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The Oxy deal has had a mention by Reuters, the AIM market as per usual has completely ignored the news, nevertheless it is very good news which the regulator clearly sees as very positive, they said:

" “These are four very important blocks in Putumayo, a very prospective area of ??the country that’s developing in leaps and bounds,” ANH President Luis Miguel Morelli said in a statement. "

https://uk.reuters.com/article/uk-colombia-oil/occidental-enters-four-oil-blocks-in-southern-colombia-anh-idUKKCN1TC2K0

Say what you like mate you won't change the fact they are overpaid - NH and GC do not work in a Jungle, JW deserves an excellent pay package, but IMO his current remuneration is obscene bearing in mind the absolute failure to deliver success for shareholders.

You don't need to remind me of anything, I've worked in a dangerous Jungle location as a site manager, dealt with local issues (including religious bias, bribery, safety etc) and had to leave site fast through risk to my life. However problems are more mundane day to day, water quality, food, materials and spares provision, training - the normal stuff - surely you don't think the staff are patrolling the perimeter with rifles, they hire security and get on with the job.

Places may be dangerous if you don't look after the right people or interfere with the activities of locals, but it's not a war zone (search Google for Putumayo tourism).

You make too much of the principle that none of us know the pressures of ex-pat life - we're not all stupid and it's best to assume none of us are. As I recall JW is based in Bogota according to company information, not on-site in Putumayo which is a tourist destination - you're over-egging it somewhat mate.

Incidentally, I will go anytime for £3k/week and expenses and stay on-site, I would consider it a great experience but I don't think it's the responsibility of shareholders to pay to go and check out site safety.

BumblingFool - started out as Gold Mines of Sardinia if memory serves me right with a guy called Jon Pither running the show it changed into Chacho Resources to buy S American assets and morphed into an oil company to buy a little Paraguayan oil co called Amerisur when Gold prospecting failed.

The management where eventually replaced be Messrs Clarke and Wardle who promptly dropped on for large shareholdings for peanuts (I recall the SP was trashed and GC bought in open market). IMO they have done very nicely out of Amer and the suggestion of their big investment is BS, they've been amply rewarded and IMO are overpaid (danger money is absolute drivel, they chose the jobs).

As of this morning we are partnered with 2 very large oil companies that have $bns to invest in the right project and great reputations.

Looks like the market is attaching no value to that change, not even a measly 1p/share for a company whose SP was 30p (March 16) and oil averaged $40/barrel and when in a much poorer shape with unclear prospect.

What on Earth has gone wrong, I picked a time when at 30p/share as many would now see that as a good price to sell out and it also coincides with the low point in the oil collapse cycle when the SP should have been at rock bottom.

Oil is now a massive 60% higher in price and the company is profitable, has a fully functioning OBA, great partners, higher and improving production, valuable assets and more cash and a potentially massive discovery.

The above cannot be explained away simply by sector sentiment, something has gone seriously wrong here to drive our SP to 12p.

kenj - I'm not sure you are actually disagreeing with me in principle - - however suggesting misleading shareholders, gullible or not is not against the rules, it has to be and is or it's an invitation to perpetrate fraud.

Under "Principles of Disclosure" rule 10 : "An AIM company must take reasonable care to ensure that any information it notifies is not misleading, false or deceptive and does not omit anything likely to affect the import of such information."

In addition, to that nothing in any AIM or other exchange rules subverts the legal requirements which require honesty (the law) and the duties imposed on directors not to cheat investors. The FCA may be acting like a toothless tiger, but they have powers.

It may be popular to suggest director mislead but it is generally not true, letting one's imagination run wild is not their fault.

I'm surprised you infer I'm or anyone else here is looking through rosy coloured spectacles as I'm probable the BoD's strongest critic on the BB for a number of years.

pickedpeck - I'm a guilty as anyone for trying to spot implicit meaning or inference in RNS's.

But there is noting implicit wrt the state of operations, the RNS leaves th possibility that drilling continues or any state including testing or abandonment - Malcy chat's to JW and what he says in his blog is very clear not inferred.

