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This is surely being worked down and those same entities will most likely push the SP back up when they feel the game is up.

I do not blame this on RH, there are other parties involved who probably never owned shares and the BoD for simply letting things slide.

What does that mean for Amer in terms of revenues ?

Nothing initially, until the production is increased, then it will provide a route to market .

Whilst on this point, many posters refer to the 9000bpd capacity, lets be clear it isn't 9000bpd maximum.

It is 9000bpd guaranteed minimum carrying capacity , the good news is it could in theory be say 15000bpd if Amerisur could produce that the bad news is Amerisur production is flat.

Everyone should make mental note of that as they appeared to change the original 5000bpd minimum when building the pipeline morphed to 5000bpd maximum.

The precise wording and accuracy of the statements from Amerisur (and all companies) are very important, I make a point of reading RNS's several times to fully understand them, the qualifiers usually tell their own story.

Some of my comments are meant as warnings for newbies, experienced investors please don't be insulted, but it's clear from new posts that some posters don't realise.

The current SP is the most ridiculous situation, I have checked back to when Amerisur raised $35m on 9th March 2016.

Raised at 25p when the oil price was only $40/barrel and there was talk of sub $30/barrel oil. Think about that, institutions and knowledgeable investors where prepared to invest significant money when the prospects for oil where very, very bleak and Amerisur had nothing like the quality assets it has now.

Roll the clock forward 2 and a half years and that's why I contest this is a ridiculous situation (contrived due to a feud that needs to stop IMO, some people need to grow up and attend to their duties):

The oil price has more than doubled to well over $80/barrel.
Amerisur's production costs/barrel have significantly shrunk.
Amerisurs cash balance has strengthened
New assets and discoveries have been added
The investment environment in Colombia as improved beyond recognition
etc

Yet the SP has halved to under 12p when the oil price doubled - there is no logic, none that I can see. The BoD have hardly covered them selves in glory but this is now silly by any measure.

The RNS recently issued was not entitled "N-sand failure" , the title was "Operational Update - U and T sand discovery"

Yes guys, the N-sands was a disappointment but it was positive outcome and we need to recognise the T-sands could be significant, our management have done what they always do - downplayed it.

I think the next couple of months will be pivotal to Amerisur, I may be being over optimistic in suspecting that more wells may even be drilled into the current N-sands anomaly if it flows at a good rate and they can interpret the find quickly enough. They are clearly are expecting production from their but probably haven't a clue how significant the find is.

Keep the faith, only a few months now before true situation is known, I'm keeping all my shares, I'm well underwater with this but like others I believe I'll get my money back and then some.

Give us a break, periodically someone posts a scare article about local unrest - I've got news for you Amerisur and almost every other Oil or Mining company in Colombia and most of S America, in fact worldwide has been dealing with these issues from the day they entered the prospective country.

Local issues arising from the development of anything should be obviously addressed and to the very best of my knowledge have been dealt with by Amerisur in a responsible and appropriate way, I have ethical standards in respect to investment as I'm sure most people to.

Also when someone mentions it, it's usually when there is negative pressure on the SP and someone else kindly offers supporting evidence from an old article, the one posted relates to issues back when the pipeline was being laid and was not Amerisur's direct responsibility.

I recall reading recently Amerisur have a manager, local lady, that deals with these issues, I'm sure I read something either in the Annuals or perhaps the staff profiles on the company's website

For clarity when the OBA was construction local consultations where undertaken and necessary consents and permission obtained. I recall some tribe/locals (that they didn't know about) appearing with complaints whilst it was being constructed but that never impacted the programme to any degree to my knowledge and was settled. If not, so what, it's ongoing and the local will only want some money IMO!

It's got to be put into context, everyone wants to objects and demand reparations, and local/national actions groups, politicians and eco warriors whip up opposition, the important thing is ensuring things are done properly and rules complied with. Truth is Amerisur have done very well in relations with locals and appear to be very responsible operators.

