A surge in 2013 revenues and profits testified to another strong performance from Amerisur Resources (AMER), but this year holds even more promise. The driller, which focuses on South America, has already brought another two wells on stream at its flagship Platanillo field in Colombia, while monthly production averaged 205,905 barrels during the first quarter of 2014 - a 93 per cent increase on the same period last year.
Six commercial wells were successfully drilled at Platanillo during the year, which boosted average net production to 4,730 barrels of oil per day (bopd). The ramp-up resulted in operating profits of $74.3m (£44.2m), against $19.6m in 2012.
Logistics currently constrain production capacity to around 7,250 bopd. But with a handful of wells yet to be drilled at Platanillo this year, along with data from new 3D seismic work, Amerisur is confident that it can eventually push up production towards 10,000 bopd. This will be aided by the completion of a pipeline linking Platanillo to Ecuador and the Pacific Coast, which is expected during the second half of this year. Amerisur also anticipates drilling its first well in San Pedro in Paraguay towards the end of 2014, subject to interpretation of seismic data.
| AMERISUR RESOURCES (AMER) | ||||
|---|---|---|---|---|
| ORD PRICE: | 57p | MARKET VALUE: | £605m | |
| TOUCH: | 57-57p | 12-MONTH HIGH: | 66p | LOW: 36p |
| DIVIDEND YIELD: | nil | PE RATIO: | 21 | |
| NET ASSET VALUE: | 17¢* | NET CASH: | $72m | |
| Year to 31 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (¢) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 2 | -1 | 0.1 | nil |
| Year to 31 Dec | ($m) | ($m) | (¢) | (¢) |
| 2010 † | 9 | 2 | 0.1 | nil |
| 2011 | 14 | 4 | 0.2 | nil |
| 2012 | 42 | 20 | 1.4 | nil |
| 2013 | 169 | 75 | 4.5 | nil |
| % change | +301 | +275 | +231 | - |
*Includes intangible assets of $27m, or 2.6¢ a share †Nine-month period £1=$1.68 | ||||