Malcy has form at this and I recall him making comments about the capital raise for Hurricane that IMO betrayed unpublished knowledge.

I spoke to a CEO of an oil company about concise RNS's and he advised they chose their words carefully so as not to mislead - so I conclude nothing is INTENTIONALLY inferred that would be misleading shareholders.

Good post telegraphist50.

Malcy is either stretching the facts or he been told something we have not, his statements reveal information "inadvertently" - I've seen this before from Malcy, carless statements that can be very revealing.

"At CPO-5 Sol-1 is at TD where logging operations are under way"

NOT in RNS!!

"Operations on the Sol-1 exploration well continue and results will be announced shortly. After drilling operations are completed at Sol-1 the rig will move to drill the Indico-2 appraisal well." and

"On completion at Sol-1 the drilling rig on CPO-5 will return to Indico for appraisal drilling that has the potential to increase reserves and production from the field"

If it was a dud surely the outcome would be known and "Drilling Operations" complete - it may well be a dud but I suspect they are most likely testing at the moment and that was potentially going to last some time according to the tender docs. The chances of it being as good as Matiposa and Indico are slim, they where/are exceptional.

By coincidence two new oil discoveries in the Llanos where announced yesterday, for Arrow exploration and the Parex/Ecoptrol partnership - both very good and worthy of celebration by the companies but IMO neither comes anywhere close to Indico in terms of characteristics, flow and potential. I don't think some shareholders appreciate what a massive asset CPO-5 could be - it could easily be worth $1bn to Amerisur when developed fully.

https://www.globenewswire.com/news-release/2019/06/10/1866195/0/en/Parex-Announces-Andina-Norte-Discovery-and-Test-of-2-900-bopd.html
https://www.oilandgas360.com/two-new-discoveries-in-colombia/

traeemup - I'm not trying to be your echo. lol Was writing similar thoughts, great minds think alike maybe!

bigsmoke - I disagree with that assessment, the RNS doesn't tell us anything about the outcome of Sol-1, positive or negative we really don't know.

Amerisur must refrain from saying anything about it until ONGC agree to release approved information. IMO the RNS is primarily aimed at confirming the occidental deal which is very important news.

I is great that they are going back to Indico, suggesting they have abandoned Aguila is simply wrong, it was never programmed to drill next. They are simply going back to the main target (which is what Amer initially wanted) - what's not to like

One thing that does recur time and time again is that when the oil price drops the SP drops then fails to respond when the price retraces.

I find myself strangely pleased to see the oil price stay down as it volatility only leads to more pain, Amer's SP can fully recover at todays oi price as they make decent profits whilst w wait for the/a catalyst to move the SP up.

A warped way of thinking perhaps, but every sell off/ rebuy cycle leaves the SP lower and only benefits speculators.

This is like slow motion train crash for our capitulating SP, it has gone on for years now and not just recently as poor sentiment has taken over the sector - our difficulty is not the oil price or prospects.

Our SP has dropped as other oilies have recovered from the credit crunch and the resulting oil price capitulation, we regularly find ourselves looking in the wrong direction for answers blaming the effect not the root cause.

Good news has done nothing except slow or briefly reverse the trend, it's like groundhog day session after session.

I don't know the answer to the problem, but I have my view on root cause and I know for certain doing nothing does nothing to sort the problem. IMO it's all down to BoD failings and critically a refusal to accept and therefore address them - this is slowly strangling the company.

Some PI's and II's give them another chance to redeem themselves after every poor showing and shower of promises of imminent jam (I'm as guilty as anyone). However the damage is done as a steady stream of II's and PI's lose it and sell up.

I know since finding the website where OBA flow rates appear to be listed there is some optimism of improving performance - but I would point out it means sod all unless shareholders and potential shareholders have confidence to hold shares in sufficient numbers. I afraid historically reporting production improvement has little or no impact on the SP.

It's the BoD that need to take action to demonstrate the strong investment case.

