Member Info for Fevertreeman

Fascinating to see who is listed under company contacts for enquiries at the bottom of the release - GEO are putting up their CFO and we are putting up our Head of BD(misnamed)… the most important statutory announcement and any other company would have at least the CFO if not the CEO.. but our guilty men are in hiding. Why? because its too embarrassing to have to explain what the rationale is or isnt!!!
For Amer:
Nathan Piper, Head of Business Development and Comms
For GEO:
Andrés Ocampo, Chief Financial Officer
Stacy Steimel, Shareholder Value Director

What commercial assessments Clarke? Your retirement plans? Your boredom with the whole business? Wardle's retirement plans? ONCG's behaviour? Strategic differences? What had changed one wonders....

it may be boilerplate but...…"In providing its advice to the Amerisur Directors, BMO has taken into account the commercial assessments of the Amerisur Directors."....well that raises a genuine host of unpleasant questions doesn't it about Clarke Wardle and Harrison

Having had intimate involvement in M&A sits, really gonna-smacking that the guilty men have provided absolutely no strategic rationale for justifying the decision to effectively give up the company’s independence!!!! I can only assume that there isn’t one and that as we know they have effectively abandoned ship, trashed the investment case and run away. God knows why they need the IR chap; utterly useless appointment

wtf is the point of running an E&P group when there is no money spent on any "E".

For those institutions and private investors who 'invested' as opposed to 'traded into' Amerisur for a long term growth story, the underlying feeling is one of betrayal by a management team absolutely focused on their own enrichment and survival. What is astounding is that pre- M&P, the management mantra was: we are producing 5k+ barrels, we have no debt, we have a valuable pipeline, we have unexplored acreage, we have great partners and we aren't in a rush. Well f**k me, when suddenly M&P pounce, its lets get the hell out of Dodge by effectively giving up on our stated strategy and selling all the shareholders out for and extra 2p. It just not stack up strategically or it seems commercially. $46m in cash as part of the dowry to GEO and not a whimper of dissent from the NEDs. Clarke Harrison and Wardle have deliberately destroyed the stand alone option for what, 19p of cash per share.....what an f****** crap return for those of us who invested in a meaningful way behind their promises.

So our management team having waved the white flag are committing $25m of our cash to Geo ...how nice of them

The guilty men are: Giles Clarke, Harrison and Wardle...ably abetted by a supine set of NEDs led by Alex Snow

From Clarke: ""The first half of 2019 delivered important corporate milestones. These included first oil from Indico, approval of the transformational farm out of acreage with Occidental and starting transportation of third party oil through the OBA pipeline. This reliable low cost export route has positive implications for development of the Putumayo basin with the potential to be a material source of additional revenue for the company. We end the period with a robust net cash position of $46m.
I am pleased to report that following steady production growth in the year-to-date, we anticipate reaching or exceeding the top end of our production guidance of 5,000-6,000 BOPD.
For the remainder of the year, we remain focused on building production to the top end of guidance, appraising the Indico field and progressing the competitive FSP in order to maximise value for all shareholders."

The Investment Case that is on the webiste, really does expose why Clarke , Wardle and the CFO should never ever again be allowed anywhere near quoted companies. Utterly disgraceful....what is even more dreadful is the brass neck to suggest this is a good deal, wave the white flag, offer no alternative stand-alone carry-on vision, and abandon ship. Clarke's reputation was full of holes before this but is absolutely shredded now.

