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I don't agree with the assertion that ONGC have some sort of master plan to take over CPO-5, I think they are generally incompetent and may well be dragging their heels now to the nth degree to help keep a lid on any sale price of Amerisur's share but it was never a master plan, equally it may simply be a continuation of their institutional behaviour and have found some new area of bureaucracy to delay things. Perhaps they forgot to order tea bags!

However, if we fallows the logic of that theory, then the reason for basically sabotaging progress can only be to facilitate a lower price for themselves of an associate (Geo Park maybe).

That is in fact "sort of" good news as we then have an alternative bidder that must beat the price offered by out other confirmed bidder M&P. I doubted ONGC's interest but perhaps I've underestimated their expansion aspirations.

Mathurin - I really don't know, it would to a guess, but I think the odds are strongly in favour of a deal. Though a the deal price may well disappoint many of us, including me, I reckon we should be looking for 27.5p minimum as that was the price of the last placing +10%.

Unlike others I do not fear a no deal as this process will tease out a future direction and create new optimism and then all they need to then is deliver operationally. lol Any dip in SP will be offset be a renewed drive and possibly the graceful (or otherwise) departure of some directors. I am optimistic the bad old days are now numbered.

A Bureaucratic nightmare, and then some - I just checked the ONGC corporate website tender section - as you so when bored. Would you believe ONGC have put out a tender request doc for a taxi service for a branch office in Africa - I'm no corporate wizard but even I can order a taxi.

"“Hiring of Taxi services for Maputo Branch Office (Mozambique)”

Seriously, it is taking formal process to the ridiculous - no wonder they operate at a snails pace, sorry that's probably being a little harsh.

to snails.

I can't see them putting organising a bid for CPO-5 and executing before we all give up, die or sell.

Clearly I am playing the wrong mood music on this BB now, we only want to contemplate a sale.

I get ticked off for going on about the importance of operational performance and even the importance of the Interims (it is still vital IMO because it strengthens our hand even if we sell), if we don't sell or sell out completely it could be critical, though you may wish to ignore it.

It is unbelievable that some are questioning why the SP flatlines when the oil price blossoms when happy to believe operations are no longer critical, think it through guys.

The SP tells us all we should need to know about it's importance - it always was the and remains the root problem, our SP would be well past 40p now had they performed as promised. It may have escaped the notice of some that whilst our SP slumped, others released news, notably HUR announced news of their well (which incidentally flowed at similar rates to what we might expect from Indico-2) and the SP rose strongly.

Some while ago I commented on the importance of the Plat performance and was then challenged that it was no longer important by certain posters as CPO-5 and N-Sands - the subsequent N-sands failure brought the BB and SP starkly back to reality and the BoD kickstarted a workover programme - much as some would like to we count out chickens at our peril.

I have been investing for many decades and had great winners and total losers , takeovers fall through and I have had shares where this has happened, it that particular case the company where is series trouble because after the failed takeover operationally they where in a mess, I eventually made a good return because they got control of their problems.

Operations don't matter, really? Wise up. it's a major risk to our wealth if the BoD let performance slide.

I believe I was the only one on the BB suggesting the BoD undertake a strategic review, it was long overdue, but again some seem to be ignoring the fact that the whole point of a review is that it has findings to report and those may be that a sale is inappropriate, we need a plan B the ensure the best outcome irrespective of the fact that a sale is by far the likeliest outcome.

I will let this drop now by simply saying IMO every action our BoD takes, failure or success is important and can trash the SP irrespective of the bid situation, until we have the money in OUR bank accounts we need to remain alert.

Announced they have just acquired another block in their expansion programme, this time in Brazil.

It is small cost/scale but shows they are indeed consolidating (see themselves as a consolidator) their position in all regions - recently acquired blocks in Ecuador (intercampus) and Colombia (llanos).

James F. Park, CEO of GeoPark, said: “GeoPark continues to expand block by block in the most attractive proven Latin American hydrocarbon basins and cost-effectively assemble a unique risk-balanced short-, medium-, and long-term inventory of exciting new growth projects.”

If they don't bid for Amerisur's Llanos interests I will be amazed, unless they partner up with someone I believe they are the most likely buyerofr CPO-5 more so than ONGC.

