RE: Coloneldrake13 Sep 2018 20:01
oh go on then.... here i all of it!
Amerisur Resources
Amerisur’s interim results are very impressive as one might have expected. With revenue growth of 93% to $67.9m (35.1m) giving profits of $10.8m (loss) and EBITDA of $24.3m (7.6M) as a result of net realisations of over $64 a barrel. Net cash flow from operations went from $7.8m to $12.5m giving cash of $49.3m. Production was 5,959 b/d in the half, up 33% with 4,987 b/d through the more efficient OBA route which now has a capacity of 9,000 b/d following completion of the Chiritza pumping station in Ecuador.
This impressive set of numbers that give an incredibly solid financial backing to the company enable the funding of a continued large and varied exploration programme. Work has been continuing on Platanillo, PUT-8 and CPO-5, with the Pintadillo-1 well already spudded and the Indico-1 well expected to spud in October, PUT-8 has some operator delay at present. With seismic under way on blocks 12 and 9 where the Coendu prospect lies expected to complete soon and drilling is expected once licencing is complete. This seismic is important as it opens up both these blocks where there is significant scope. Since the period end AMER has signed up at very low cost, and value accretive, block 14 which also gives added opportunities in nearby acreage.
As a result of all this AMER has resources to announce that it will drill between 10 and 18 wells by Q3 2019 which should provide significant momentum, revenues and profits to add to today’s numbers and across a varying selection of asset types in the portfolio. I consider the market valuation of the company to be well below the opportunities presented by the model which delivers high realisations and margins especially to OBA crude. The argument for a significant rerating of the shares is compelling.
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