LONDON (Alliance News) - Amerisur Resources PLC Tuesday said its pretax profit jumped in 2013 as revenues were boosted by higher production rates at its Platanillo field in Colombia.
The South American oil and gas producer said its pretax profit saw a more than threefold increase to USD75.3 million from USD20.1 million the previous year, as revenues jumped to USD169.2 million from USD42.2 million.
The company said its revenues increased as a result of an uplift in production, with its current production at the Platanillo field exceeding 7,000 barrels of oil per day, despite being constrained by export capacity.
Amerisur said its net average production rate for the year was 4,730 barrels of oil per day with six successful commercial wells during the period for a total of ten new wells and three successful sidetracks an its Platanillo site.
The company said it almost doubled its cash position at year end to USD71.6 million from USD47 million, and all of its 2014 commitments and planned programmes are fully funded moving forward.
Amerisur said it plans to drill a total of seven wells in the Platanillo field and acquire further 3D seismic data in 2014, while it expects its ongoing Ecuadorian pipeline project to be complete during the second half, providing a better export outlet to the Pacific Ocean for its Colombian production.
"We are confident that our programme for 2014 will allow us to significantly increase production, increase our reserves and continue our strategically sound approach to exploration," Chief Executive John Wardle said in a statement.
The news comes after Amerisur increased its certified reserves and resources for its exploration and production assets in Colombia and Paraguay during March.
At the time, the company said its proven gross field reserves increased 65% to 19.8 million barrels of oil from 12.0 million.
Amerisur shares were up 1.6% to 56.64 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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