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.

Colombia: Platanillo output up, seismic in hand


May 2, 2011

Amerisur Resources PLC said Platanillo field in Colombia's Putumayo basin averaged 452 b/d of oil in the last 9 months of 2010 compared with 180 b/d or less in 2009 even though limited zones are in production.


Platanillo lies east of Orito field, the basin's largest, and just north of Victor Hugo Ruales field in Ecuador, which has 120 million bbl of recoverable oil.


Calmena Energy Services was expected to mobilize Rig 836, which has been drilling wells as deep as 10,000 ft for Petroleos Mexicanos in Mexico, to Colombia in April 2011 to work for Amerisur at Platanillo. The company expects to begin a six-well drilling program before midyear 2011 to prove up 35 million bbl of proved and probable reserves and end the year with 5,000 b/d of production.


The company worked to "define the full field potential via 3D3C seismic and have strengthened our operating base in this challenging and in some ways frontier area."


Amerisur acquired the 705 ha of acreage in Colombia between Platanillo and VHR field in Ecuador. The most important and challenging work program was the design, acquisition, processing, and interpretation of the 125 sq km 3D3C seismic survey over the entire block from the national border in the south to the northern contractual limit. Acquisition ended on Dec. 23, 2010.


The data have been interpreted and a new structural map of the southern half of the block has been created.


The mapping has resolved a previous ambiguity regarding the presence and degree of throw of the bounding fault at some points along the structure, with confirmation of continuity towards the north, and importantly towards the south, into the extended commercial area. In addition, the structure observed to the south of the Alea-1R and Platanillo-2 wells is far more developed than previously supposed.


The 3D3C structure map and petrophysical data were analyzed in a Monte Carlo simulation and indicated the following management-estimated prospective resources for Platanillo field: A 90% probability of 45 million bbl of oil, a 50% chance of 69 million bbl, and a 10% chance of 95 million bbl.


The operational plan was modified to take account of the new high potential in the southern section, and the drilling program has been redesigned. This has necessitated further environmental licensing and will require road construction in coming months. It is envisaged that the first new wells will be located in the southern sector, followed by wells to the north in the area previously called "Platanillo-3."

bhunt1910 - where was your post 2843 obtained from? Under company news nothing is shown for 2/5/2011 or is that a Canadian release? Had it been released here yesterday it would have been stupid even if that was possible with the market closed.

Sharesure - from the Oil and Gas Journal. First glance, it just looks like a rehash of info already known.

Dave

http://www.ogj.com/index/article-display.articles.oil-gas-journal.volume-109.issue-18.exploration-development.colombia-platanillo-output-up-seismic-in.html.html

Copied frm across the way

bigwavedave - 6 May'11 - 21:24 - 14991 of 14992


New look website:http://www.amerisurresources.com/index.html

Cheers Bas - see you Monday.

I will be there

ok guys - who will be coming to the AGM and who will be there tomorrow night ?

I think Tony , BWD, Adrian and Xscream are certs - any one else ??

AGM started about 9.30
Finished about 9.40
Presentation and questions finished about 10.30.
Coffee (cold) and informal chat finished about 11.30.
Home by 2pm

I expect the presentation will already be on the web site by now

John did his customary waffle through the slides which were so full of information that it is sometimes difficult to decipher the wood from the trees. I find it quite difficult to follow because he cannot help himself drop into techno speak.

Great updates by Nas etal - I am sure Xscream will add his customary view.

The message has clearly been getting home about the constant slippages because Giles preambled Johns presentation by explaining how difficult it was to operate in Colombia and what a brilliant job the guys on the ground have been doing despite changes in Government, the sacking of lots of Government empoyees which delayed permits etc ec and the fact that AMER has continued to obtain permits whereas others have not. Atrocious weather conditions etc etc etc.

He also got a bit miffed with me when I asked about project plans that kept slipping, reiterating the points above.