Pickedpeck - what I say may be at odds with the message you and others are trying to provide, but it is true nevertheless, all performance metrics are down, the company disclose they are paying off debts from last year, so last years claims where exaggerated? Paying a large sum in interest when we are debt free, how so? Looks like we took advances from Shell and maybe other parties perhaps to cover the purchase of the block from Vetra - if so we actually lost money on the deal with occidental.

Reduced operational programme, costs rising, performance below expectations - if all that is good news then you and the Colonel are right "I've lost it" because I honestly can't see it and you are a pair of investment guru's

threeputt - No. no. no mate - you're way off the mark in your assessment as are so many today.

Operations matter, the sale may not go through and even if it does good progress strengthens the BoD hand and may get us a better price. It's crazy to slow down when we have a fantastic business proposition to progress. A presentation is to sell the virtues of the business and could include new entrants to the process, it also settles nerves of existing shareholder - we are not all 100% convinced the deal will go through, else the SP would be much higher.

I don't know who some of you are trying to convince on the BB, we can all read, all performance metrics are weaker than expected by the market has cut straight through the BS.

There's no excuse and the market has passed it's verdict on weak results this morning. The results were actually critical to me for a reasons you clearly have not even considered.

Failing operations and flannel is my take, not impressed at all. - sorry guys but I'm brushing the sh*te performance and lack of clarity under the carpet.

But I leave to others to analyse the results which IMO most importantly don't clarify the position wrt Indico as they are not definitive on any well even spudding this year let alone when.

We may have to decide to accept an offer before ever finding out if Indico and the other potentially blockbuster prospects on CPO-5 are indeed brimming in oil.

It's incredible that after years of p*ssing about in Plat with wells that mostly tend to produce a few hundred bpd we not have the prospect of multiple cheap to drill wells producing 5000bpd each (remember ONGC have the existing wells choked on a lower than possible production). I really don't think we need to fear a "No deal" scenario, it's only a matter of time until ONGC have to drill.

Only those that want a quick exit will be poorer in the long run, if we can't get the MINIMUM deal we should expect, IMO 27.5p is realistic, all bidders should be told to sod off or come back with better offers. I'm hoping for more, but anything less and I would feel cheated on top of the disappointment.

Article today indicating that GTE are accelerating their share buyback - maybe explains rise.

As ever the lack of news here is killing confidence, I don't point these things out as often now as it seems to offend some to hear the truth - they'd sooner wait to get stitched up than challenge any BoD and hold them accountable, reminiscent of the adoration of K Foo here despite their many failures we have to pretend they're a great bunch.

50cc - I have a few thoughts on Parex, they wanted to test to see what they could get for their flagship operation in Colombia as interest in assets has surged, they are non-operator of Llanos 34 but largest shareholder if I recall. Their SP like Amerisur's has underperformed , not as badly as Amerisur though, very little has, and I had assumed they just wanted to realise value for shareholders before anything bad happened as they have other operations to focus on.

With Geo Park as partner to Parex I suspected they could be a buyer or partial buyer along with ONGC or Ecopetrol, both of whom they have relationships with. The recent purchase of practically all the other surrounding blocks around CPO-5 and Llanos 34 caused me to suspect the 3 firms or a combination of them could come to a deal to carve up Amerisurs Llanos asset and Parex's share of L34 to leave a strong and very profitable production set-up and hugely attractive land base. All sorts of possibilities spring to mind, even an outsider thwarting the lot of them - then again it could all amount to nothing

The attraction and value to all parties is obvious just consider the other operators e.g. Frontera Energy's huge success on wells that don't come anywhere close to the potential that Mariposa-1 and Indico-1, they are the biggest independent operator in S America based on their Llanos production. Hence my previous speculation that ONGC, rather than buy Amerisur's share could even relinquish some of their share of CPO-5 to gain a share of L34 and surrounding blocks. IMO Geo Park could easily end up with a share in everything and operatorship as they are the trail blazer company in terms of fast development and cost control. Best sector performer on the US stock exchange doesn't go to laggards, the laggard prizes go to companies like Amerisur, hence our predicament.

