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 wonder if the 500 and the 550k at mid are buys?

now i understand .... thought you meant just for general tracking and info without commitment ..... i follow mine live at IG

Lets hope the news is not neutral like last time.

All sells today,not looking good,as we must be fast approaching an RNS.

cant understand why the price hasnt dropped with all the sells today.

Are people shorting?

The disparity between selling prices suggests that the MMs are trying to hoodwink PIs into selling.

another day of selling with a 500k sell just gone through. Its not looking to good!!

Hmm, not sure why the mm's would take all this stock in
at 6.5p without dropping the price!

Not to sell it back later in the week less than 6.5p thats for sure!

Strange one this.

stuart.

News on the Fenix block is due this quarter, maybe it will be the early part, encouraging noises were being made at the interim results re this area.
2517

Amerisur Resources Plc ('the Company')

Update re Platanillo 2


Amerisur Resources Plc, the oil and gas explorer and developer focused on South
America, is pleased to give the following update on operations in the Platanillo
contract within Colombia.

In the Platanillo-2 well the 'B' limestone, 'T' sandstone and 'U' sandstone
zones have been tested and all have produced crude oil.

A short test was performed in the 'B' limestone zone from 8,395ft to 8,402ft
measured depth and produced crude oil at 21 to 32 degrees API with water cut of
2% to 30% at rates up to 450 barrels flowed per day (BFPD) through a 32/64'
choke. Given the encouraging result, the deeper 'T' sandstone zone from 8,450ft
to 8,455ft measured depth was tested. That test initially produced crude oil at
up to 33.4 degrees API at rates up to 430 barrels of oil per day (BOPD) through
a 22/64' choke, after which an increased water cut up to 70% was observed in the
oil flow. The reasons for the increase are currently under review.

Following these tests, both intervals were temporarily suspended to allow the
lower 'U' sandstone to be tested. The lower 'U' sandstone was perforated from
8,295ft to 8,298ft. The well was flowed at a controlled rate of approximately
161 BOPD through a 16/64' choke before a pressure buildup period. The crude oil
has an API of approximately 32 degrees and zero water.

The partners in the Platanillo Contract have presented a 'Notice of Discovery'
to the Agencia Nacional de Hidrocarburos (ANH) in relation to the hydrocarbons
discovered in the 'B' limestone and the 'T' sandstone. On the basis of those
discoveries, and in accordance with the terms of the Exploration and Production
Contract, Ecopetrol S.A., as operator of the Platanillo Contract has applied to
ANH for the approval of an 'Area of Evaluation' over the Platanillo structure.

The Company holds a 25% working interest in this block through its subsidiary,
Chaco Exploracion Colombia under the Platanillo Exploration and Production
Contract with the ANH. Repsol Exploracion Colombia S.A. holds 35% and Ecopetrol
S.A. (40%) is the operator.

Dr. John Wardle, Amerisur's Chief Executive Officer commented:

'The discovery of hydrocarbons in two additional zones in Platanillo-2 is a
great step forward for the Company, offering a significant opportunity for
greater reserves within the block. There is still a great deal to understand
about the Platanillo/Alea structure, and the evaluation programme will be
designed to help us towards that understanding.

'The structure is far more complex than previously anticipated. In addition, the
unexpectedly high productivity from the 'B' limestone has a tremendous impact on
our prospects, since the limestone sections, of which there are several in the
productive interval, had not previously been considered significant reservoirs,
and have now indicated significant porosity and permeability. The test in the
lower 'U' sandstone is a positive result, and we look forward to updating
shareholders on the long term testing of both Alea-1 and Platanillo-2. '

Mr. Giles Clarke, Chairman commented:

'The Board is very pleased with the further evidence of the attractiveness of
the Platanillo block. We look forward to providing an update in due course.'

GOOD MORNING ALL!!!,here it is!

As ever, slightly difficult for the layman to interpret, but the market seems to be mpore impressed than it was with some of the previous announcements.

Hopefully the start of great things for AMER.

My money is with Sharesure's comments: the team is working on an exit strategy - i.e. sale of the company - within the next 18/24 months. Maybe 75p per share is within reach.

Good news-Again for those who are interested confirmation will follow as to how valuable this discovery is followed by a further update and strengthening of the share price.
Note the comment in todays Times newspaper.

Sivad,its fantastic news,pity the markets are not yet impressed.

This is a good start - I want to see more details on the share of the block and assessed reserves + details on Fenix and then they can confirm where we are heading. Like Blackdown has said this should be a reasonable bet that a sale of the company as a producer with a plan for Paraguay is the most likely bet.

Quite a bit of selling. Short termers taking profits.

Whilst that may be the case,lack of newcomers is also the reason why the sp is going nowhere,we have found oil for goodness sake and the sp does nothing.

A 7', 5' and 2' interval - I've never seen anything so small. Also the "lower U sandstone" seems to be at a lesser depth (i.e. higher)??

Total flow rate of 1,041 bpd, but a very mixed API rating and loads of water in the T sandstone - funny old mixed quality of result in my inexpert view.

"There is still a great deal to understand
about the Platanillo/Alea structure, and the evaluation programme will be
designed to help us towards that understanding.

'The structure is far more complex than previously anticipated."

Looks like it's going to be difficult to evaluate and for "complex" read "difficult to extract"??

Not sure it is half as exciting in terms of revenue-generating production potential as we'd like it to be. Hence the muted SP response - now slipped back 0.5p

STOCKDOG

"there is still a great deal to understand"
maybee the man from SHELL or BP can go in with his or her checkbook and take it off their hands as they may well understand better?