Latest results - http://www.stockopedia.com/news/announcement/AMER/090706amer000338.htm - for the South America focused oil and gas explorer

Financial Highlights:

  • Revenues for the year rose to GBP 0.35 million from GBP 0.096 million in 2008, while it reported a pre-tax profit of GBP 0.04 million versus a pre-tax loss of GBP 0.92 million last year
  • Net cash of GBP9.2m - "Amerisur remains very well placed to fund its immediate commitments and will continue to review new opportunities".


Operational Highlights:

  • Became operator of Platanillo contract; completed long-term testing & evaluation of the contract, increased working interest in contract to 60% - in line with strategy of having controlling interests in prospects
  •   Long-term production testing operations of Alea-1R and Platanillo-2 wells completed, final technical & economic report completed ahead of recommencement of production
  •   Appointed as unrestricted Operator for the purposes of the Mini-Ronda 2008
  • Fenix Block on track for drilling of Iguasa-1 exploration well later in 2009
  • Good progress made in Paraguay - completion of comprehensive geological and geophysical re-interpretation

Giles Clarke, Chairman of Amerisur Resources said:

Our core priorities of generating cash flows, delivering production and increasing our exposure to low risk, high impact prospects paid off this year as we continued to make good progress. We have commanding licence positions in our projects, strong cash reserves and a tight control on costs. There are opportunities that exist in this market for well capitalised companies, and I am confident that we can continue to increase our  production from existing and potential new projects, both in Colombia and Paraguay, that deliver shareholder value over the coming year.

 

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