A compelling investment case

Colombia focus - low cost onshore oil
- Prime position in proven Putumayo and Llanos basins with established infrastructure
- Short cycle time from exploration to production
- Brent linked pricing
- Established in-country oilfield services sector
- Business friendly political environment

Strategic deal with Occidental Petroleum
- $93.25m transformational farm-out signed with Occidental in 2018 to fund exploration in the Putumayo basin
- Industry endorsement from a player active in Colombia for decades

Active drilling programme across material resource base
- 12 blocks across the prolific Llanos and under explored Putumayo basins
- Putumayo acreage covers light to heavy oil gradation in excellent reservoirs, big field potential
- CPO-5 is key acreage in the most important Llanos basin play, on trend with most important recent discoveries
- Exploration portfolio of around 912 MMBO of unrisked prospective resources

Debt free growth - maintain balance sheet strength
- Cash generation and balance sheet strength used to fully fund the ongoing exploration campaign
- Debt free balance sheet, strong cash position and positive operating cashflow

Own strategic export infrastructure - OBA pipeline
- Provides a reliable, low cost route through to Pacific coast with technical capacity of 50 - 70,000 BOPD to support future growth
- Investment in the asset was fully recovered within 15 months of operation through transport cost savings
- Transportation of third party oil commenced in May 2019

Experienced board and management team
- Experienced board with in country CEO and technical management team
- Strong community relations developed over the course of a decade of operating onshore Colombia and Paraguay
- Full compliance with QCA code

The lack of a rational explanation from Clarke as to why they haven't rejected this offer really stinks. The comments from GEO's CEO must surely have alerted institutional shareholders to the daylight robbery they are about to witness. And what of the NEDs......how the hell can they sit back and allow this to happen? Where's the challenge?
The fundamentals of the business were supposedly undervalued at 17p but fully valued at 19p? We all know this is utter bull**** given our infrastructure, cashflow, money in the bank, CPO3, Oxy etc.....If I saw Clarke in the street I don't know I would be able to control myself.

950,000

16:57 - 15/11
Buy 2000000 at 19.08p for total of £381,582.00

Having swallowed the propaganda of the Cowardly Clarke and Woeful Wardle

And if it comes, it will prove just what an utter disaster Clarke & Co's stewardship of this business has been in managing a process for themselves. I wasn't seriously expecting this to go for 35p+ but to stick a 10pc premium on to the 17p M&P bid and claim with a straight face that it represents fair value is simply f******* staggering, And the nonsense about share price premium was all down to the greed of Clarke and Wardle in the first place which led to Rex Harbour cratering the share price

Good point. I would have thought they will be mightily ****ed off by our boys wasting the last 4 months and doing absolutely sfa operationally. I cannot begin to describe the depth of contempt I have for the Board but especially for the Chairman, CFO and CEO. They have presided over massive value destruction (apart from to their own pockets), bamboozled shareholder, come close to lying about prospects for the business, and then at first whiff of gunsmoke, hidden behind an expensive and utterly pointless exercise in buck-passing.....I genuinely am at a loss to explain their behaviour. Just as well Clarke wasn't in charge after Dunkirk

Clarke and Wardle trumpeted the fundamental strategic merits of the company, banging on about our producing fields ; the
cheaply acquired acreage, the wholly owned OBA pipeline & what it would deliver, the fab prospects for CPO-3, and the OXY farm out deal...…..and yet the Board doesn't have the balls to turn the offer down ffs when we're underwritten at 17p. It is absolutely shocking that Clarke cares more about feathering his bloody nest egg & Wardle too than fighting tooth and nail to extract maximum value for the shareholders. I am all for realpolitik but this is total capitulation by a board who have singularly failed in their responsibilities

Any offer can be trumped. it isn't final until Closing. I have been involved with many deals where a recommended offer has been trumped by a third party, and in one case two third parties. So this isn't necessarily over but the dire and pitiful performance of the Board and management team is utterly shameful.

I TOTALLY agree with your assessment. My most pessimistic price was 23p but ffs how can the board justify running a beauty parade that ends up only enriching the lawyers and bankers and themselves with their no cost options. it beggars belief that 4 months of non-negotiation has brought us to this . It is an utter shambles, and Clarke should be called out for what he is a 24 carat shyster

"There is a special place in Hell for Giles Clarke, John Wardle and the board of Amerisur"......utterly shameful behaviour