Member Info for jointhedots

"Wonder why 2.3M sold."

God knows, maybe he done selling low.

He was committed to ploughing money into another venture - so perhaps he has raised enough or believes the SP is about to soar.

boreddesigner - good question and one I have touched on a number of times - I have pointed that out a few times and the only reason that makes SP anomaly now makes any sense is disappointment and for some a genuine lack of trust with the management's ability to deliver.

(disgruntled shareholder RH selling fits with the above reasoning, it is not a separate issue)

Also perhaps our BoD does not care if the SP is currently trashed (it costs them nothing and arguably got them cheap options). One less trusting than I might allege a supposition that prides where hurt with RH challenging the BoD and it suits certain persons to be obstinate until he has finished selling his shares at a poor price, at the same time he is reciprocating by selling at a snails pace, may account for a lack of a proactive strategy to tackle the malaise. Teaching each other a lesson, feuds have casualties - us perhaps?

Lol - I was busy putting together this post when I noticed the RNS - re Rex, my take is a little different from previous posters, more pain, unnecessary pain and lost time - I rest my case.

I believe our BoD could put a stop to this any time they wanted.

Hopelessly slow. it really is ridiculous to still be waiting for the spud of Indico-1

Bureaucracy at it's finest, contracting for every damned thing and unable to progress until they have gone through a tortourus processes. Surely they are now in danger of having to re-contract - some of the contracted companies are bound to find alternative work (or want paying to sit around) once the lock in term expiry approaches and activity in Colombia accelerates.

Who'd want to have their equipment and staff sitting around for months waiting for a client to decide if they want the service. I can't see how it wouldn't push up costs

The sooner the Indian government pushes them to privatise the better. they're hopeless even by Amerisur's low standards.

So many companies have taken advantage of cheap rigs and facilities during the downturn, but not ONGC and Amerisur. oh no, no signs of any services arranged on any of our blocks except for our own rig flitting about to make the patch look active - how on earth are we going to drill other blocks if arrangements have not already been made?

If any of GTE, Parex, Geo Park or Fonterra, (all progress faster than us and have consequently attracted market interest) want to take over I would gladly upgrade my Amerisur shares in a share swap - I think any good offer (valuing shares above 30-35p) would be acceptable to shareholders, even those under water.

Emerging market currencies are slipping against the US$, this is actually good news for Amerisur as local costs decrease.

The Colombian minister said "“Even if we have a devaluation of 10 or 15 percent,” he told Reuters. “10 percent (devaluation) is no problem at all.”"

I previously pointed out this benefit previously along with the benefit of the weakening £.

All little changes that work to Amerisur's advantage, every little helps. For the Russian oil companies a weakening Rouble provided (still does) a massive boost and helped save the economy after sanctions - so "little" could turn out to be a lot if $ strength doesn't clip demand.

https://colombiareports.com/colombias-central-bank-will-not-intervene-as-peso-weakens/

Wow Bay - I thought you were nocturnal!

It's clear from your research the possibilities for working with our peers offers massive potential.

One of the sticking points with GTE might be Dana Coffield though, he was allegedly sacked by them after as fight for control with the current management team - our recruitment of him struck me as a warning to GTE to stay away.

I think a merger of the two companies with a valuation of 30p/share satisfied in GRE shares would be a great outcome for Amerisur and GTE

Moneylender - Minchinoko and the directors are a formidable force and I'm sure if we could find out who is the ultimate owner of Minchinoko it would be clear why they remain silent.

However, that does not make it right or ensure that Minchinoko remain satisfied, they surely want a profit too.
Whatever they own if another party makes a play them they only can guarantee around 20% of the shares.

I think any offer of say 35p+ would sway a huge proportion of shareholders if the BoD continue going forward with little sign of meeting promised performance.

Personally I see no reason the SP cannot get well in excess of 35p but again it's all down to the BoD not the oil price or the market - they set the scene.

As I have said previously, I think if our BoD continue to underperform, without some change some one/entity will our massive potential and perhaps make an offer to put us out of our misery. There are loads of potential suitors and I reckon if anyone showed an interest there could be a fight to take control as other waded in. Shareholder would get a very decent return, but the best outcome is if our BoD get on with our exploration programme and add some value, IMO this could be a multi-bagger.

Just looking at New Stratus, it's clear they are predatory and expect to be able to tap significant funds, they mention taking production from zero to 50000+ bpd in 3 to 5 years, that's makes Amer look pathetic and is only possible through multiple acquisitions. Dana Coffield allegedly, also has his own outfit and associates looking for opportunities, there must be others as well as our peers in Colombia some of which are many times bigger than Amerisur and have significant spending power.

For me our BoD have already failed miserably, but hopefully they can redeem themselves before the next AGM, if not I reckon there will be a lot more support to sack someone this year.

I'm not so sure Wuffle, any improved cash position will only be temporary if they buy something or exceed all expectations and dazzle us with the pace of drilling, with 4 or 5 rigs operating concurrently for the remainder of the year.

