Amerisur Resources Share Discussion Threads

[knackers] 20/3/2019 08:41

A confident and canny commercial move - clearly plenty going on behind the scenes. The significance of the OBA cannot be over emphasised.

Another piece of the jigsaw in place. Monster upside.

[kaos3] 20/3/2019 08:38

humor all around us this morning

"allows the company to accelerate work "

[swerves1] 20/3/2019 08:35

Today's TP from Stifel is 35p:

"Addendum - Our thesis on Amerisur is that the exploration portfolio offers plenty of opportunities for NAV growth through the drill-bit, most notably at the CPO-5 licence where the next well result, Calao-1X, is expected this month. This morning AMER has announced the opportunistic acquisition of the 50% of the PUT-8 licence it does not already own, exercising a right of first refusal. The acquisition confers operatorship and allows the company to accelerate work on what could be a highly strategic asset given AMER's control of local infrastructure. Our financials have been updated; target price is unchanged.(at 35p)..."

[swerves1] 20/3/2019 08:29

Plenty - you never give up do you?
Lol

[tyler durden1] 20/3/2019 08:26

Placing? Doesn't look at all necessary. If you read the blurb you will see that all this deal is reduces Amerisur cash pile and that assumes they don't farm some of it out.

[winnings1] 20/3/2019 08:26

Amer's management is wide awake and on the ball, today's news proves that.

[plentymorefish] 20/3/2019 08:24

Placing news soon presumably while they can raise at a reasonable price

[plentymorefish] 20/3/2019 08:24

12 to 14 I would imagine

[tsmith2] 20/3/2019 08:20

Whats the TP?

[tyler durden1] 20/3/2019 08:14

Personally like to see Amer farm out to allow someone else to be operator, possibly on this occasion it needs to be GTE, additionally charging them for transporting oil via OBA. Acquisition costs do not even change Amerisur's ability to self fund via its cash positive position.

If Occidental gets a percentage they might not get operator status but GTE would definitely being largest percentage holder.

Would also set the stage for OCCi at some stage to look at Amerisur as a take out menu.

[xxnjr] 20/3/2019 08:13

Ah, the 2nd prospect, Bienparado can be directionally drilled from Platanillo.

[swerves1] 20/3/2019 08:06

Stifel's report here shows how good this deal is:

"Today 07:48Amerisur exercises $19.1M right of first refusal on PUT-8: On 20 February 2019 Amerisur's Putumayo basin peer Gran Tierra Energy announced three asset acquisitions in the region, one of which was the purchase of a 50% working interest in PUT-8 from Vetra Energy subject to a right of first refusal (the right belonging to Amerisur Resources, 50% partner in the block). AMER has now exercised this right of first refusal to buy Vetra's 50% stake in the licence on the same terms, namely a $19.1M upfront cash consideration. The transaction remains subject to regulatory approval.

$20M exploration work programme unchanged: AMER has identified a number of prospects in the licence, notably the Miraparriba (4.4M bbls) and Bienparado structures, the latter <1km from Amerisur's Platanillo field. Permitting is underway to drill on these prospects, an event that is guided for Q3/Q4 2019. The company will also acquire 112 sq km of 3D seismic. The total cost of the two wells + seismic is anticipated at c.$20M.

We see a 1.5-year payback period on acquisition costs + upfront capex: The strategic significance of the PUT-8 licence to Amerisur is that it lies adjacent to the Platanillo field with its wholly-owned OBA pipeline infrastructure.

Attractive terms and netbacks: There is a 2% X-factor royalty and 0% high prices tariff on the first 5M bbls of production from the licence. Initial production would benefit from existing tax losses acquired from Platino Energy. Initial, pre-tax netbacks may be in the range $35-40/bbl at current commodity prices, normalising to ~$25/bbl on a post-tax basis after 1-2 years.
At a production rate of 2,000 bbls/d, initial cash flows would be $25-30M/yr, recouping the ~c.$40M initial investment ($19.1M purchase price + $20M capex) in ~1.5 years.
NAV and financials updated: See summary on Figure 1 (NAV) and page 2 (financials). Factoring in the additional capex, we now forecast AMER to end the year with $28M of cash, vs $47M previously."

[xxnjr] 20/3/2019 08:05

sorry 52%.

[charlieeee] 20/3/2019 08:00

From GTE's RNS, updated info on Surorient block, post Vetra transation

-- Working interest ("WI") in and operatorship of the Suroriente Block
("Suroriente"), which would increase Gran Tierra's WI in Suroriente from
15.83% to 52%
(Eco petrol do have the other 48%)

It is possible that contracts have already been signed and so the Mirapariba well may simply go ahead accordingly.

Given that the block is "drill ready" it obviously does command a higher price and good, having now completed the acquisition phase, to start establishing high current value: the "most recent price on the street" strategy, rather than what was paid historically: "making your own market" so to speak?

Will tomorrow's news be a farm in by OXY, as happened with Mecaya?

[tyler durden1] 20/3/2019 07:56

Super news!

At the time of Pintadillo it was suggested that perhaps just perhaps Amerisur were not disappointed or someone had accidentally missed the target and where we have had no real feedback on that drill since and mimicking a previous modus operandi in acquisition of leases.

So to take up right of first refusal suggests there was more confidence of oil in the N and Pintadillo's perceived failure can't have helped boost the price.

Never be surprised now for Amerisur to balance risk by farming out to GTE or Occi some of the percentage, getting a free ride on the rest.

[winnings1] 20/3/2019 07:51

Management of Amer is wide awake and on the ball. Today's news proves that.

[tsmith2] 20/3/2019 07:51

Look at POO.. AMER are throwing off stacks of cash.

[leas1] 20/3/2019 07:49

Good news today. Maybe the reason why we are being held back will become a little more transparent now.

Would not expect an update on Cal-1 on today's news if it was a success. Not the way to get the best shareholder value.

[swerves1] 20/3/2019 07:45

I think they are very confident or they would not have gone for this deal!

[swerves1] 20/3/2019 07:45

I think they are very confident or they would not have gone for this deal!

[rollthedice] 20/3/2019 07:45

Seems quite expensive given 'N' sands experience with Pintadillo but could pay for itself if Miraparriba-1 delivers (100% AMER). Perhaps AMER are throwing off more free cash than expected or this cash has been released by recent farm-in deal? Just hoping this is the start of a series of positive RNS and not AMER's normal strategy of giving us some good news... then bad.

[bibdaddy] 20/3/2019 07:39

Perhaps they know the results from the well and know it is going to be profitable therefore making the capital expenditure less of a risk.