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I really wondered myself, but the article doesn't specify.

However, previous articles have reported that the Indian government wants ONGC to float off ONGC Videsh altogether - to I think it's fair to say foreign assets are om the agenda. Here's a reminder from a couple of months ago:

"India’s government has asked its largest state-held firm Oil and Natural Gas Corporation (ONGC) to seek the listing of its overseas operations unit ONGC Videsh, in a bid to raise funds from selling state assets, Reuters reported on Tuesday, quoting a letter it has seen."

https://oilprice.com/Latest-Energy-News/World-News/India-Looks-To-List-The-Overseas-Unit-Of-Its-Largest-State-Oil-Firm.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+oilpricecom+%28Oil+Price.com+Daily+News+Update%29

On Friday I kicked off the debate about ONGC's intentions and the impact on Amerisur by suggesting they could be a buyer of Assets in Columbia (or S America) and I certainly believe that is a possibility.

However, there a conflicting interests dragging on ONGC (I think these may be at least partially the cause of the dragging of heels wrt expanding in CPO-5.

On the one hand we have ONGC talking of expansion around the world and wanting to retain cash for investment - perfectly sensible IMO, but there is the Indian government in the background wanting to constantly get at the cash and sell the assets of ONGC Videsh.

Recently ONGC said that the Government could not expect a dividend if they continued to raid the company's bank balances , as the government wanted them to instigate a share buy back after allegedly making them fork out for a huge Indian downstream operation that drained their finances (and IMO possibly slowed CPO-5 development).

Anyway, moving forward the Indian government are now apparently considering forcing ONGC to sell 149 oil fields to private companies to make them focus of the large fields which produce approximately 95% of their oil. Where does that leave CPO-5? Possibly up for sale in the next year or so, or more likely a possible sell down to a new operator, maybe retaining a small % share and selling to Amerisur or Geo Park.

It all seems very fluid at the moment, an ideal situation for Amerisur to get some competitive advantage, interesting times in the Llanos, if Indico comes in Amerisur's interest could be a problem for ONGC disposing of their interest to a third party unless they sell out completely.

Extract from an article a week ago:
"New Delhi: The government is mulling selling as many as 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the state-owned firm to focus only on big fields, sources with knowledge of the development said. "

https://energy.economictimes.indiatimes.com/news/oil-and-gas/govt-mulls-selling-149-fields-of-ongc-to-private-companies/66576249

dated From a month or so ago. ONGC are looking to buy into significant operations, 25000bpd+, in Ecuador apparently as part of their country's plan to increase supplies from S America,

Bearing in mind they are also partnered up with Geo Park and other operators to look at potential across the continent, I think there's no reason they couldn't partner up with Amerisur, with Amer as operator of course lol, as it looks like they are exploring all options.

India is desperate for more energy security and if Amerisur was a bigger producer I'm sure if the Indian government stopped raiding their coffers it would be a target. A couple of big ifs in there unfortunately, but who knows?

Jux - I agree wholeheartedly with your comment " it seems that the agenda here is spam the board with negative drivel, thus burying any positivity that might be expressed re that exciting prospect."

There are a number of posters on the BB who are for whatever reason trying very hard to obscure the positive discussion/potential going forward.

As regular posters will know I have been very critical of the BoD where I have felt it deserved so I don't flinch at negative posts or reach for the sell button, but it's obvious some have changed their stance after selling but don't want to move on, suggests they simply want to create worry in the hope of getting a cheaper buy in price.

So IMO their sometimes desperate posts, with skewed/exaggerated logic are rather reassuring that they actual believe in the Amerisur proposition, it's always a little pathetic to watch a BB poster chance stance as they buy and sell shares like they've just found something that changes the outlook and then flip back.

However IMO whatever any of us say will make no difference in the scheme of things, for the patient it will all be down to our BoD to deliver, something I have always believed.

el - commented on the Spanish articles, how clever he/she was to learn something new non of us had a clue about - sorry mate contrary to what you say many of us are well aware of what is going on and I have been translating local Spanish articles long before you appeared and have commented on social issues many times.

You are not the font of knowledge and neither am I, even a newbie who bought in 10 minutes ago has a valid viewpoint and yours carries no more weight. Newbie investors are the lifeblood of the company and no one should fear posting - personally I value anyone with an honest viewpoint to the debate.

From the nature of recent posts from a number of our BB posters that they have sold out or sold down and are hoping for a cheaper buy in point - they may get lucky, who knows, but that strategy clearly makes those trying it nervous and eager to keep pushing at the SP as is evident from their posts.

Historically, it would have been a great strategy due to our BoD's incompetence but past performance of a BoD or SP does not set the trend for the future, even a complete imbecile must get it right occasionally by the law of averages - you could may get caught out by a moment of inspiration from our A-team.

eldo - You say "If Indico-1 is disapointing this is going to 8p. It's basically a binary bet right now on the drill results. Better to hold off for a positive drill result on Indico-1 to commit imo, even if it means you have to pay higher than the current SP"

Really? 8p oh my god, why not pick 6p or 2p?

Then I suppose you have to make the deliberation sound plausible, you have no personal interest in putting buyers off course? lol.

