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Colombia: Amerisur Resources announces interim results for the six months ended 30 June 2019


12 Sep 2019

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Amerisur Resources, the oil and gas producer and explorer focused on Colombia, has announced its interim results for the six months ended 30 June 2019.

Highlights:

Financial

  • Revenues of $53.8m (H1 2018: $67.9m)
  • Generated profit before tax of $4.4m (H1 2018: $12.5m)
  • Adjusted EBITDA* of $19.2m (H1 2018: $24.3m)
  • Increase in net cash from operating activities to $18.5m (H1 2018: $12.5m)
  • Robust net cash** position of $46.0m (YE 2018: $44.1m)

Production and OBA

  • H1 2019 average production of 5,552 BOPD (H1 2018: 5,959), with an average realised price per barrel of $58.8/bbl (H1 2018: $64.2/bbl)
  • Current production c.6,900 BOPD
  • Approvals received to transport third party volumes through OBA, with initial volumes of third party oil transported in May
  • Continuing focus on strong HSE practices, with no reported lost time incidents

Exploration and Appraisal

  • Production started from the Indico discovery in the CPO-5 block in January
  • Obtained final approvals from ANH for the farm out to Occidental of acreage in Putumayo
  • Entered into deals on PUT-8 to obtain operatorship

Strategic Review and Formal Sale Process ('FSP')

  • Following receipt of interest in the Company and its assets from other industry participants and in order to maximise value for shareholders, the Company announced its decision to conduct a strategic review, including an FSP
  • Multiple parties participating in the FSP following the signing of confidentiality agreements
  • Management presentations with interested parties to be held in coming weeks in Bogotá

Outlook

  • Advancing near term exploration and appraisal activities, with Indico-2 expected to spud H2 2019
  • Expect to reach or exceed the top of FY 2019 production guidance of 5,000 - 6,000 BOPD

* Earnings before interest, tax, depreciation, amortisation and impairment and adjusted to exclude share option charges

** Including restricted cash of $15.6m

Giles Clarke, Chairman of Amerisur, commented:

'The first half of 2019 delivered important corporate milestones. These included first oil from Indico, approval of the transformational farm out of acreage with Occidental and starting transportation of third party oil through the OBA pipeline. This reliable low cost export route has positive implications for development of the Putumayo basin with the potential to be a material source of additional revenue for the company. We end the period with a robust net cash position of $46m.

I am pleased to report that following steady production growth in the year-to-date, we anticipate reaching or exceeding the top end of our production guidance of 5,000-6,000 BOPD.

For the remainder of the year, we remain focused on building production to the top end of guidance, appraising the Indico field and progressing the competitive FSP in order to maximise value for all shareholders.'

Original article link

Source: Amerisur Resources





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