions have made his position untenable. He is becoming a liability. .As l have always maintained im only in here due to Wardles past record and his working knowledge of Colombia and obviously the companies prospects .........................Not a question of tying up capital in my case PTH .l see Colombia as a future for the international majors as everywhere else( except the war torn middle east) -they have been driven into the sea and along with with other Columbian plays l own -PRE ,PMG, PTA and CAV (all 4 trading on TSX and all doing extremely well )) AMER are held in a trust fund .....Can i merely ask you ? Why have you such an interest in Amer and when you dont hold a position or make a declaration you are short ? ...

right on the money Mr R ....off out for dinner ..@+...

http://portofmanila.co.uk/

Fenix well heads might have had a pressure surge again, and the re-application of heavy mud to control left us with reduced flow rates, once again..possibly?

The remedial work to clear it up again and achieve a stable flow rate is proving tricky, but it is a "gem", the oil remains in place, no one else is drilling into it.

I hope the specialist engineers are up to the task-patience and good luck required here.

Tfc, last time I looked we live in a democracy, which allows me to say what I want, where I want and when I want. Apart from that sanctimonious statement I once held Chaco and even managed to turn a decent profit, therefore I retain an interest for old times sake. I also post on a multitude of other threads to which I have no position, sometimes to point out errors, sometimes to try and help and sometimes to cause a little mischief!

TFC, I don't know what to make of yesterday's RNS - as others have commented already, what has been published now seems different from the chatter at the AGM, even allowing for AIM rules. I am still confident that this will come good over the next 9-15 months, or sooner if they learn how to get the oil out of Fenix. Thanks re assessment of GC - I know others seem to think more of him but all he has done is put in place a Business Plan and raised some cash to fund it - fairly elementary. His so-called highly placed contacts in South America don't seem to have stood us in any better position than having anyone else as chairman. I agree about the necessity to retain John Wardle - that was the last chairman,Jon Pither's, idea to get him on board.
One day Amer will put out an RNS which will make the sp go up and stay up. Can anyone think of one occasion when that has happened in the last 8 years? Or, with oil prices so high it will not be long before someone else is going to decide that a lot of the time-consuming work has been done here and now may be as good a time as any to seek to acquire the company. Not necessarily what I want unless they pay a dizzy price but it must now be a possibility.

very nice photo Roly ......You are such a baaaaad boy ...;-).... Funny thing is you look not unlike i imagined . Like tobasco i agree you are batting too high up the order :-))...hehe - only teasing mon pote ......s/p reg. Amer stood up extremely well today considering yesterdays dogs dinner of an RNS. ..Been back on phone today abusing all concerned ....>..... and am utterly convinced lggy 1 is going to produce the goods and shut these doomsters up ...,,,,Roly ..Shall have to meet up when i am back in London and take you and your partner to dine with me and my g/f at one of our fave French eateries - Despite having the Cheyne walk brasserie on my doorstep, i prefer Galvin @ windows, Coq d'argent, L'oranger ,and Bellamys..........Already looking forward to it ....You up for it ?...........................................................................................................................................................................................................................................................................................................................................................,,,,,,,,,,,,,..SS......As always thanks for your thoughts which on this occassion seem to mirror my sentiments exactly- even down to your timeframe . Seems old man Pithers did one thing right then in appointing JW ......l have a notion that even Wardle himself regards GC as a soon to be unnessasary expense ; ...Anyway we can but hope that once our high impact drilling prog commences the outcomes and newsflows will improve and we shall look back at these days and laugh ...hmmm... We must be the unluckiest oil play in Columbia -everyother junior player is enjoying great success except us !! -BUT the law of % cant last forever The tide will turn - believe me !!!!! .{ for once ...:-) }.......l suspect you know as well as i do there are some things you cant put on a bb- and furthermore i think you know what i mean ...... ..Anyway regards to your good self and family. bonne chance @+J

TFC and SS,

Can`t help feeling that the best outcome here for all parties would be a takeover. The company needs to devote additional resources to speed up the exploration processes. The softly softly approach is wearing thin.

Aldomuch better picture than the last onebut you are batting above your average mateand whats with drinking out of a straw you nancelolgood luck with AMER

Tabby ,

That's because i have put on more weight. did you click on the website link below the photo ?

lt is not uncommon for city boyz to collect directorships, and even chairmanships ( rememeber John Teeling ) , like stamps for a nice considerstion . After all a full board only usually meet but a few times a year for the likes of fixing renenumerations, approving the books ,re/appointing auditors ect ect so it is hardly a demanding role ,,,,,, But is it right for the CEO of a company like AMER, who is responsible for the "hands on" day to day running of its operations and activities to be in the employ of another high profile oil company in the same capacity as CEO; and a state owned one at that. .Now as it happens John Wardle is currently CEO of Perberco - a subsidary of Canadian listed Pebercan PLC - drilling for oil in Cuba ; and fron what i am told making a damn good job of it . But does this not beg the rather iffy question as to who is in charge of day to day activities and decision making at AMER during JWs long absences attending to his Cuban affairs ...Does this perhaps go a long way,or at least , some way to explaining the dearth of ready newsflow and tardiness in AMERS progress ? ... or am i overeacting to what is hardly a phenomenon in coorperate circles .

Apologies to all for posting off piste
Aldodid take a look at Port of Manilaare you connected in any way?very impressed if you arethe only culinary award I have is full set of Jamie Oliver pans I received on Fathers dayI would have preferred golf clubslol

TFC-you could be right-but we also have GC Nick H and of course that old expert Doug Ellenor. So the quality and timing of any RNS can not simply be down to JW. Of course directors hold different non exec positions but not too sure about one man holding 2 top CEO jobs at the same time without a conflict of interest.

But what do I know?????

Tfc

I've heard all the cloak and dagger stuff at the time of the placing and we still have no progress on iggy, I agree that it is strange that figures were given for izzy but not iggy when it had improved, if you are able to enlighten us off board could you email yuff on the email he posted a couple of days ago.
Appreciate that you might not be able to

Thanks

Nas

Tabby

i thought you were always on the piste . The restaurant was opened last July , the mango ice creme is very nice.

TFC -
In fairness to JW, he was VP/CEO of Peberco before joining AMER. As you probably know, the Cubans asked him to find oil which he did in significant quantities - and both sides have been handsomely rewarded. I suspect if anyone suggested he reliquish his interest, he would tell them in blunt Yorkshire tones where to get off.

(Is he still involved with Cuba? I thought that relationship had ended but am happy to be corrected).

In any event, he lives in Bogota and, in my opinion, has an intimate knowledge of what's going on with AMER operations in Colombia. I'm not suggesting he has his boots and overalls on every day but I doubt there's much, if anything, which escapes his attention. We are lucky to have him charge.

If he is rubbish at anything, it's his RNSs. They are infrequent and when they do appear, they can be as dull as dishwater. I'm sure that if the market had a fuller picture of what was going on, we would not be floundering around at this level. Unfortunately, I've lost count of the number of times I've said that before but my judgement on where AMER is headed remains unchanged.

Can i ask a big favour... interesting read but bl**dy difficult on a small laptop, as I have to scroll a long way off screen to read end of sentence then back again. Would be so much easier just to scroll down. BB

BWD-its the nomads who write the RNS with input from Nick and John.

Feel free to make contact TFC-discretion is assured.