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Posts: 261
Opinion: No Opinion
Posted: July 22, 2019
RNS Number : 2462G
Amerisur Resources PLC
22 July 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
FOR IMMEDIATE RELEASE
22 July 2019
Amerisur Resources Plc ("Amerisur" or the "Company")
Possible offer from Etablissements Maurel & Prom S.A. ("Maurel & Prom")
The Board of Amerisur Resources Plc ("Amerisur" or the "Company") has noted the announcement this morning by Maurel & Prom regarding a possible offer for the whole of the issued share capital of Amerisur at a price of 12.5 pence per share in cash and 4.5 pence per share in Maurel & Prom shares (the "Possible Offer").
Following the approach from Maurel & Prom concerning its Possible Offer and the receipt of other interest in the Company, the Board concluded that the Maurel & Prom Possible Offer materially undervalued the Company and was not at a level, nor in a form, that merited further consideration.
On 19 July 2019, the Company announced that it has commenced a strategic review, including a Formal Sales Process as set out by The City Code on Takeovers and Mergers (the "Code"). Immediately following the announcement, through a conversation between our respective advisors, Maurel & Prom was invited to participate in this process and, as set out in their press release, has agreed to do so. The Board welcomes Maurel & Prom's participation in the competitive Formal Sales Process.
The Board can confirm that a number of conversations have taken place since the announcement of the competitive Formal Sales Process with counterparties who have expressed their interest in participating and it is confident that a competitive process involving several of these potential counterparties can be completed to the benefit of all shareholders.
The Board will therefore consider any future proposal put forward by Maurel & Prom in the context of the ongoing competitive Formal Sales Process. Shareholders are strongly advised to take no action in respect of the Possible Offer.
A spokesperson for Amerisur said:
"The purpose of the competitive Formal Sale Process we launched on Friday is to maximise value for shareholders. As well as the offer from Maurel & Prom, we have had a number of additional expressions of interest in the Company."
The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Code, for so long as it is participating in the formal sale process.
Any further updates regarding the competitive Formal Sales Process will be announced as appropriate.
This announcement has been made without the prior consent of Maurel & Prom. There can be no certainty that any firm offer for the Company will be made nor as to the terms on which any firm offer might be made.
Posts: 261
Opinion: No Opinion
Posted: October 19, 2017
RNS Number : 0123U
Amerisur Resources PLC
19 October 2017
19 October 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Operational Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an operational update on activities in Colombia.
Platanillo
Drilling of Platanillo-25, a medium step out directional well drilled to the south west of Pad 2N partially to determine the extent of the inferred permeability barrier between Pad 2N and the main structure of the Platanillo field, is complete.
Platanillo-25 was drilled to a planned total depth of 8,699ft, logged using logging-while-drilling tools which indicated 10ft of pay in the U sand. Although the reservoir levels were encountered close to prognosis, overall pay thickness was reduced by increased shale content within the upper part of the U sands. This result will help increase our understanding of the location and make-up of the inferred permeability barrier.
The Company is now side tracking Platanillo-25 to locate a production well further up dip and nearer to Platanillo-21 where better reservoir quality and additional pay thickness is expected and which has the potential to deliver more sustainable production. The side track is expected to be completed before the end of October.
In addition to the discovery of the U sands the well also intersected 3ft of pay in the N sands, a more positive result than expected for the planned drilling campaign in the north/central part of the field targeting 18.8 MMBOE.
Once the side track is complete, Platanillo-27, a planned well to the north of Pad 2N will be drilled in place of Platanillo-23 while analysis of the data from Platanillo-25 continues. Platanillo-27 is targeting a bottom hole location to the north of Platanillo-22 in a structural position similar to Platanillo-21.
As part of its low-cost optimisation work programme across the Platanillo field, routine well service operations have been undertaken on Platanillo 10, 11 and 20 including down hole pump changes and production string optimisation. In addition the Company has perforated a 4ft section of the Upper U sand in Platanillo-21 and the well is now being brought back onto production to test the effect of this additional perforation. Production from the Platanillo-21 well has been managed carefully in order to minimise water production arising from the incomplete cementation of the 7" casing. The management of Platanillo-21 and routine maintenance are likely to have a modest impact on production in October but are part of the production optimisation plan aimed at securing the Company´s 7,000 BOPD exit rate target for 2017.
CPO-5
The operator of the Mariposa discovery in the CPO-5 block has informed the Company that the equipment to initiate the Long Term Test (LTT) of the Mariposa-1 well is 95% mobilised to location and 80% installed. The LTT will commence after the inspection visit by the National Hydrocarbons Agency (ANH) to approve the facilities and begin the LTT. The Company will make a further announcement on commencement of the LTT.
John Wardle, Chief Executive Officer, commented:
"We are very encouraged by the results of Platanillo-25 which supports the view that there is significant further upside in the Platanillo field, both in the separate northern structure targeting 7.82 MMBO of recoverable reserves and in the N Sand Anomaly in the north/central part of the field targeting 18.8 MMBOE.
"The net pay observed in the U sands of Platanillo-25 may well be associated with the inferred permeability barrier which we believe has resulted in the deeper oil-water contact we discovered at Pad 2N. These subtle changes in lithology are usually not possible to detect in seismic data. To manage risk, we will focus on drilling to the north of Pad 2N with Platanillo-27 post the Platanillo-25 side track and meanwhile continue to analyse the data we have obtained.
"We are pleased to report that the LTT off Mariposa-1 is on track to begin at the end of October, which will not only diversify Amerisur's production base from one to two fields, but also adds further material production to Amerisur in the near term."