This issue will be used time and time again the instil concern in those that don't do their own research - as far as anyone currently knows Amerisur has no social or environmental issues in respect to Plat block. Other blocks maybe where Environmental and local issues are being progressed.

Guys - the latest tender is one of as very long list, some of which appear to have been re-tendered, I previously commented that if they delay much longer they may have to retender some aspects so I was concerned when reading the BumblingFool, post.. However, this tender provides a huge amount of information if some of the scope details are considered a little, it's very positive

Scope is:
"wishes to receive offers for the Bundled Services of testing tools & completion, for two exploratory wells SOL-1 and Aguila-1 and one contingent well at Llanos basin, CPO-5 block"

The latest tender is actually excellent news as it confirms intent to drill two wells in addition to Indico-1 and most significantly a contingent well (as some suggested on a BB that a director said at the AGM that another could be added to the programme if Indico-1 is successful), this confirms it is still part of the plan. Thet tender not only indicates that ONGC are intent on drilling up to 4 wells as part of the programme, it also provides a hint that there could be 2 rigs. ColonelD to clarify your post Indico is not mentioned in the scope so it suggests that ONGC has retained separate tenders for that well which is very promising - no need to adopt Finish -Start planning if Indico-1 is standalone.

This is really reinforced further into the tender where they says:

"Tentative date of commencement of Testing & completion operations in the proposed first well Sol-1 is expected to be on October/November 2018. The exact date of mobilization of different services covered in the bundle will be intimated by ONGC- VL."

Check those dates, it's very enlightening, how can the same rig service crews etc be at Sol-1 in October or even November if it is dependent upon completion of Indico-1 finishing to spud? Furthermore that schedule is impossible unless preparation at Sol-1 have been progressing (something that Amer have told us nothing about). Is Sol-1 also nearing readiness to start drilling operations. That would make our FD's comments last week sensible rather than fanciful. something I commented on last week.

The one thing that was/is troubling me about the ONGC programme was the lack of news about and operations at any well site other than Indico-1, the tender would indicate all is well and provides a very big hint.

So all good IMO, perhaps ONGC are now ready to give this some priority, perhaps as the Indian Government appear to be putting them under pressure to buy back part of their Governments share in them with any spare cash and partially sell off the overseas business.

Apparently, they are telling the government that they need their cash and borrowing power to fund development so can't stump up any cash - it follows that it may now be expedient for them to get on with the programme and management (departing CEO) to emphasise/ expand the programme.

What makes this even more frustrating is that the oil price is at multi-year highs hovering around $82.5/barrel and Amerisur will be making very substantial profits.

Those holding their nerve will be rewarded one way or another, those that make money from the demise of companies are all having a field day at the moment and will push the SP down as far as possible before release.

The BoD are responsible, not the MMs or shorters who are merely taking advantage.

Pushing near to $84/barrel.

The current SP is ludicrous, based on the huge improvement in revenues.

This will not persist once drilling activity on CPO-5 start, trade investors are cautious but not stupid

I'm glad others are pointing it out. I have been banging on about it for so long - they need to accept responsibility for the failings before we can move on.

Today's SP action is a direct result of their failings, and I don't mean the recent drilling result, it goes much deeper than that.

I'll say it again "if they won't accept there's a problem how can you address it?".

SP pressure is par for the course when the company simply ignores things instead of coming out fighting - shorters/MMs and every other group that can profit from the demise has a field day tripping stop losses , crushing confidence and forcing anyone out that is on margin.

I don't want to see director buying, it smacks of desperation and a lack of any weapons for the company to fight with. A share buy back would be step 1 and an independent review of failings or new focus step 2. I recall Glencore being trashed, IMO it provides a shining example of how to deal with this, coming under pressure with shorters, analysts and hedge funds piling in on them due to high debt. They came out fighting, laying out the fact announcing how they would deal with issues and above all the management (billionaire backers amongst them) made it clear they would take on the challenges - in the end they crushed their enemies.

Contrast that with our BoD, equally rich in relative scale, no defence offered IMO, whilst our CEO has drawn a lucrative salary and in recent times increased his investment considerably in another of GC/NH mining ventures - they (our CEO/Chairman and FD) are likely fighting/distracted elsewhere IMO.

