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Amerisur Resources swings to loss in 2015

Thu, 07th Apr 2016 15:34

(ShareCast News) - South America-focused oil and gas explorer and producer Amerisur Resources swung to a loss on Thursday, with the company claiming strength as it published its results for the 2015 calendar year.The AIM-traded firm reported revenue of $61m for the year, down from $199m in 2014. Its gross profit before amortisation and depreciation was $12m, down significantly from $102m in 2014.It made an operating loss of $24m, down from a $69m profit, with a loss before tax of $25m, compared to a $47m profit in 2014.Amerisur's non-cash amortisation charge increased to $23m following the reduction in reserves at the start of the year, the board said.Its cash position at year end was $42m, with no debt."2015 was another busy year for the company with significant cost reductions delivered early to help preserve the its cash position, a broadening of the asset base through opportunistic low cost acquisitions and a focus on executing the OBA pipeline, a strategically important regional asset," said Amerisur chairman Giles Clarke."In the face of the rapidly falling oil price, the company revised its operating activity plan in early 2015 to fit the lower oil price environment and to ensure its healthy balance sheet and track record of excellent capital discipline was maintained while protecting the valuable reserve base. As a result production was constrained at, 4,350 bopd."Clarke said excellent progress was made with the OBA pipeline, which was expected to be operational shortly. Once operational, he said the economics of the firm's production would improve dramatically, with cash operating costs per barrel anticipated to reduce significantly over a period of time as production ramped up."The company has a busy 2016 work programme across its portfolio following the successful $35m placing in March, with the objective of leveraging the OBA pipeline, increasing reserves and production while maintaining the high levels of capital discipline shown to date by Amerisur," he concluded.Shares in Amerisur were trading above and below the line throughout the day, and at 1545 BST were up 0.53% at 28.65p.

More News

30 Jul 2018 09:51

Amerisur Resources To Acquire Putumayo 14 Block In Colombia

LONDON (Alliance News) - Amerisur Resources PLC said Monday it has signed an agreement to acquire a 100% working interest in Putumayo 14 block in Colombia for no cost.The South America oil

24 Jul 2018 09:51

Amerisur Resources Awaits Platanillo-22 Test Results To Move Forward

LONDON (Alliance News) - South America-focused oil & gas producer Amerisur Resources PLC said it will base its decisions for the Platanillo-22 well on ongoing tests.Amerisur has been in

15 May 2018 11:04

Amerisur Says Revenue And Profitability Are Ahead Of Internal Budgets

LONDON (Alliance News) - Amerisur Resources PLC Chairman Giles Clarke said the company's revenue, cash generation and profitability are "significantly ahead" of the same period last

9 May 2018 10:45

Amerisur Resources Makes Progress In Colombia Despite Delays

LONDON (Alliance News) - Amerisur Resources PLC said Wednesday its Colombian operations are making "good progress" despite bad weather conditions and delays.The South producer and

8 May 2018 16:05

UK Shareholder Meetings Calendar - Next 7 Days

Wednesday 9 MayStandard CharteredVirgin MoneyRentokil InitialPatagonia & (re 10

8 May 2018 09:41

Amerisur Resources Monthly Production Falls Due To Work On Wells

LONDON (Alliance News) - Amerisur Resources PLC on Tuesday reported a drop in production in April from its Colombian assets due to some work carried out on its wells.Total production for of

18 Apr 2018 16:39

DIRECTOR DEALINGS: Amerisur Resources Non-Exec Director Buys Shares

LONDON (Alliance News) - Amerisur Resources PLC said that Non-Executive Director Dana Coffield purchased shares in the oil and gas company in a transaction on Wednesday.Coffield bought at a

17 Apr 2018 16:51

DIRECTOR DEALINGS: Amerisur Resources Chief Executive Buys Shares

LONDON (Alliance News) - Amerisur Resources PLC said a company related to Chief Executive John Wardle bought GBP49,909 worth of shares in the company on Tuesday.The oil and gas producer Ltd

4 Apr 2018 09:19

Amerisur Resources Sees Reduced Platanillo Reserves In 2017

LONDON (Alliance News) - Amerisur Resources PLC said Wednesday that production from its two producing fields increased during the month of March, despite a reduction in the of

9 Jan 2017 15:29

Amerisur completes latest Colombia well under time and budget

(ShareCast News) - South America-focused oil and gas producer and explorer Amerisur Resources announced an update on the drilling of well Platanillo-24 in Colombia on Monday. The AIM-traded firm said Platanillo 24 was drilled under time and under budget, to a total depth of 8,485ft measured depth, a

3 Jan 2017 10:54

Tuesday broker round-up

(ShareCast News) - BP: UBS reiterates buy with a target price of 550p. InterContinental Hotels Group: Barclays upgrades to overweight, 4000p target. Debenhams: Deutsche Bank downgrades to sell with a 5200p target. Amerisur: Barclays reiterates equal weight with a 36p target. Next: Deutsche Bank d

23 Dec 2016 07:35

Amerisur Resources Start Drilling On Platanillo-24 Well In Colombia

20 Dec 2016 08:03

Amerisur Resources buys stakes in Colombia oil sites

(ShareCast News) - AIM-listed oil and gas explorer Amerisur Resources has bought the remaining 50% stake in an oil block and a new working interest in a Colombia site from Talisman Colombia Oil & Gas, for an undisclosed fee. The company is to buy the remaining 50% interest in the Put 30 contract are

20 Dec 2016 07:41

Amerisur Resources Increases Interests In Two Colombia Licence Areas

27 Oct 2016 14:22

Amerisur Resources confirms OBA pipeline operational

(ShareCast News) - South America-focused oil and gas producer and explorer Amerisur Resources announced on Thursday that the regulatory agency of Ecuador, ARCH, has issued a decree to Petroamazonas EP for the operation of the OBA system in Ecuador. The AIM-traded firm said that as a result, transpor

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