But, for now it's all worthless speculation, like speculating on the sale price to stave off boredom - the bidders our fate and it will be decided based on perceived prospects/what they can get away with IMO not current face value. With 1 bidder we're back to the 17p base, in competition the sky's the limit, maybe that's stretching it a little.

I came across the linked recently released video over the weekend - nothing new but presents the case for investing in S American oil asserting variously that it could be become a "Production Powerhouse" the location for "Oil's Next Big Boom".

Meanders from country to country, with Argentina the biggest focus but Colombia gets a good mention.

Principally the CEO of Occidental (at 5minutes +) mentions that they have been their fir 37 years and Colombia provides their highest margin oil production - lets not forget occidental are a very efficient and profitable outfit, to be the best they have is really impressive. James Park of Geo Park also drools over Colombia and S America in general and states wells have an IRR of over 500% (primarily in snippets from 18m 35seconds onward).

I find the possibility that both of these companies have not expressed an interest in bidding for Amerisur assets is ludicrous - Amerisur assets are a perfect acquisition target for both expanding companies.

Also the Bloomberg video suggests other majors are waking up to the potential - so who knows Amerisur assets could present a neat entry vehicle to a buyer none of us have yet considered.

At 500% IRR on wells it is a crying shame out drilling campaign on CPO-5 is all but pathetic as it is needed to retain the option of no deal (best way to get a deal according to JB), no matter whose fault it is, it is a disgrace - we should be reaping very substantial profits by now.

https://www.bloomberg.com/news/videos/2019-09-07/bloomberg-oil-s-next-big-boom-video

Colonel - you certainly packed the insults in there .

First, I've been around for a long time and have been very patient, wrt the needy bit, I'll be here until this is resolved and will not sell cheap even in the face of no news. My comments reflected genuine concern and you criticise and then agree "In the meantime, yes it is odd that we have had zero updates on CPO-5. That's a bit poor" Then go on the provides excuses for the BoD again. I suspect you simply want to discuss positives and ignore the elephant in the room - everyone sees it - why is CPO-5 progress so poor.

Do you not realise you legitimise my point with your own half-hearted swipe, the BoD need to be strong and wary that they may need to resort to shareholder support down the line to get the best outcome.

and You're damned right I'm frustrated, but needy! no mate. In case you hadn't noticed it's institutions that appear to be selling and I suspect PI's are net buyers now, - are IIs needy or perhaps feel they have not been givern enough reason to hold onto their shares? It's as simple as this if they don't keep shareholders properly informed, some assume/fear poor performance or a problem and sell or lose confidence in the BoD.

Treasures - I don't think there is a snowball in hells chance of ONGC selling out to us or us even being able to afford it.
However, I had contemplated the possibility of them selling down their share by 20% and ceding operatorship (really needed).

The trouble is we have nothing to offer ONGC is term of proven competence to run the show, as my last post suggested we have been poor operationally, especially when compared with Geo Park who are a preferred partner and exceptionally skilled in the area.

Consequently, I would not be surprised to see a reshuffling of assets with Geo Park buying CPO-5 from us and part of ONGC's share to become operator. In return ONGC could receive a share in Geo Parks blocks . It makes a lot of sense for all the operators, even Ecopetrol could play a part in consolidation of the blocks - a win win for everyone making a formidable land bank.

Assuming normal reporting is still in place and it should be - the lack of progress is extremely worrying for me.

I believe it is important that Amerisur projects an image that it is quite capable of telling all bidders their offer is not good enough and we can survive on our own (they need to keep shareholders supportive). The tactical strength of Amerisur and our BoD in particular is weakened in any negotiation if our team looks incapable of running the company successfully (optimising opportunities).

Sadly, they have always been consistently weak operationally if not strategically, despite shareholders rallying to JW's defence in the face of any criticism he has failed to deliver planned progress year after year - None of us know what is currently going on, drillimg waiting, flooded out, who knows. To the best of our knowledge they had simply to move the rig to an established site along an established route and reinstall - what's the problem???

IMO it is important to reassure shareholders at this importantly time, especially as the BoD have asked shareholders to hold firm. If Indico2 is not to be spudded imminently then they should demand a meeting with ONGC to ascertain intent and then publish their understanding. Embarrass ONGC if necessary, IMO we are past the stage of niceties, if ONGC are deliberately dragging their heels as they seem to be every potential bidder will recognise it in any case, they're not stupid, it's about our BoD defending our interests robustly. WE may be the junior investor but we still have legal right as VOG found out wrt to their junior investor on many occasions.