It is certainly not a binary play, the T-sands are potentially massive and the 2 other well locations are independent on CPO-5. As Bay often points out there are loads of exciting expansion opportunities and other blocks that could delivery SP boosting news. Not to mention the oil price, which could cause revenue to soar or crash in the coming weeks.

Agreed Indico-1 is the biggest game at the moment, but Amer are not a binary outfit by any stretch of the imagination..

It looks to me that all our peer operators in Colombia feel that a share buy-back is the right approach to using up spare cash they are accumulating to build shareholder value.

Of course our BoD with their vast experience know better, after all they have apparently increased the SP by a massive 13% in only 10years - wow, what a winning team What do the other BoD's know, do they know how to creatye shareholder value at that phenomenal rate of around 1%/annum?

Anyway, give them time, what's 10years, everyone deserves a chance, perhaps in cloud Coocoo land, shareholders are much better served with the money sitting in a bank account guaranteeing Director remuneration packages, after all an extra $million or two in the bank is money well spent.

A share buy back does not need to be on a big scale or even buy any shares, simply announce the possibility would help, it's mere existence should be suffice to help restore stability.

Here the latest update from Fonterra, they are renegotiating DEBT, yes debt in order to allow:

"The Company is seeking these amendments to give the Company flexibility to use existing cash resources and expected future cash resources to implement measures expected to enhance shareholder value. These measures may include accelerating or increasing share buyback programs, dividend payments and Investments (as such term is defined in the Indenture). No decision has been made by the Company to make any such payments at this time, other than its existing share buy-back program."

Note: it doesn't say they will actually buy any additional shares,, it's all about perception.

IMO. this is crying out for a share buyback programme - it increases the value and upside for each remaining share and allows those that want an exit to do so less painfully for all concerned.

https://www.oilandgas360.com/frontera-announces-that-it-intends-to-commence-a-consent-solicitation-to-amend-the-indenture-relating-to-its-outstanding-notes/

Margaret - You can live in hope.

Clearly you have changed your stance like a number of others on the BBB. looking for an opportunity to buy.

No offence intend, but I hope you and anyone else looking for cheap shares miss out big-time - the SP can surge anytime and it is likely to be without warning.

The SP now is exceptionally cheap and IMO more likely to rise than fall, but whatever the SP there's always someone talking it down.

Do you have any reasons to justify your viewpoint apart from wanting it so like one or two other posters?

Those small automatic trades where marked up as ALGO trades.

For an algorithm, it's looks like someone with very little firepower, though it most likely helped get the SP down today, it's what's going on in the background that's important, it's of no consequence in the scheme of things - the SP can get back any drift in SP in a matter of minutes if buyers appear.

Fundamentally, nothing has changed since the N-Sands result, the Indico outcome or some sort of update/appraisal of the N-sands (not written off in all potential sites yet) and T sands are most likely to provide the next significant news - the pipeline throughput upgrade is essentially a non-event until we have something extra to pump through it..

There is still something to play for this year and generate enthusiasm for 2019.

We could get an update on drilling for the T-sands soon the company said it should complete remapping of the find in 4 weeks on the 17th October - Wednesday makes 4 weeks so I guess they could decide drilling locations very soon - I think they'll RNS any decision to drill and I believe they'll want to drill ASAP.

They said:

"The Company expects to complete re-mapping of this discovery in the next four weeks, followed by a decision on further drilling to appraise the discovery"

el - it sounds like wishful thinking from you, oil is not due a correction simply because it has risen, that's silly - it doesn't work like that, it's tied in to supply/demand/speculation/politics etc.

You should worry about any shares you hold in other sectors first as oil will follow on from a fall in confidence that growth will continue - in short my view is oil has been manipulated down recently to facilitate the Republicans in the mid-term elections. The key players like the oil price where it is and will make adjustments to keep it in it's current range, probably 65 to $75/barrel.

Which is excellent for Amerisur who originally needed $45/barrel to finance their exploration programme, I suspect that is neared $30/barrel now.

So I suggest you don't worry yourself unduly over Amer, especially if don't own any shares, concentrate on your other investments.

Guys - I'm not glorifying competitors. they have had their trials and failures I'm sure - I illustrate their success to highlight f1game's point - our BoD must or should up their game, benchmarking against peers can teach us something and our BoD should be thoroughly embarrassed by comparisons.

If not we are really dead in the water, the poor performance will eventually lead to disaster - thats the way markets work nasties come out of the blue, we have been blessed with a recent recovery in oil prices which has masked an otherwise pathetic performance IMO.

Had that recover not occurred I shudder to think where Amerisur would be or even if it would still exist, they need to be using this time wisely not squandering it.

They must stop piddling about with lame excuses and go for the prize, they claim they are well equipped to realise.

I mentioned positive/decisive action by one of our more successful peers this morning, well there was a statement from another outfit Geo Park on Tuesday. They don't mess about unlike some other outfits we know only too well.

Geo have announced an investment programme for Colombia, mainly the Llanos, costing up to $96m in 2019. That news, (unlike Amerisur's simple side shift exercise of year after year pushing out activity and pretending activity is about to make life very exciting) builds on year after year of completing significant programmes.

