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Amerisur Reources : Sth. American Oil/Gas explorer (AMER)     

Sharesure - 30 Jun 2007 18:48

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.

capetown - 29 Apr 2008 09:13 - 741 of 3289

At long last we have lift off!!

stockdog - 29 Apr 2008 09:25 - 742 of 3289

Just touching October's EOD downtrend. Let's hope we can close decisively above this by end of this week and not fall back to confirm the continuing down trend. Good rising volume recently.

When is news due on what? Sorry, lost touch with what we're expecting short term.

cmp0325 - 29 Apr 2008 09:35 - 743 of 3289

Lets hope we get back to the 12p level shorlty, where most of us long term bought in many moons ago

bigwavedave - 29 Apr 2008 09:50 - 744 of 3289

stock - waiting for updates on Platanillo field: flow rates etc plus there is some talk about AMER going for an increased stake. (I am cautious on that score, however).
Also, seismics on the other block, Fenix, should have been completed by now. I understand there were 14 potential well sites being evaluated.

stockdog - 29 Apr 2008 10:02 - 745 of 3289

Thanks bwd. Seems like we've been waiting for ages.

bigwavedave - 30 Apr 2008 09:14 - 746 of 3289

We have been!

Moneylender - 01 May 2008 11:18 - 747 of 3289

With the prelim results put back to late June,
i just cannot see us getting the News much before
then. GC did the same last year, day of the AGM
good news RNS!

Even with EVO supporting the price we are under pressure
here.

M

stockdog - 01 May 2008 20:39 - 748 of 3289

delayed results are never good news in my experience

bigwavedave - 01 May 2008 20:48 - 749 of 3289

I don't think they have been delayed, as such. The original dates were pencilled in by Hemscott which maintains the website, apparently (poss based on last year?) They were always listed as "to be confirmed" in any event.

capetown - 02 May 2008 20:34 - 750 of 3289

A sea of red today.
NOT good,when we are so close to news,i am getting very NERVOUS,any one holding these offer any advice other than sell,have held for too long to giv e up the ghost just yet.

Uponthelowdown - 02 May 2008 20:45 - 751 of 3289

A lot of people were betting on May 2nd as the day for the news as it was flagged up on the company website. They changed that date to June 12th earlier in the week which was more than a little cheeky.
I am being assured there is nothing to worry about other than staying aboard until 12th June latest. I certainly hope it is the latest date for the prelims and update otherwise the AGM will be upon them.
There are no problems other than bureaucracy in Colombia which is hindering the sealing of the Repsol deal.
Fenix is gaining prominence with a farm-in deal being mooted. The farm-in deal will help defray costs encountered with Alea and Fenix . It is being suggested that it may well be that we come out with a nice profit this year as a result.
Meanwhile they are putting us to the test again!

capetown - 02 May 2008 21:24 - 752 of 3289

UPONTHLOWEDOWN,
I cant thank you enough for responding,
Good bottle of red .THX.

Moneylender - 03 May 2008 12:44 - 753 of 3289

UoTLD

there is no way this company has made a profit this year!!!
Even if Alea was producing a 1000 bod we would still be in a loss
situation according to my calculations.
any revenues due to us
could not have started much before Xmas and the YE was March
thats a max of 3 Months and we are going to make a profit, I do not
think so!!!

M

stewart3250 - 03 May 2008 13:42 - 754 of 3289

Moneylender,

I have to disagree regarding profit, don't forget most of the costs associated with the previous year will have been capitalised such as cost of Fenix and the Platanillo block costs of producing the wells.

There will have been revenue in respect of Platanillo because we know oil was flowing, therefore only admin costs to account for, i think we will show a profit.

Moneylender - 03 May 2008 13:50 - 755 of 3289

Stewart

we will know on june 12th. loser buys the Beer, mine's a Stella!!

M

stockdog - 03 May 2008 14:26 - 756 of 3289

If Stewart is correct, he may be able to afford one for all of us. If you win, we'll understand if you are limited to only buying one Stewart.

Moneylender - 03 May 2008 14:34 - 757 of 3289

I am on a win win situation there!

M

bigwavedave - 10 May 2008 10:34 - 758 of 3289

FT today (Sat):
Amerisur Resources , an oil and gas explorer and developer focused on South America, held firm at 6p in spite of rumours about a positive update from its Platanillo-2 well in Colombia.

capetown - 11 May 2008 19:55 - 759 of 3289

Shame they did not tell us more of what the rumours actually are,but always good to have a mention,maybee some buying on monday as a direct result of this little snippet,#CHEERS BWD.

bigwavedave - 11 May 2008 20:09 - 760 of 3289

capetown. No probs. I had the same thought re the rumours but I guess the FT could be referring to the general feeling that an update on flow rates etc is a long time coming. On one hand I cannot get excited about a one-liner even if it is in the FT. On the other, I think the timing is interesting and I don't think AMER has been mentioned in the FT before.
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