Finally. I would comment on what a sceptical man might suspect here:
- the BoD don't care and our pain which is the sacrificial price they are prepared to pay to settle a feud with Rex Harrison.
- the BoD don't care because it's not hurting them, and please no one give me the BS about their shareholding - that only matters when the want to sell and that's not now, if accumulating a low price is fine.
- when the feud (which sort of coincides with this disastrous performance) is settled their approach will change from this super-passive "what can we do, we're helpless" to the proactive management I believe GC is capable of, no one doubt's his capability or understanding of how to deal with problems.

I am always reluctant to say the above as I believe shareholders and the BoD particularly will shoot the messenger, it's my opinion, but I'm not attacking the capabilities of our directors, it's their commitment that is all but opaque - if I'm wrong they should prove it.

The SP will recover but I hope shareholder don't forget the lack of support shown when thrown a bone or two before the AGM. As ever it's down to the BoD to sort things out.

As we've all recognised there is no point pretending that yesterday's outcome was a huge disappointment, but I think many and the market has missed some significant potential upside.

But maybe there's Silver lining, the article with Nick Harrison comments yesterday includes a section "Every cloud" and relates the fact that they discovered 2 other unexpected horizons including the T sands. We know the company has a habit of downplaying good news and the T sands discovery is no exception IMO.

First point is, how persistent is it? Is it the size to the anomaly, even larger or tiny, if large then subject to satisfactory flow rates we could drill 6 wells into it off that pad.

It is expected to be better quality oil than the N-sands, so presumably would go straight into the OBA pipeline and attract a similar price.

Finally and most important is what is the potential flow rate. I took a look at Plat 8 and Plat 20 to see, I confess it's hard to decipher the RNS's and see which sands they are producing from but both wells have both produced at good rates and T20 appears exceptional for the basin. So maybe the flow rate will justify the well and even further wells and in a fluke provide higher revenue than the N-sands would.

Plat 8 produced at 108 bpd then post chemical treatment rose to 350bpd, last figure I can find is 255bpd in Feb 2018.

Plat 20 had a workover in May 2018 and no production figure disclosed. A second treatment notified in June this year resulted in flow of 945bpd - surely that Amerisurs best flow rate in Plat - if the latest well performs even at half that rate it will be worth drilling the whole patch.

I think some shareholder may have thrown the towel in too soon by selling this week, and in a way Nick Harrison is right in his overall assertion that reaction is unwarranted, though some of his comments seem to take a warped view of events.

What compounds the annoyance with todays performance is that all my other oil based investments and long watchlist are showing positively today - and we are near 20% down.

It didn't need to be this way had our BoD advanced the programme at a pace any reasonable observer would expect, like we expected when starting the year.

It's all on Indico-1 now for the remainder of this year - unless one of Bay's surprise asset purchases comes to fruition out of the blue.

Assuming Indico-1 is successful then they may get a second drilled before year end and some phenomenal flow rates are possible, else they better get some really good polish back out of their well stocked cupboard for this year's tu*d

This represents a good opportunity for some.

WRT Rex H, it is a red herring to think he has any part to play today, sellers will be disgruntled, disappointed and recently joining optimistic shareholders throwing in the towel.

The SP will settle later this week, at what level I really don't know, but would hazard a guess below 14p.

When Indico-1 spuds the entire environment for Amerisur shareholders will change, at the same time I agree with previous posters that there appears to be nothing on the horizon in the next few sessions to restore confidence.

Regular posters know my view that the BoD need to step up the pace, every stab to the heart that our BoD delivers consolidates that view. No rampers this morning yet I and others are still here , I've sold none and still believe in the investment case.

I was wondering on Monday if all the stars may align for Amerisur for once this Week with the oil price breaking $80/barrel. Alas no chance, the oil price is fantastic and should be propelling the SP forward irrespective of the well result IMO. However, that's not the way it works and the N sands are indeed a disappointment when offset by the other oil bearing horizons the news is likely to be benign in the long run.

