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.)

b>



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.

Yes, I remember a 1.5m buy. I see MAM has it listed as 16.06. Is that the one you mean? I believe there was also a 500k and another 1m (probably buys). Had hoped we would see similar this week.

correct on both counts and they were both BUYS

Today is a different story so far.

That 1 mill buy apperas to be an option by a former director@2.16p?

CORRECT

MORE DILUTION !!!!!

This stock is seriously begining to damage my health!!!!

So much promise initially and still not delivered anything of note to be brutally honest. Obviously hoping things pick up, news wise etc, but not looking good at this present time, new management or not !! They haven't changed the companys outlook one bit IMO, just diluting it more & more as time goes on.
Any positive comments much welcomed......if there are any

It's stopped raining.
2517

aha yes but is it raining in south america......I want oil!!!

LOL !!!!!

Now we have a new director,and early buying today is a good sign!

you dont go appointing (or attracting) senior non execs with a barrel load of experience unless you are expecting great things in the future.

Very positive in my view

Lets hope sooooooooooooo.

Not on this site for some reason, but interesting (if not exactly earth shattering) nevertheless.

RNS Number:3564N
Amerisur Resources PLC
06 February 2008


6th February 2008


Amerisur Resources Plc ("the Company")

Directorate Change


Amerisur Resources Plc, the oil and gas explorer and developer focused on South
America, is pleased to announce the appointment of Dr. Douglas Wayne Ellenor as
a non-executive Director effective immediately.

Douglas, (64), has over 37 years experience in the E&P industry, having spent 25
of those on international assignments with the Royal Dutch Shell Group in
Australasia, Europe, and North and South America. Douglas left Royal Dutch Shell
in 1996 after four years as CEO of the Shell Companies of Colombia to become CEO
of the Colombian E&P company Hocol SA, a position he held until 1998. After a
posting as Business Development Director in London with Nimir Petroleum Ltd, he
returned to Canada and established an oil and gas consulting company. In 2002,
Douglas returned to Hocol SA on temporary assignment as CEO, serving until end
2004. In 2004-05, he was CEO of Orca Petroleum Inc.

In the last five years, Douglas has served on the board of directors of Orca
Petroleum Inc. (2000-2006) and is currently on the boards of two junior oil
companies - Austral Pacific Energy Ltd (NZSX, TSX-V: APX; AMEX: AEN) and L&M
Petroleum Ltd (NZSX, ASX: LMP).

Douglas holds a BSc (Hons) from Queen's University Canada and a PhD from the
University of New England, Australia, both in Geology. He is a registered
Professional Geologist in British Columbia and member of the American
Association of Petroleum Geologists and Canadian Society of Petroleum
Geologists.

Mr. Giles Clarke, Chairman commented:

"We have further strengthened your Board with another heavy-weight oil and gas
professional with significant knowledge and contacts within the industry and
more specifically in Colombia. We are delighted to welcome Douglas to your
Board."

In relation to the appointment of Dr. Douglas Ellenor, there are no further
disclosures to be made pursuant to Paragraph G of Schedule 2 of the AIM Rules.


Ends



ENQUIRIES:

Billy Clegg/Caroline Stewart, Tel: +44 (0)207 831 3113
Financial Dynamics

Jerry Keen/Rhod Cruwys, Tel: +44 (0)20 7448 4400

That looks a good move even if it means another option package. The E&P on this stock needs a shot in the arm.

Douglas left Royal Dutch Shell
in 1996 after four years as CEO of the Shell Companies of Colombia to become CEO
of the Colombian E&P company Hocol SA, a position he held until 1998.

This bit is significant. I wonder how close he was to Dick Van den Broek. Quiet close I would think.
The locals allegedly like to deal face-to-face with people they know rather than major corporate entities. JW is close to many of the well-heeled old families in Colombia. Seems someone in Amerisur is familiar with how old-style business works in Colombia.

Nice research Uponthelowdown - Equally do you remember when they shot a central defender because he scored an own goal in the world cup !!

Exactly Oakapples! I think we'll all get a result as a consequence. No one will get offside here. Made me laugh tx.

Sivad - when is the next news due?