However, maybe the resigned themselves to cashing out, I suspect there is negotiation going on WRT major corporate activity, hence no management share buys after results and GC escaping the wrath of Michinoko and other II's.

Allegedly, GC prides himself on being able to do a great deal and I would be very surprised if he does not want to cash out ASAP at the right price. IMO the right price will be 30p+ but unfortunately potential suitors will now probably look to be nearer 20p.

In November he company said the Occidental deal was a "TRANSFORMATIONAL FARM OUT TO OCCIDENTAL ANDINA"

Well I can't see much of a transformation in six months, except from a crushed investment case to a crushed investment case with transformation - the deal gave an implied valuation of the 4 block of over $100m.

As I see it $187m is in effect what Occidental sees the block as worth to them with the work programme undertaken and Amerisur having chucked in a further 15% of the seismic costs (0.15 x --$55.25m) at $8.3m estimate.

Provides a total value of the 4 blocks is $195,3m before any discovery, if there's a discovery that valuation obviously rises. As a rough guide $50/block post spend and roughly $27m/block as they stand for a 100% share

It begs the question what on Earth is going on? - when Amerisur also have other desirable blocks in the Putumayo a Pipeline of strategic importance probably $40m in the bank and no debt and to cap it off the jewel in the battered crown a 30% interest in CPO-5 a proven and potentially prolific block. Bear in mind Llanos 34 to the immediate north has been a company maker for two of our successful peers Geo Park and Parex that value the block at above $1bn for each.

Our market cap is a measly £145, not even the assets at basic value are recognised never mind the potential, whilst as this occurs other operators are prepared to pay what looks like significant values for totally unproven and less desirable blocks which are at stage 0 - no studies of consultations undertaken, drilling likely years away.

Hence, I'm a tad annoyed with the term Transformational Farm Out, the answer is not simply more blocks. more oil, more deals, there is nothing wrong with the business. IMO it is far more fundamental and very simple - the BoD need to improve sentiment which I honestly believe is low because of their failings in delivering operational plans.

They really need to meet or exceed the expectations they've raised this year (easy target)s set) as the ultimate production figure is meaningless if it looks haphazard(contrived) and drilling programme not executed, as previous years. IR efforts are also fruitless if plans are not delivered, all investors are not stupid and optimistic presentations are seen as fantasy.

End of today's rant, carry on guys

Margaret365 - you have been interested in Amerisur for some time now, so I'm sure your question is rhetorical, it's par for the course for timescales to slip and the BoD to cherry pick when to release news.

It will all be released eventually and it's reassuring that any sloth like news flow does not provide any indication of success or failure.

I'm resigned to the fact our leopards cannot change their spots and won't even try, I have long been an advocate that a BoD should be proactive, ours actually appear to be dozing on the job.

IMO they should have a share buyback to increase shareholder value - it would cost peanuts and contrary to the view of many PI's they are (have to be) structured to avoid driving the SP up, merely introducing some stability is all that's necessary.

I also think the old chestnuts, PR and Operational performance need significant improvement or a programme of sackings (starting with the CEO and FD) enacted, we all accept failure to readily.

Having had in excess of 10 years to build the company and it's image the current state of sentiment is shocking, abysmal, dire, pick your own word, but it won't be a nice one unless you're wearing rosy coloured specs as outrageous as Dame Enda would wear.

IMO an independent strategic review should have been launched several years ago to identify formally what the weaknesses/failures are causes by, them the BoD would no longer be able to deny and perhaps would up their game. We have a problem that GC seems unable to comprehend that he and his team have under-performed so IMO nothing will be done

Amerisur should be a resounding success, so much latent potential, that's why the low SP and sentiment causing it hurts so much - it's self inflicted pain.

Rant over - carry on guys.

Apologies, I must learn to read - apparently Geo Park are partnered up with Hocol for the three Llanos blocks.

However that in a way just confirms my thoughts on partnering - and ONGC look to have been given the cold shoulder by Geo Park.