I don't often say I told you so, but on this occasion I feel it justified.

In the last few weeks I commented that it was a major risk that the N-sands had become the only prospect drilling and the risk was heightened as Indico-1 was walked backwards - I was challenged by a new knowledgeable poster that I was wrong - well I rest my case. The BoD have screwed up yet again in not having other blocks ready or drilling.

IMO the SP will get back on course soon but we are really suffering through a failed exploration programme and I don't mean the RNSed well result (that's par for the course), it's the failure to get on with it. Eggs and baskets spring to mind. Each well should be drilled with little fanfare and the low cost emphasised, I reckon as it is they dare not drill another N-sands well until some of the other prospects are advanced (that's what they just confirmed in a round about way).

I few comments where made over the weekend that I think need clarification (not checked 100% but my recollection is different).

First the reserves report on Mariposa was conducted by a third party and it is of low value for Amerisur just declaring more oil unless it's supported by facts and a third party - we need Indico.

The N-Sands drilling will be advised by the first hole and I doubt very much that 2 more wells will be drilled at the current location if the first doesn't al least show some promise. The "6 pads and 7 wells" option is simply that,I also suspect if the first hole is a massive success they may drill more than 3 from that pad.

I recall the RNS stated N-sands result will be in the next couple of weeks, could be tomorrow or even a couple of weeks away - so I advise everyone not to start grasping to a target dates - it will be soon that's all we need to know - we've been here before where optimism switches to pessimism when artificial timescales are assumed.

I kept quiet yesterday lest I was accused of moaning or spoiling the day for our new group of rampers.

Results where as expected, no disappointments or exciting revelations, hence minimal impact. Some posters tried to generate excitement, with some exaggeration and misleading information presented but I'm sure shareholders have as firm grip of where we are with things.. We don't need to ramp, it's useless to me creating short term spikes to accommodate transient investors with a little "quick in and out profit", the SP will fly as soon as the news warrants it and be substantial and sustainable.

Anyway, surely we all knew the results where likely to be a side show, the only unknown factor was the cash build and that was just about OK.

The real deal is the imminent drilling result, the first well is critical to setting the tone for the entire programme, a good result and the SP should be strong for the last Q otherwise we are left with a very worrying drill programme with no on-going drilling activity to provide comfort. This is largely because of what was the biggest disappointment for me within the results, ONGC have delayed the spudding of Indico-1 into Q4. That spud was critical to protect against a duster(even though the chance may be low) in the N-sands IMO. I'm very disappointed ONGC have let us down again

WRT director buys, Laptop, do us a favour, if you post something like "Directors or institutional buying??.....Will be out soon....I got the nod"

Don't provide a link to yourself as proof, it's really disgraceful - when the link is followed there is bugger all to justify any assertion.

I truly hope you are wrong about director's buying, for very good reason surely that means they are not privy to any more positive information, so our N-sands well is surely a duster and there is no other news imminent. Otherwise is it not insider trading?

So unless it is GC dazzling us by buying 10m+ IMO it could have a severe negative impact, as shareholders are not stupid.

I hope the next news is a fantastic the well result, early next week, for that reason I hope it was you or your dog are responsible for giving you the nod.

Of course I could be wrong and directors buying is possible with an RNS on a successful well imminent. please advise?

"Should get a job doing the marketing for AMER...lol"

You "Should get a grip of your ramping"

I've never seen anyone provide a link to their own Ramp on twitter, nothing wrong with optimism but keep it real we've all lived through it - whatever we say it will be what it is, warts and all.

The SP may go up but I wouldn't like to call it.

I believe are Venezuela's biggest creditor, on the hook big time and can't squeeze their dividends out of a JV with the national oil company. It must be a dream having Amerisur as a partner in CPO-5, not for us though. India are going through hell in respect to falling currency and higher oil prices as demand for imports soar They want ONGC to sell their overseas operation ONGC Videsh and to double home production (have just released a load of new blocks to local companies to kick start production).