The oil price has held all year, the programme financing is now assured unless they have done something very stupid or dishonest. I'm confident all is OK.

The oil price today is up almost $1/barrel, yet the SP is still pathetic and unresponsive something has got to give or our BoD may get a nasty shock from shareholders, (this is what disgruntled shareholders did to Petro Dorado for procrastinating, note Krishna Vathyam, founder of the company and now New Stratus Energy Inc interim CEO led the revolt ) I think we benefitted from the action but with only slightly tweaked logic our own BoD could be attacked.

"Concerned Shareholders Requisition Petrodorado Energy Ltd. Shareholder Meeting

...shareholders, including Krishna Vathyam and Braans Ventures LLC (the "Concerned Shareholders"), together owning approximately 6% of the outstanding common shares of Petrodorado, announces that they have requisitioned a special meeting of shareholders of Petrodorado ("Shareholders") for the purpose of reconstituting the Petrodorado board of directors (the "Board") with three (3) new directors (the "Requisition").

BACKGROUND TO THE REQUISITION
The past actions and inaction of the incumbent Board clearly demonstrate a deficient and unaccountable structure that lacks the necessary direction, vision and incentives to create shareholder value. This lack of stewardship and supervision is visibly apparent in the share price of Petrodorado, which is not reflective of the book value of Petrodorado. The incumbent Board has failed to articulate a cogent strategy for building long term value for all stakeholders, notwithstanding multiple requests to do so. The incumbent Board has been "assessing various opportunities" as part of Petrodorado's "ongoing strategic evaluation" and reviewing "additional corporate opportunities and assets that may be available to Petrodorado in various industries [emphasis added] in South America" as well as continuing to "evaluate the go forward plan" for Petrodorado for months, yet shareholders have little or nothing to show for it. The Concerned Shareholders believe Petrodorado shareholders deserve better attention to their investment...……" etc

Interesting that New Stratus was also created from another company where existing directors where ousted by Krishna Vathyam, and two other guys from, Colombian oil backgrounds, notably Jose Francisco Arata ex boss of Pacific Rubiales, now Fonterra, who are probably Colombia's largest private operator. Like our Dana Coffield (ex CEO of GTE) he was ousted be disgruntled shareholders.

Contrary to suggestions on the BB that it is extremely unlikely for our BoD to be ousted, I would point out it is common practice if failings drag too long. Q4 is critic

"Six companies apply for 21 Colombian oil exploration areas"

Interesting the blocks are applied for under a new system - the bidder names are secret and the bidders can apply for areas they are interested in even if they have not been offered.

This could potentially offer great opportunities to Amerisur along with other incumbent operators with their experience of the country, Amerisur could even be one of the six bidders to already have expressed interes in the first blockst.

https://www.reuters.com/article/us-colombia-oil/six-companies-apply-for-21-colombian-oil-exploration-areas-idUSKCN1LG20U

Just checked the SP and it has gone into auction.

Interesting and unusual for Amerisur

Great news, now we have the start. There are loads of possibilities for adding to the joy in September, I do believe we may have turned a corner.

As laptop says it provides a strong signal that Plat 22 was a success.

Ihad - you challenge my motives, suggesting I'm commenting on my own trades and therefore question my honesty.

I am entitled to an opinion without having any need for pre-qualification or explanation to you, insults are easy but destructive, I was decent enough to debate and take your posts at face value, pity you did not reciprocate,

We have nothing further to discuss.

Ihad - your post "Which is all brilliant and legit and has absolutely nothing to do with the automatic trades at the end of each day.
"

Of course it's something to do with it, all trades are related to the status of the company.

It no one thought we were vulnerable they wouldn't try it on and with action on the points I highlighted the company would be correctly price - lack of clarity breeds fear, at the end of almost every month some shareholders bottle it .

I'm well prepared to see the SP drop if the news is bad, but at least uncertainty is removed. For example have we no guidance on the cash/profit status at the end of month 8, do you really consider that to be reasonable with various shareholders periodically resorting to hazarding a guess to cheer up to pessimistic?

If we take the view that the BoD knows best and we shouldn't question them on performance and actions, then we are nothing more than a set of patsies, fools waiting to be fleeced especially with AIM companies.

They are supposed to:

- Produce and execute a realistic strategy and plan for the company to prosper
- Update the strategy and plan when is in no longer credible (we are currently running with a plan that is ludicrous)
- Inform shareholders in a timely manner if things change to retain their confidence and trust
- Use where appropriate the tools provided to them, i.e. the share Buy-Back options which they sought at the last AGM.
- Encourage investment in the company with first class IR and PR
- Increase shareholder value, through the drill bit, corporate activity and cost cutting (costs went up against the Colombian trend in the sector, I saw it as a significant failure of oversight).
- Have coherent, comprehensive and consistent RNS's to inspire confidence that all is OK.
- Make IR communications smoother - I get the distinct impression they don't actually wish to communicate.
- Show shareholders what the BoD (not just JW) are doing - it is completely opaque what any of them do from one year to the next apart from rally around when they need something (a smooth AGM).
- Most importantly, accept responsibility for failing and then they can advise on why thing are going so wrong and provide a strategy to sort things out and rebuild confidence.
- Tell us the financial position, it's been a secret for 8 months

Essentially, show willing and use the tools at their disposal as I said - they are very experienced and I'm sure there are other actions they can take in addition to the ones above - hope that helps.

