15 May 2018 09:30
15 May 2018
Amerisur Resources Plc ("Amerisur" or the "Company")
AGM Statement
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an update. At the Company's AGM to be held today at 0930, Chairman Giles Clarke will make the following comments:
"Amerisur is on the cusp of an exciting exploration drilling programme across three plays including the N Sand anomaly at Platanillo, the Miraparriba-1 well on Put 8 targeting low risk U and T sand light oil target and the Indico-1 well on CPO-5. All required permitting is attained and this immediate programme is targeting 26 mmbo of gross resource over the first three wells.
"At the corporate level, I welcome the three new independent non-executive Directors, Alex Snow, the Company's Senior Independent Director, Dana Coffield, who sits on the audit and remuneration committees and Chris Jenkins, who Chairs the audit committee. During the year, they have added considerable value to your company. Doug Ellenor has informed the Board of his intention to retire later in the summer and I would like to thank Doug for his significant contribution and wise counsel over the years.
"I would also like to thank the executive team for their hard work and note the significant gender balance at Amerisur within the senior management team, most notably Carolina Gelvez, the Company's lead geologist and Maribel Escobar, Head of Consulta Previa. During the Board re-fresh, a non-executive Directorship was offered to a female candidate who unfortunately took up a more senior role elsewhere. The Board aspires to a greater gender balance across the entire firm and considers it an important factor in running a successful company.
"The Company's revenue, cash generation and profitability are significantly ahead of the same period last year and ahead of its internal budgets. The board views the year with confidence.
"An updated corporate presentation, with additional details on the N-sand, CPO-5 and Put-8 geology, will be made available on the Company's website shortly at www.amerisurresources.com."
ENDS
Enquiries:
Nick Harrison, CFO Amerisur Resources
| Tel: +44 (0)330 333 8246 | |
Billy Clegg/Georgia Edmonds | Tel: +44 (0)203 757 4980 | |
Camarco
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Callum Stewart/Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 | |
Chris Sim/George Price | Tel: +44 (0)207 597 4000 | |
Investec | ||
Darrell Uden/Marcus Jackson RBC Capital Markets
| Tel: +44 (0)207 653 4000
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Notes to editors
Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay and production from two fields in Colombia. In 2016 Amerisur successfully built and is 100% owner of the strategic OBA oil transfer line into Ecuador.
In Colombia, the Company is operator and has a 100% working interest in the Platanillo block which includes the Platanillo producing field in the Putumayo basin, and holds a 30% non-operated working interest in the CPO-5 block containing the Mariposa-1 producing field in the Llanos basin. Amerisur is currently producing approximately 5,000 bopd while Platanillo production wells are undergoing maintenance.
Amerisur has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line.
Standard: These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).
Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 32 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.