With all the pressure I wonder if ONGC might sell their interest in CPO-5 - IMO that would be a great prize for any of the players in Colombia including Amerisur. Any change that accelerated development would be good news for Amerisur, Geo Park as a partner would be a dream.

"ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), has rejected Venezuela's offer for additional stake in an oilfield as it fears the Latin American nation may use it as an excuse to not pay USD 449 million of past dues."

https://steelguru.com/gas-oil/ongc-videsh-limited-rejects-venezuela-s-offer-for-additional-stake-in-oilfield/520307

I'm not expecting the results to dazzle anyone, unless they provide some new information on corporate activity or strategy.

Basically, they (IMO) have achieved bugger all in the last 9 months and the only highlight might be the increase in cash and or profitability.

However, this news will draw a line under a very disappointing H1, they now have all to play for in H2.

The sad thing is that the oil price is extremely strong and pushing towards $80/barrel, had they increased production as expected we would surely be making a fortune as overheads are diluted across more barrels.

So here we are again with the market distinctly underwhelmed by imminent results.

One thing to note IMO is that so-so results are expected and priced in. Sit on your hands if you have any sense, it takes a few sessions to gauge the true response.

Bay - just had a quick glance, I think the gist is that small block will be offered and assigned by March and bigger blocks thereafter.

The first link has more detail I think

https://translate.google.co.uk/translate?hl=en&sl=es&u=https://lahora.com.ec/quito/noticia/1102185249/8-bloques-petroleros-iniciaron-proceso-de-licitacion&prev=search

https://translate.google.co.uk/translate?hl=en&sl=es&u=http://www.elcomercio.com/actualidad/gobierno-ecuador-presenta-ronda-petrolera.html&prev=search

bakoven - great stance, I often wonder - how/why we got to this.

It defies logic unless you either presume incompetence or some hidden agenda and reasoning, I have deep suspicions that it is the latter - I find it hard to believe our BoD are so incompetent.

I often wonder if there is some corporate action that has been progressing in the background or perhaps it is simply that there is no financial benefit in it for the Directors "yet" (they are doing quite nicely as things stand and benefitted from the SP) and perhaps a desire to punish the insubordination of RH. In truth we haven't got a clue, but we should be totally aware of strategy.

My personal view is that our BoD's true strategy is to steer the company towards a lucrative sell off (nothing wrong with that), but perhaps it is clouding their judgement in respect to aggressive expansion. (the cricket nut article about GC and subsequent interviews with directors provides a good hint IMO)

BumblingFool - For sure, they've really made an epic out of it .

It's amazing that Amerisur had such a minute quantity assigned to Mariposa in the reserves report (it would have been better to exclude it), when it could turn out to have one of the highest flow rates in the Llanos, that's when they actually make an effort to test higher production and perforate more cross-sections of the well.

Amerisur RNSed on the 9th of May that this would be done next month - then "who'd have thought it" nothing happened (not like our team lol). If it carries on we will have produced more oil on test than there supposedly is in the discovery, the way it's been presented so far really seems designed to subdue expectations.

From the May RNS:" Mariposa-1 continues to produce in a stable manner and the operation to perforate additional zones in the well is expected to be performed within the next month. "

There really doesn't seem to be any desire to progress the project. it's like a sleepy backwater, whilst competitors surge ahead. for instance besides upgrading their production forecast for the year by around 10%, Parex, our peer in operator Llanos has just made another discovery in Santander province - this was reported yesterday. What is striking is that we supposedly are hampered by weather to drill Indico-1 yet competitors have drilled many wells, including in the Llanos in the intervening period.

I'm really hoping for an RNS reporting Idico-1 spudding before the end of September, personally I think it is potentially massive for Amerisur, if not started soon I think it's safe to say ONGC are not committed to developing the block.

What is really annoying here is that a SP of 40p would look undervalued if the BoD had just achieved the bulk of what the set out to do or our partners had more go in them - it's such a waste. At least we are now drilling the N sands, all be it, 2 years late.