Taking a look at the share trades yesterday, in the last 10 seconds before close someone submitted 5 automatic sells for a total of 5000 shares.

What a joke the SP dipped to 14.5p and established our lower closing price.

I make that £3.5m off the market cap for £1k sell - it really is a joke the shenanigans that go no at the end of each day.

This situation can only be resolved with action from the BoD to defend the company - they have the tools but not the will - perhaps they'll spring into action when the Cricket season is over

Again, and has continued to rise after close.

Our SP slapped down again in the face of obvious upward pressure.

It will stop when good news starts to flow, any day now, could be tomorrow. lol

Guys, I think we may be looking too hard for a saviour for our small scale enterprise.

Personally, I think the chances of Exxon being interested in Amerisur are extremely remote, they are Mega-scale and where reported several years ago to be holding fire waiting for opportunities (in fact I recall BP where mentioned as potential prey when they hit the skids). The whole Colombia patch is probably too small and disjointed.

However, there are literally dozens of operators lower down the food chain that could swallow us up, my experience is that the interest often comes from a source no one has considered - the takeover game is always a possibility, but I don't see any of the super-majors (barring Chinese) as predators.

WRT Ecuador, I know Bay has done a lot of work on this and pointed out some great opportunities/synergies and I am grateful for the insight, but in truth for me some of them are scary, I would sooner our team get our current operations sorted out first. Taking on a small or no-brainer commitment, fine, but a big commitment if screwed up like our current operations could destroy the company. Do we need the risk?

The good thing is we can be very successful without buying anything and yet have the flexibility to grab great opportunities if they arise - I trust our BoD will be cautious/diligent in their approach, caution is the one area in which they have excelled.

I think our Salvation as investor will not come though any corporate action, buyout or purchase but solid achievement from our BoD, preferably in 2018, I live in hope. The SP can double and more besides if they start to deliver on promises.

Just broke through $76/barrel - should be good for Amerisur in terms of income.

But WRT the SP does more harm than good it falls back in the next few sessions, the SP appears insulated from any rise and takes the full brunt of a fall.

Amerisur's cash and profit figures should be very healthy

Wuffle your query: "Some historical understanding of why two pipelines from about the same place to about the same place took two different routes might be instructive as to how things could develop in future. I do not have that understanding but I think I would like to know now I have thought about it."

I posted about this some time ago and unfortunately can't remember the full detail. however, one of the pipelines was for heavy oil (different types for each).

One of he pipelines is also horrendously underutilised and the infrastructure on and supporting both a mess, because the Ecuadorian government can't afford to pay for repairs. With that background moves are being made (studies I posted about a few weeks/months ago) with support from the would bank to identify the deficiencies on the major elements including refineries and sort things out.

There was also a report the operator of the under utilised pipeline was to surrender it's interest. But I haven't followed the story (left it to Bay who has taken a particular interest). There were also plans to increase utilisation - not the Amerisur stuff, on a much bigger scale

The view I've taken is that there is no long term problem, and I retain that view, and don't concern myself with capacity, our problems stem from a screwed up capacity agreement in the first place and now a failure to increase production.

It is really difficult to comprehend a logical explanation for how we've got to within striking distance of the end of month 8 in the year without any drill bit being turned on any new well - at least one that does not involve management incompetence.

It's a complete failure of the 2018 programme so far, yet our team have come up with nothing in way of a full explanation or more importantly any indication of how they will get back on track, absolutely nothing.

On the contrary they would appear to have simply ignored the inevitable failure to achieve a satisfactory outcome - why are they not addressing the issues effectively?

I know everyone is focused on the 3 imminent wells, but it's not really the 3 wells due to spud that worry me its all the others which are being pushed back - the operational team really, need to contract extra rigs (I said it a few weeks ago and it is bloody obvious) and accelerate activity - it is really unforgivable to abandon planning on other activities because one part of a programme hits snags. That is indefensible incompetence and I truly hope they are acting behind the scenes.

I'm sure they'll have a bag full of excuses to pick from, but accepting things go wrong why no remedial action to get us back on track? I'm not talking workovers here or dealing with a flood, I'm referring to broader issue of undertaking things in parallel and rescheduling effectively.

Someone should be sacked if other parts of the programme have been pushed out which a independent work streams, or fall on their sword, I'm positive if there was a big activist investor they would pull their socks up, it is all too cosy.

It's so weird, to simply soldier on as if all is under control when the wheels have fallen off. The only other explanation I can think of, that leaves the BoD unaccountable is that perhaps they have been in discussions to sell the company and avoiding higher spending on a more intense programme, but that leaves the BoD with serious questions to answer about withholding information.