AMER.L Regulatory News (AMER)

13 February 2014

Amerisur Resources Plc ("Amerisur" or the "Company")

Operations Update

Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to announce an update on operations in Colombia and Paraguay.

Highlights

· Platanillo-16 becomes the 11th successful well in the current campaign

· Data acquired strengthens field model

· Good test flow rates - 320 BPD of 30.7 API oil at 17% drawdown

· Placed on commercial production

· Platanillo-17 on platform 3N has been spudded

· Good progress on the Ecuador pipeline project in Environmental, Technical and Commercial terms

· San Pedro 2D Seismic acquisition programme proceeding

Colombia

Platanillo-16 in the Platanillo Field, Colombia, has been completed and becomes the 11th successful well of the current drilling campaign maintaining our 100% record for the programme. In addition, three successful sidetracks have also been successfully drilled. Platanillo-16 was drilled on time and under budget, to a total depth of 8,858 ft MD, achieving an offset of 2,387 ft to the north east of Platform 3N.

The reservoir section was logged and initial log analysis indicates the presence of 21ft gross, 7ft net oil column in the U sand formation. This is regarded as a conservative analysis due to the use of Logging While Drilling ("LWD") tools which tend to underestimate oil pay compared with wire line conveyed tools. The N sand was not well developed at this location, in line with Amerisur's seismic attributes model. The oil column was affected by a slightly deeper position of the U sand at this location than predicted by the seismic model. The model has now been refined by the acquisition of a high resolution Vertical Seismic Profile (VSP) survey.

The well was completed for commercial production and flowed 320 BPD of 30.7 API oil on test with trace water at a controlled 17% drawdown.

The Serinco Rig D-10 has been skidded within Platform 3N and has spudded the next well on that pad, Platanillo-17. That well will be drilled to a location 2,178 ft to the south east of Platform 3N. The objective of Platanillo-17 is to further develop the strong culmination of the Platanillo field seen on the 3D/3C seismic data and proven by the results of Platanillo-7. The model was further calibrated by the high resolution VSP acquired by the Company in Platanillo-16.

The Environmental license application for the Ecuadorian part of the pipeline is currently under review by the Ecuadorian authority and the application to the Colombian licensing agency will be made in the next few days. The design and technical requirements are also under review by PetroAmazonas and Secretaria de Hidrocarburos of Ecuador and approval is expected shortly. In addition the Company has received from the Ecuadorian Ministry the schedule of transport tariffs for the project. These tariffs are substantially lower than current costs of trucking oil, and usage of the pipeline will result in an 85% reduction in transport costs compared to Rio Loro - Dina, where a large proportion of current production is delivered. The Company expects the line to be in operation in the second half of the year.

Current field production using trucked oil transport to Orito, Rio Loro-Dina and Rio Loro-Vasconia and Babillas stations is approximately 7,300 BOPD.

Paraguay

In Paraguay, the 416km 2D seismic acquisition programme in on track, with 41% of the data acquired to date. This programme is focused on 5 leads identified from legacy seismic acquired by Shell Pecten in the 1970's. The leads are associated with multiple stacked reservoirs within the Lima and Santa Helena formations which are of Devonian age. The Company currently estimates a potential unrisked Stock Tank Oil Initially in Place ("STOIIP") for the Lima formation of 501 millions of barrels of oil (MMBO), with unrisked prospective resources of 200 MMBO. The Santa Elena leads are estimated to hold unrisked STOIIP of 1,206 MMBO with unrisked prospective resources of 422 MMBO.

John Wardle, Chief Executive Officer of Amerisur, commented:

"Platanillo-16 is another successful well for Amerisur, bringing the total to 11 new wells and 3 successful sidetracks. Importantly, the VSP data acquired in Platanillo-16 has allowed us to accurately model this central section of the field and has led to an improved mapping for the area. This will be reflected in the future results of Platanillo-17, which appears to be a very similar prospect to Platanillo-7.

"I am pleased with the progress achieved on environmental permitting for our line to Ecuador, which is on track to be in operation in the second half. This will lift our current production constraints, reduce dependence on long distance trucking and have a very material impact on our operating costs and so result in even higher margins for the Company.

"The progress in Paraguay has also been very satisfactory, and I look forward to the processing and analysis of these important opportunities. As previously reported, the work we have done to date in Paraguay has convinced us that we are facing a viable petroleum province, and given our land position of approximately 6,000,000 hectares under contract, we are well placed to take advantage of any success within the country. I look forward to reporting further progress on all fronts as work continues."

ENDS

Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 28 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.

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