It should be embarrassing to our BoD to fail so miserably - there is a huge prize to be had in Colombia and sadly we are simply failing to grasp onto it.

Begs the question on the likes of Geo Park challenging to buy Amerisur - I'm convinced they must believe they could extract significant value in a very short timespan.

The article says:

"BOGOTÁ, November 7, 2018 – Independent E&P player GeoPark plans to invest USD 85 million-95 million in Colombia over the next year as part of its 2019 work programme, the company said in a press statement on Tuesday.

The programme entails looking into new exploration prospects in the Llanos Orientales Basin as well as further development and appraisal of its Tigana and Jacana oilfields, both located in the LLA-34 block, where it will drill 24 to 27 wells. In its LLA-32 block, the company intends to drill two exploration wells.

GeoPark will also construct “additional facilities to support future production growth and to optimise operating and transportation costs,” the statement added.

GeoPark operates the LLA-34 block with a 45% stake and has a 12.5% participating stake in LLA-32.
"

leas - If you are referring to RH as a Texan - my understanding is that his family team which runs to show is English with South African background - certainly the commercial base is the UK.

The share buyback programme which I have advocated for a long time was/is not to soak up all RH's shares or push the SP up - that is illegal I believe (it is market manipulation).

A steady buyback of shares under a rules based system is required, that system merely deters manipulators and increased the intrinsic value of the assets attributable to each share - it is good business when the SP undervalues the company, unless of course the money is needed for operations or to mitigate risks. Our BoD seem incapable of spending the money on an operational programme at a ace which would preclude a well conceived share buy-back

If my understanding is right Gran Tierra have just announced a mechanism for share buyback during closed periods. A mechanism that allows a defence of the SP in periods (closed periods) when the BoD cannot defend the SP and is prime time for enemies (shorters).

Clearly (to me) any decent BoD recognises the need to look after it's share price (sometimes it leads to collapse of a company if finance becomes impossible to raise) , surely it is reasonable, sensible and in all stakeholders interests for any company to defend itself - that's why I assumed our BoD asked for a mandate to buy back shares at the last AGM and got it.

The fact our BoD appear to have chosen to completely ignore the reality of the opportunity they have been given says a lot about their disposition towards the SP and threat to the company - IMO they don't care whatever they say in response the shareholder queries.

Actions speak louder than words - with a huge cash balance isn't is prudent to take some action to increase shareholder value, remove unnecessary threats? Or is this just one of Malcy's lifestyle business (run just for the managements enrichment)?

The jury is out. but it's not looking good, Gran Tierra and other peers in Colombia have been around the block 3 times before our team have even woken up to the fact they're in a race.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GTE/13859120.html

All IMHO, DYOR

Yes it sure is in a trading range but it is only a short term range, it has recently traded at much higher prices so I don't think it requires blockbuster news to move up, just some entity(ies) to take an interest or stop selling. The SP is not pinned by an lack of underlying value, more supported by a knowledge that it is way undervalued.

So though you are right blockbuster or bad news will do the trick there are other factors at play - there where times when Amerisurs SP mover 2 or 3p in a session, there is currently an almost artificial, perhaps contrived is a better word for the situation. I don't think many of the recent shareholders recognise the magnitude of a potential upward movement in the SP if one or two things start going right.

For those taking fractions of a penny profit , good luck to them but they are missing the bigger picture unless they intend to return - so Marg though the brakes appear to be on at the moment, the SP can more quickly and dramatically without news IMO and good news is not always anticipated.

The market hates uncertainty, so Midterms outcome will help.

Especially as the House of Reps has been won by the Democrats - it is great new for oil.7

First, Saudi and others have been pumping (or more to the point shipping) at very high rates in the run up to the election to keep the oil price down and support their friend DT, that no longer matters as voters have been swayed. There is every change that all the good news on the supply side will evaporate over the coming months.

But most importantly the House can now stop DT's worst trade excesses and restore confidence to countries outside of Trump world. There has been fear over trade wars escalating out of control which has put a brake on business optimism outside the US, hopefully that will now subside (not the rhetoric of course) and economies expand faster - great news for oil on the demand side.

Good start, lets hope it continues, it's a long day and there it every reason to think it could strengthen further.

I do hope no one get caught short, if it rises too quickly. lol

Jux - I'm not convinced it was a rollover.

Those on T trades are not usually dealing in such huge quantities, after all somone is taking a risk on not being paid at settlement.

Then there is no difference in the costs for both 2 trades which did not occur together, surely a rollover would not be facilitated for free?

I'm no expert but apart from being for the same quantity at roughly the same time there is no reason to believe there constitute a rollover, I think it's fair to say they are almost certainly on behalf of the same entity though.

Oops - 12.28 post last paragraph should read

None of the past frustrations matter if Indico is bursting with oil, remember Mariposa flower at approx. 4600bpd and Indico-1 is in theory a better location and other wells in nearby field have flowed at over 10000bpd. All is to play for with up to 4 successful wells in the Llanos that could easily transform Amerisur production.