Samroy - more to follow I suspect, even if Amerisur don't make any move it is satisfying to know companies now want good acreage in Colombia, there was a time when few were interested, perversely I suspect our BoD would have been happier if it had stayed that way.

My understanding is Amer can make an offer on any of the blocks with current bids, they are unlikely to enter into a battle with stronger peers and pay a high price though IMO. More interestingly, the blocks with no bids and other blocks not offered are up for grabs and now Amer know there is no interest they can slap in a low offer to a Colombian government desperate to kick start exploration.

For those that don't know many of the companies are partnered up on other blocks or partnered to look at opportunities together. Amongst the most interesting of these are Geo Park and Parex in Llanos-34, and don't forget Amerisur, Geo Park and Sinopec are all partnered with ONGC. So it's interesting that all the bids seem to be from individual companies rather than Consortia, perhaps some companies are allowing a partner to take the lead at the initial stage! Remember there is recent precedence, Shell took an offshore block to great jubilation from the Colombians then immediately allowed another oil major to farm in and operatorship. Pre-arranged?

Most interesting in the current round is that Geo Park have bid most for 3 blocks in the Llanos "Geopark made the three best offers for the LLA 86, LLA 87 and LLA 104", they are partnered to look at opportunities with ONGC. What's going on, perhaps there's a partner who wishes to stay off the radar for now. I could be wrong but I believe we will see some partnerships announced.

Could be the start of some strategic moves and consolidation IMO, or perhaps a storm in a teacup. lol

Parex and Fonterra where supposedly determined to acquire blocks to replace reserves so I suspect there could be some more twists yet - especially as all bidders knew they could come back with another offer.

The bidders for the availablke blocks in Auction have been announced all our main peers in the Mix (except Sinopec)

Amerisur also mentioned as a qualified bidder (first time I've seen confirmation), and we apparently now have to option to sibmit counter bids - interesting development and should give us a feel to what the companies are prepared to pay for blocks,

"Frontera Energy, Geopark, Ecopetrol, Hocol, Parex Resources, Gran Tierra Energy and ONGC Videsh have put in a total of 19 offers, the national hydrocarbons agency said. Ten of the blocks are onshore and one is offshore.

At least 22 companies were qualified to bid on 20 blocks on offer in the auction. Results of the bidding are expected on July 16.

"For the first time in the history of Colombia an offer of blocks has obtained 55% success," said agency head Luis Miguel Morelli.

Qualified companies which did not bid will have access to competitors' offers and can present alternative ones, Morelli said.

Other qualified bidders include: CNE Oil and Gas, Occidental Petroleum, Hunt Overseas Oil Company, Amerisur Exploracion, Mansarovar Energy and Noble Energy.

Colombia expects to receive some $1.5 billion in oil investment over the coming months from this round of bidding as well as a recently-launched permanent bidding process, Morelli has said.
"

https://finance.yahoo.com/news/seven-companies-bid-eleven-contracts-182325304.html

Almost 9million shares report late from yesterday this morning - tricks being played again, could be buys or sells, who knows or cares, though as the price rose yesterday if they are sells then there is another big player(s)_ in the market.

Some of you are making very simple assumptions - get a grip.

There is no reason to believe FIL are selling up, they are a huge organisation that build and sells holding via many investment vehicles and for many clients, they may be just rebalancing or selling out completely.

Lets wait and see before assuming anything, assuming the SP drop is a reactionary response to the news then it is ridiculous that some shareholders have been naïve enough to react.

I have however been a longstanding believer that the BoD should launch a share buyback programme - I think the BoD desire to get more cheap shares for themselves is preventing them doing the right thing.

They are not ding their bit for shareholders IMO. and it's no surprise if II's lose patience - GC is deluding himself if he thinks he can sweet talk them into believing the same old BS, that ship has now sailed without passengers

Interesting that there where no after hours trades yesterday to distort the SP and the end of the day trading was very light.

That is unusually, for a very long time late trades have been reported to reset the price, maybe, just maybe, we have been released from the grip of those that (some PI's feel) have orchestrating the SP movement.