TIDMAMER
RNS Number : 9457M
Amerisur Resources PLC
26 January 2016
26 January 2016
Amerisur Resources Plc
Acquisition of Platino Energy Ltd
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America, is pleased
to announce the acquisition of Platino Energy (Barbados) Ltd
("Platino"), a private company, from COG Energy ("COG") for a total
consideration of US$7MM.
Highlights:
-- Payment to COG of a total of US$7MM on closing. The
consideration will be paid in Amerisur stock and the Company will
issue 22,711,494 Ordinary Shares. The payment is based on the 30
day VWAP prior to closing.
-- A further payment will be made in Amerisur shares,
approximately one month after closing following finalisation of the
closing balance sheet, for the net non-cash current assets. This
payment is estimated to be approximately US$500,000.
-- In addition Amerisur will replace US$1.7MM of cash guarantees
with the Agencia Nacional de Hidrocarburos ("ANH"), relating to the
Platino assets
-- Amerisur will also pay a 2% net royalty per block to COG,
once net production in each block exceeds 5,000 barrels of oil per
day ("BOPD").
-- Platino carries tax pools of approximately US$24MM which may be offset against future income.
-- All assets acquired will have access to Amerisur's
Ecuador-Colombia Interconnector pipeline ("OBA"), ensuring lower
transportation and commercialisation costs.
-- Transaction adds 190 MMBO of unrisked resources to Amerisur's asset base.
-- As little as U$12MM of commitments across Platino's portfolio in the next three years.
The assets acquired through this transaction are:
-- 50% (non-operated) working interest in PUT-8 Block adjacent
to the west of Platanillo. Vetra Energia S.L. ("Vetra") holds a 50%
working interest and is the Operator. The block is currently in
Phase 1 of exploration.
-- 100% (Operator) working interest in the Coati Evaluation Area
(Temblon Field) within the Coati Block located in the South West of
the Putumayo basin. A third party operator, active in Colombia,
after fulfilment of a carry in the next exploration well of
US$2.7MM will be entitled to a 20% working interest in the
exploration area of the block, which does not include the Coati
Evaluation area (Temblon field), which will remain 100% to
Amerisur. The block is awaiting an exploration environmental
license to advance the planned exploration programme.
-- 100% owned and operated Andaquies Block located in the north
east of the Putumayo Basin with a one well commitment by May
2017.
The Put-8 Block, adjacent to the west of the Platanillo field,
is in Phase 1 of its exploration period and has a 2% X Factor and
low work commitments of one exploration well and 208km(2) of 3D
seismic. The block has had limited exploration and is bordered by a
number of proven oil fields. Two drill-ready prospects have been
identified on new 3D seismic, adjacent to the Platanillo field and
significant upside has been identified in the N sands adjacent to
the Cohembi field. The block has unrisked resources of 45MMBO and
is currently awaiting an environmental license to advance the
exploration programme.
The Coati Block, located in the South West of the Putumayo basin
and adjacent to the Loro and Hormiga oil fields, is in Phase 3 of
its exploration period with no X Factor and low work commitments.
Seven prospects and leads have been identified on 2D seismic with
unrisked resources of 79MMBO. Towards the southern end of the
block, in the Coati Evaluation Area (Temblón field), there is a
proven hydrodynamic trap in the Caballos Formation and a structural
accumulation in the T and U sands which have flowed oil and are
awaiting extended testing. The Temblón field is currently in an
evaluation period. Additional prospectivity has been identified in
the exploration areas of block with the Nasua prospect drill ready
and N sands with stratigraphic potential in the North of the block.
The block is awaiting an exploration environmental license to
advance the planned exploration programme. A "consulta previa" with
indigenous communities is required by law in order to commence the
long term testing of these discoveries.
