24th February 2011 Oil & Gas Corporate News Amerisur Resources (AMER, 24p, ? (2.13%)) provided an update on its reserve base and operations. AMER’s certified reserves from the Platanillo acreage in Colombia have increased by 350% to 3.6 MMBO. These 2P reserves have been evaluated by Petrotech as representing an NPV of US$200m undiscounted and a 10% discounted NPV of $115m. The company also informs that the lifting cost at Platanillo has been further reduced and stood at US$9.94 per barrel of oil in January, resulting in netback to the company of approximately US$67 per barrel of oil at current prices. The 3D3C structure map and petrophysical data were analysed in a Monte Carlo simulation and indicated the following prospective resources within the Platanillo Field: P90 45 MMBO; P50 69 MMBO; and P10 95 MMBO. Environmental licensing processes are well advanced and the Company expects the drilling programme will commence during Q2 2011 and the 6 planned wells are targeting 35 MMBO of 2P reserves and production to 5,000 BOPD by the year end. Isabel-1 continues on Long Term Test with production levels steady at approximately 20BOPD. Iguasa-1 has received no further treatment since the previous update, and continues to produce intermittently at low rates. The Fronterra study has been delivered and the Company is currently reviewing the conclusions. An additional geological study of the block has also defined a previously undetected structure in the back limb of the block which is under review. The Company has received a number of offers for participation in the Fenix Block, which are being evaluated. In Paraguay Amerisur has commissioned a 12,800 line km Aeromagnetic survey over its San Pedro block and the Parana basin up to the border with Brazil. This survey is designed to map the general development of the sedimentary series in the basin, and give detailed data within the San Pedro block, which will allow the Company to refine the structural forms and confirm the sourcing pathways to the block which were indicated by our previous Geochemical work. The selected contractor for this survey is Fugro Geophysical, and a contract is expected to be signed shortly. The Company plans to mobilise the survey during April 2011, with completion during July. Aminex (AEX, 9.13p, ? (2.67%)) announced that it has now received formal approval from the Tanzanian Ministry of Energy and Minerals to acquire an additional 15% working interest from…

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