Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay. I have a holding in my growth portfolio (epic code: AMER)
Amerisur announced an update on its exploration in the Platanillo field, Colombia today. They stated that Platanillo-12 produced 2,371BOPD of 31.8° API on test from U sands, the well has now been placed on controlled production at approximately 1,450 BOPD. Platanillo-2 ST1 sidetrack is also progressing well.
The total field controlled production is estimated at 8,500 bopd with the contribution of Platanillo-12; this is a substantial improvement from the beginning of the year, when production capacity was estimated as 5,400BOPD, but constrained by export capacity problems to 4,000BOPD.
They now have 8 new wells drilled and 2 successful sidetracks completed and have achieved a 100% success rate to date. They plan, to add 30,000 BO of additional oil storage by end August, together with additional production treatment trains which will facilitate the management of the wells.
The major issue the company has is that oil delivery options continue to be tight, with the Company continuing to develop and pursue export capacity additions in both Colombia and Ecuador, in order to support future production growth.
If expectations are met of sales of $290m by 2014, EPS should be in the 13-14c range, indicating a forward P/E of around 5. As always small oil & gas explorers are high risk, but AMER seems to be establishing a good track record.
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