What really sticks out for me is the vast potential of the blocks in Put-12, Fenix and Paraguay. Add to that, the fact that all development in 2013 is 'fully funded', on top of cash reserves of 47m, and it is clear that this company still has so much further to go. The reall biggy, short term, will be clearing the export blockage, then we'll get a true idea of how much money AMER can make.
Giles Clarke, Chairman of Amerisur said: "We have made exceptional progress this year with outstanding results from the Platanillo drilling programme and the subsequent increase in production, together with the more than threefold increase in 2P reserves to 29.9MMBO, which was based on just four of the initially planned eight-well programme at Platanillo. This is a substantial reserves base from which we will continue to build.
This extremely successful work indicates a very high potential in Platanillo, which we will continue to deliver through our drilling programme over the coming years. This will allow us to create a firm production platform from which to grow the Company further. At the same time, we continue to develop an important skill-set which I am sure will bear further fruit in our Put-12 block, as well as standing us in good stead as we proceed north in the Platanillo block. I congratulate the CEO and his team on their efficient appraisal and development of such a valuable oil field.
In some ways victims of our early success during the year, we are actively resolving the export constraint issues and plan to drill 10 new wells in total on Platanillo this year, plus side-tracks of the legacy wells, thus increasing Platanillo production to substantial levels. We also plan to drill a well on the Fenix block and significantly de-risk our new block Put-12, as well as our acreage in Paraguay. As in years before, we look to the year ahead with great confidence."
... knowing the perversity of markets, the shares will probably plunge. Maybe instead of 50p, I'll be able to pick up my next tranche at 40p.
17 April 2013
AMERISUR RESOURCES Plc ("Amerisur", "the Company" or "the Group")
Audited Results for the year ended 31 December 2012
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces results for the year ended 31 December 2012.
Financial highlights: · Revenue up 197.3% to US$42.2m (2011: US$14.2m) · Operating profit up 493.6% to US$19.6m (2011: US$3.3m) · Profit before tax up 473.8% to US$20.1m (2011: US$3.5m) · Cash position at year end US$47m (2011: US$17.2m), all 2013 commitments and planned programmes fully funded · Successful placing in Q4 raising £26.5m, proceeds used to fund bids in ANH licensing round and accelerate additional drilling and well completion work in Platanillo
Operational highlights: · Met production capacity target of 5,000 BOPD by year end · Five successful commercial wells in the ongoing Platanillo drilling campaign - 100% success rate · Award of Put-12 block adjacent to Platanillo in Putumayo · Completed the acquisition of 2D seismic at Fenix
Post period end highlights: · Second rig mobilised at Platanillo · Encouraging drilling results from Platanillo-10 and Platanillo-1 ST1 · Current constrained production capacity is at 7,000 BOPD · Platanillo 2P reserves more than tripled from 7.7 to 29.9 MMBO. This following just four of the Platanillo wells of the planned initial eight-well programme due to 31 December 2012 cut off · Fully funded 10-well programme on the Platanillo field planned for 2013 · Short and medium term solutions to improve export capacity
"Our goal is to finish the first phase this year ... we'll transport approximately 15,000 barrels a day from Colombia, for that we wouldn't need more infrastructure or new pipes," the company's executive director, Andres Mendizabal, told reporters.
He said the plan would allow oil fields in southern Colombia to export their crude.
...last line sounds really nice for those of us in here!
Rex Harbour paid more than 52p for the latest tranche. More like 56-57p. But a couple of pence difference is probably not important at this stage. What is interesting is that they are not holding or selling but increasing their holding... while the wider market awaits for updates on Platanillo and elsewhere.
Rex H is 'in the loop'. Not sure what his agenda is but he is no slouch when picking up cheap shares. They have so much to tell us publicly that has been suggested and speculted upon in private 'Notes' RBC have upped TP to 90p+. They know, as does Rex, and a few more! A major fund, with a largish holding, around 6% I believe, are having little soiree tomorrow focused on Amer, around lunchtime. Private clients are being told to buy now! Once the last of the 10-well prgramme in Platanillo is completed they can open up the chokes and bingo. The increased production will go to Ecuador via barges. Google Rhttp://uk.reuters.com/article/2012/06/21/ecuador-pipeline-idUKL1E8HLMYD20120621euters Pipeline..here is link Where will they get their 15k a day from??? Educated guessology!
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