Amerisur Resources on the rise after impressive year

22nd Apr 2014 12:50

Revenues soared fourfold in 2013 at Amerisur Resources as production ramped up at its Platanillo field in Colombia. The AIM-listed company enjoyed a 100% success rate as it drilled six commercial wells during the period to bring the total of to ten wells and three successful sidetracks in Platanillo, with a net average production rate for the year of 4,730 barrels of oil per day (bopd). Profit before tax rose 274.6% to $75.3m and the company had cash of $71.6m at year end. During 2014, Amerisur plans to drill seven wells in the Platanillo field and acquire further 3D seismic data and said it expected to launch a minimum three-well drilling programme in the neighbouring Putumayo-12 'Put-12' basin towards the end of 2014.Chairman Giles Clarke said based upon the major cash flows from the Colombian assets, the board intended to "investigate several major opportunities in other areas of Colombia, and enter new markets where the immense experience of the Chief Executive and board members in Latin America can be exploited".Shares in Amerisur were up 2.69% to 57.25p at 13:50 on Tuesday. OH