The Andaquies Block located in the north east of the Putumayo
Basin has no X Factor and low work commitments of one exploration
well by May 2017. The block has multiple proven reservoir targets,
six mapped leads targeting both proven and novel plays and unrisked
resources of 66MMBO prospects both proven and unproven and sits to
the north east of a proven structural play within the Putumayo
Basin. The block's exploration environmental license has been
granted.
John Wardle, CEO of Amerisur commented:
"This acquisition represents a significant new opportunity for
Amerisur and is in line with our strategy to expand the Company's
asset base using the low oil price environment to buy assets with
significant resource potential at attractive valuations, while
expanding our portfolio of opportunities, thus creating greater
flexibility and diversity in our production base and forward
planning. Through this transaction we are adding three highly
prospective assets to our portfolio at a low cost, with significant
tax losses and minimal work commitments, while also consolidating
our position in the Putumayo basin.
"The X factors are low or non-existent and the commitments are
also low, which will enable us to maintain the discipline of
investing in risked capex only what we generate in free cash
flow.
"All three assets have exciting exploration potential with
multiple plays identified and are ideally positioned to feed into
Amerisur's Ecuador-Colombia Interconnector pipeline (OBA) creating
further value.
We look forward to beginning the evaluation of the discoveries
in the southern part of the Coati block, where we hold 100%, in
order to add further reserves and development activity into our
portfolio."
Tomas Villamil, CEO of COG Energy commented:
"We are very happy to close this transaction with Amerisur. As
new shareholders of Amerisur we look forward to the long term value
creation from these assets, which will be facilitated by Amerisur's
abilities to operate efficiently within the region."
An application will be made to the London Stock Exchange for
22,711,494 new ordinary shares of the Company ("Shares") to be
admitted to trading on AIM. The Shares will rank pari passu with
the Company's existing issued ordinary shares and dealings are
expected to commence at 8:00 a.m. on 1 February 2016.
Following the issue of the Shares, the issued ordinary share
capital of the Company will comprise a total 1,095,749,509 shares.
No ordinary shares are held in treasury.
ENDS
Competent person: Technical information in this announcement has
been reviewed by John Wardle Ph.D., the Company's Chief Executive.
John Wardle has 29 years' experience in the industry, having worked
for BP, Britoil, Emerald Energy and Pebercan, and is a trained
drilling engineer.
ENQUIRIES:
Billy Clegg/Georgia Tel: +44(0)203 757 4980
Mann
Camarco
Daniel Conti/Tristan Tel: +44 (0)207 653 4000
Lovegrove
RBC Capital Markets
Chris Sim Tel: +44 (0)207 597 4000
Investec
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 of circa 4,350 BOPD. Amerisur's strategy is
to acquire, explore and develop large acreage positions in major
under explored basins located in South America. The Company's
distinctive approach has been to own 100% of its assets at early
stages in order to have full control over the fields' development.
That requirement is now being relaxed as a sound production
baseline has been established and in response to the widening
opportunity set to which the Company has access.
In Colombia, the Company is operator and has a 100% working
interest in the Platanillo block which includes the Platanillo
field which is currently producing circa 4,350 BOPD. The 11,341
hectare block is located in the Putumayo Basin. In addition, the
Company has a 60% working interest and operatorship in block
Put-12, a 55,000 hectare block which is adjacent to Platanillo and
shares its geology and a 50% working interest in Put-30 a 38,514
hectare block, approximately 55km to the north of the Company's
100% owned Platanillo field. The company has recently acquired a
30% working interest in the CPO-5 contract, located in the Llanos
basin and a 49.5% working interest in the Tacacho contract, located
in the Caguan-Putumayo basin.
In Paraguay, Amerisur is the largest acreage holder in the
country, with 5.2 million hectares covering five 100% owned oil and
gas permits in the Paraguayan part of the Chaco and Parana
Basins.
John Wardle is CEO of Amerisur, having worked in Colombia since
1994, first for BP Exploration and subsequently for Emerald Energy.
The Company is chaired by Giles Clarke and is listed on the AIM
Market of the London Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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