With fast-rising production having driven strong headline figures, 2012 turned out to be a watershed year for Amerisur Resources (AMER) . Moreover, a busy exploration and appraisal programme enabled the South American-focused oil and gas company to substantially increase its reserve base.
Earnings soared in the year as Amerisur met its year-end production capacity target of 5,000 barrels of oil per day (bopd) from its Colombian Platanillo field. But management estimates that this has increased to around 7,000 bopd since the period ended. Actual output increased markedly throughout the first quarter of 2013, with production averaging 125,000 barrels last month. However, Amerisur is having difficulties getting its oil to market - management is currently looking at utilising the neighbouring Ecuadorian oil transport system.
Since the year-ended, estimates of proven and probable (2P) oil reserves at the Platanillo field have risen by 7.7m to 29.9m barrels. Amerisur has also been awarded a 60 per cent working interest in the Put-12 block, adjacent to Platanillo in Putumayo, with an estimated potential of 140m-300m barrels. More updates will follow through 2013 as the fully-funded, 10-well exploration programme progresses.
Broker Investec Securities anticipates adjusted EPS of 7.8¢ for 2013 (1.4 ¢ in 2012).
| AMERISUR RESOURCES (AMER) | ||||
|---|---|---|---|---|
| ORD PRICE: | 52p | MARKET VALUE: | £539m | |
| TOUCH: | 51-52p | 12-MONTH HIGH: | 61p | LOW: 17p |
| DIVIDEND YIELD: | nil | PE RATIO: | 59 | |
| NET ASSET VALUE: | 12¢* | NET CASH: | $47m | |
| Year to 31 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 0.35 | 0.05 | nil | nil |
| 2010 | 1.73 | -1.23 | 0.06 | nil |
| Year to 31 Dec | ($m) | ($m) | (¢) | (¢) |
| 2010† | 9.01 | 2.26 | 0.13 | nil |
| 2011 | 14.2 | 3.51 | 0.19 | nil |
| 2012 | 42.2 | 20.1 | 1.35 | nil |
| % change | +197 | +474 | +611 | - |
*Includes intangible assets of $81m, or 8¢ a share †Nine-month period £1=$1.52 | ||||
