Questions To The Team


What does the upcoming work programme consist of?

Amerisur has a near term, active, fully funded work programme.

In the near term, following success at Indico-1 well, we plan to immediately commence a four-well drilling campaign to determine the prospectivity of the area within the LS3 play. This campaign will consist of the drilling of Calao-1, Pavo Real-1, followed by a further two wells to be drilled in the Indico structure from the Indico pad to refine resources and reserves estimates.

Furthermore, following the farm-out agreement signed in November 2018, Occidental Andina will fund a $93.25m exploration and appraisal program between 2019-2021. This programme is targeting Putumayo-9, Terecay, Tacacho and Mecaya, all in the Putumayo region, in southern Colombia. The farm-out blocks extend over 1.4 million acres and have prospective resources of 656 MMBO. The work programme includes the acquisition of 878 Km of 2D Seismic and the drilling of five exploration wells.

The drilling of the first of up to six wells on Coendu structure (Putumayo-9 and Putumayo-12) is expected to begin in Q3 2019.

In addition, Miraparriba-1 on Putumayo-8 is expected to spud in H1 2019.

Why does the OBA throughput appear reduced some months?

OBA throughput is not necessarily a reflection of production given royalty barrels are collected at the wellhead by the government and they choose when to collect them. They may go for several months without collecting before giving Amerisur notice they wish to collect. The Company has substantial storage in field where inventory can be built up pending pick up by the government (or OBA throughput).

Are there plans to transport third party oil via the OBA?

Amerisur is 100% owner and operator of the OBA pipeline, a key piece of strategic, cross-border export infrastructure delivering world-class operating margins and further growth potential.

The Company’s focus is to further increase the export of its crude through the OBA following exploration success and progress further commercialisation options to best utilise this important piece of infrastructure. The Company is reviewing options to utilise the capacity through the purchase of local crude until production ramps up. The Company is awaiting the approval of the Ministry of Mines and Energy in order to begin purchase and shipping of third party crude via OBA. That approval is expected in H1 2019.

In November 2018 Amerisur signed an agreement with Occidental Andina for the transport of oil produced from the blocks shared with Amerisur, with a commercial tariff charged for Occidental Andina's share.

What is the current political situation in Colombia?

The current Colombian government, led by Ivan Duque, which took office on 7 August 2018, represents a centrist position, with an ambitious manifesto of social equality, economic development, fiscal stability and the continuation of the peace process. The President has shown himself to be extremely committed to supporting industry and has underlined the importance of hydrocarbon exploration and production to the nation and the fulfilment of the aims of his administration. Government is currently canvassing the industry for suggestions to improve the efficiency of the agencies and Ministries, with the commitment to attack bureaucracy and minimise delays to oil projects.

Amerisur is committed to working through the social issues in the country and we continue our ongoing support of the peace process. We are committed to supporting the local people via our various community initiatives and contributing towards a peaceful and equitable operating environment.

Read more about our initiatives here.


What is Amerisur’s financial position?

Amerisur is in a strong financial position, reporting revenue growth of 93% to $67.9m, profit after tax of $10.8m and a robust cash position $49.3m at its Interim Results in September 2018. Our strong cash generation from existing production and balance sheet delivers a fully-funded work programme.

When will Amerisur pay a dividend?

It is Amerisur’s aspiration to pay a dividend once it is delivering sustainable production from multiple fields. The Company is making positive steps towards this goal, with production now coming from two oil fields. Cash returns to shareholders are regularly discussed by the Board and firmly remain a goal.

Corporate Governance

Is the Amerisur Board aligned with its shareholders?

Yes. The Board is 100% aligned with shareholders as demonstrated by the recent director dealings by John Wardle, CEO, and Giles Clarke, Chairman of over £1 million and £70,000, respectively.

When are Directors in a closed period?

Due to the Company’s ongoing fully-funded work programme, the close period regularly changes, and we cannot provide guidance on this and when the Directors are able to buy shares.


When is the next production update?

As per industry best practice disclosure we provide production updates on a quarterly basis, alongside regular operational updates.

When can shareholders expect a reserves and resources update?

The Company publishes its reserves and resources report annually, usually in the first quarter of the year. From time to time interim updates are made. Our most recent Reserves, Operational and Production Update can be viewed here.
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