In 2018, production from Amerisur Resources’ (AMER) onshore wells in Colombia climbed 10 per cent to 5,356 barrels of oil per day (bopd). Last month, alongside news of a dry well at Calao-IX, investors were informed that output had fallen back to 4,600 bopd in the first quarter of 2019.
Full-year results pointed to how this might rebound. Earlier this month, ongoing testing meant the Indico and Mariposa discoveries were producing at a combined 8,082 bopd alone, although as is now customary, Amerisur provided no guidance on either full-year production or exit rates.
Instead, the explorer-producer would rather the focus was directed on its fully-funded drilling programme, which is targeting gross prospective resources of 145m barrels of oil across the CPO-5 and the Putumayo fields in 2019. That outlook will also brighten if, as is expected, Amerisur is granted a permit to transport third-party crude through the OBA pipeline.
In turn, that might produce a better set of financial results in 2019. Last year, higher price tariff charges and increased maintenance activity lifted the cost of sales to nearly $78m (£60m), leading to an operating profit of $11m after a rise in impairments and general and administrative costs.
On average, analysts expect earnings of 2¢ a share for 2019.
| AMERISUR RESOURCES (AMER) | ||||
| ORD PRICE: | 14.2p | MARKET VALUE: | £173m | |
| TOUCH: | 14-14.3p | 12-MONTH HIGH: | 20.5p | LOW: 9.3p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 17.4¢ | NET CASH: | $44.1m* | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
| 2014 | 199 | 47.5 | 2.6 | nil |
| 2015 | 61.2 | -25.1 | -2.5 | nil |
| 2016 | 47.2 | -29.4 | -2.4 | nil |
| 2017 | 84.7 | 0.35 | 1.0 | nil |
| 2018 | 108 | 8.42 | 0.1 | nil |
| % change | +28 | +2306 | -86 | - |
| Ex-div: | na | |||
| Payment: | na | |||
| *Includes $9.3m of restricted cash £1=$1.31 | ||||