So I think for the first time we have some clarity around the plans. They are exactly that - but there are a stack of caveats that go with them which have an impact and they are mostly out of their control. The biggest impact was the assessment of the 3d3c seismic - which I think added a wow factor (they likened it to the difference between B&W and colour TV) which caused them to re asses their plans earlier in the year and will now be starting with Plat 9 as their first drill.

I have to say that I am entirely comfortable with the change in emphasis and have a better understanding that the plan is a work plan - but that the time line is dependent on so many external factors which are outside of their control. Shame they did not mention that before !!

I wont go into detail - as others are better than that than me - but John seemed reasonably confident ( as much as you can be in this game) of delivering 5000 bopd by year end ( as one of the board members commented afterwards - his bonus depends on it ???) - and in these things - what gets measured tends to get done. Another board member suggested that the probabilty of aceiving that figure was as high as 80%

Although no one would commit publicly - 2 of the board members were talking about delivering variously between 10k bopd by end of 2012 and 20k bopd - but at 20k bopd - it would likely plateau. I think I would be happy with that !!

Giles confirmed that it has been extremely difficult to recruit in Colombia for the 2 senior positions that they were advertising last year and have so far failed - however, they have succeeded in strehgthening the middle layer of the company.

2012 should be an interesting year for Paraguay.

On a parting note one of the directors said that this share should make you rich - very rich. Just hang onto that thought.

As last year - I came away feeling very much happier than when I arrived. There is clearly a lot going on - not just in the public domain - but also behind the scenes that we know noting about.

Last year at the AGM, the SP was about 12p ish (I think) - and I would have been very happy to think that in 9 months time (today) we would have an SP of around 22p - so why am I so disappointed ??

I think we have an expectation (fuelled by RBC etal) that the value of this company is far higher - but that we will aceive that quicky. After today - I am convinced that it is - but it might take a bit longer. So I wont be selling a single share - not just yet. Hopefully Xscream will share some of his back of a fag packet calculations.

I think we should actually be congratulating this board (I know that not all of you will agree) for getting this company into profit and setting the foundation for a solid future. Oil exploration does not happen overnight. I for one am prepared to wait. If all of that looks like I am looking at this share through rose tinted specs - then maybe I am - but you only really get a good feel by going to the AGM yourself and looking these guys in the eye when you ask the questions.

I get a good feel and remain confident.

Now watch the sp drop to 21 before recovering

Looks like this thread is defunct

got fed up with all the promises of more to come and sold at small profit and moved on.,.

I still read bh but there's not much to say other than thanks for your summary It was v interesting and reassuring to get your thoughts on things. Understand BB why you sold I'm ever optimistic of things to come This time last year I was well in the red and had almost given up hope.- think it was last year might have been year before!:-)

interesting punt, had a few for ages and forgot about them, now dusted off and waiting another spike up to sell

I've had these since Chaco days, so been on a rollercoaster of a ride thus far, but still holding & will do for the foreseeable future, hoping that all these grand plans of theirs pan out as they hope. Thanks for the precis of the AGM bhunt, much appreciated.

Hi bh,

This thread is quiet as all the holders seem to post on advnf, as you do. Thanks for your info.

May presentation now available on web

http://www.amerisurresources.com/reportspresentations_8_2997672067.pdf

sequestor

why sell, these will go to 40p before drill results are announced thats pretty much guaranteed, if successful they will go a lot higher.
problem is lots of other opportunities out there rrl etc which a quicker return but higher reward possibly with a lot more risk

This looks like the company are close to actually doing some drilling given today's push in the sp. At last.

RBC/Scotsman: buy
http://business.scotsman.com/business/One-to-watch-Amerisur-Resources.6775043.jp

It's OK for the Scotsman to say 'one to watch' - what do they think some folk have been doing for a few years now. I would appreciate a few key dates when some of the 16 wells will be drilled.

SS

they aren't going to be drilling anytime soon but RBC's clients will be loading up to their price target pre drilling.