Tant - Thank you so much for putting me straight with your exceptionally well reasoned argument. Now I see how ridiculous it is to be making any provision for potential risks. You've convinced me the current pro Brexit government are lying when they say there could be problems and they are making frantic preparations for absolutely no reason, snowflakes.

I'll stop paying attention immediately, thanks mate; incidentally in case the rose coloured specs you've just provided me with are not strong enough to protect my capital, where did you get your sand from, it seems to have done a great job of protecting your head so I might invest in some - washed river sand I hope then it doesn't leave a nasty stain when the shrivelled head is extracted.

Oh, and you better let that other snowflake know about your findings, what's his name, Richard Bran something or other who thinks his businesses will be severely effected to the tune of over £100m a year - he clearly hasn't done his homework, a complete loser.

I see clearly now though my rosy coloured specs, it's a miracle, and those that think we should make preparation to avert painful shocks including- Boris Johnson and his entire cabinet, every other MP, BofE Governor, Nigel Farage, CBI, Unions etc - all deluded as there's absolutely no chance of any impact - thanks mate.

willec - you've sort of answered your own question.

Lower than what? No one has said anything about a lower offer as I recall.

I have no idea what the outcome will be, I just know it will be very good or it will be rejected - the thing about an offer is that we can reject it. Personally, I'm hoping we get a maverick bidder who chances a bet on going straight to shareholders at some stage - a disorderly process will bring out the best price after everyone's appetite has been wetted.

Yet another tender doc, this time for Social Consultation representation! to add to the last one for sprinkling services.

Do they actually do anything operationally themselves? I suspect they simply employ a site manager to slow thing down and contract everything else out.

I find it hard to understand why we most of the periods when the weather is favourable with the drill bit at a standstill - the bit should be drilling at every opportunity, it costs peanuts on the scale of things and the lost time is impossible to recover.

They are a bunch of ……….

Regarding interested parties - how about Ecopetrol taking on the Put blocks?

They have the money for a cash purchase and don't need to consult shareholders - add to that their recent $3bn partnership with Occidental to go fracking in the US. They would make an ideal partner as they could open all the doors for Occidental as regards fracking in Colombia - it would create a huge entity that would dwarf everyone else.

The recent discussion on broker problem and investments being frozen, serves as an excellent warning to us ALL, myself included - companies can and regularly do hit the skids and sometimes without warning and we must be alert to the potential as Brexit approaches. I guess nearly all of you have made appropriate provision, but still pertinent IMO.

Whatever your views on Brexit, if we go without a deal or even with a deal some poor sods are ABSOLUTELY CERTAIN to lose their investment, we cannot be certain which firms will be hurt, but hurt they will be no matter how BJ or other down play the impact, even if things get back to normal in a short time it will be too late for some. What has been obvious is that many companies will not admit to having a problem, if they do their problem increase exponentially as they will then be shunned or punished mercilessly by financiers and investors, so we really don't know which enterprises are at risk.

Hence not being political, our own money is far more important, I urge everyone to consider where they are invested and the potential impact on their investments. Most important of all for me at the moment is that the companies I invest in are not financially stressed or in need of refinancing - resilience(cash) to stand a shock will be essential if capital market dry up. Fortunately IMO Amerisur is very well placed, even presumably holds its cash in $ (if they don't then they are muppets). I see my investment here perversely as an actual safe haven from the UK with $ exposure, cash and a market on the other side of the world, the bid situation is the icing on the cake. I hope it drags on for 3 months with bid and counter bid in US$, lol

For anyone that thinks we are all in this together, think again, many leading figures in the Brexit game have risk proofed their investments, most notably allegedly JR Mogg whose profits from the original vote where analysed in a TV programme - for all the claims of passionate love of the UK many are betting on a crushed UK economy.

Whatever you view even if you THINK (you cannot know what will happen no one does) maybe everything will be fine - but look after yourself guys, I wouldn't like to miss out here through pressure elsewhere as this sale process may go on for months and be right are the point where the market pressure is highest, I hope we can all benefit.