Transcript Corporate Presentation

UK-Paraguay Trade and
Investment Forum
November 2014
www.amerisurresources.com – a Latin American Producer and Explorer
Disclaimer
Important Notice
These presentation materials do not constitute or form part of any offer for sale or subscription or
any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of
them form the basis of or be relied upon in connection with any contract or commitment
whatsoever. No responsibility or liability whatsoever is accepted by any person for any loss
howsoever arising from any use of, or in connection with, these presentation materials or their
contents or otherwise arising in connection therewith.
These presentation materials may contain forward-looking statements relating to the future
prospects, developments and strategies of Amerisur Resources plc (the "Company"), which are
based on directors' current expectations and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or events to differ materially from
those expressed or implied in such statements. Each forward-looking statement speaks only as of
the date of the particular statement and, except as required by law or regulations to which the
Company is subject, the Company disclaims any obligation to update any such forward-looking
statement to reflect future events or developments.
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Amerisur in Summary
Overview
• Full cycle, approved Operator
• Successful Explorer and Developer
• Substantial proven reserves
• Growing production
• Developing regional infrastructure
• Strong Balance Sheet coupled with low cost, efficient
operations and high net back
• Large upside within proven assets
• Exciting low risk step out exploration base
• High impact exploration in Paraguay
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Amerisur in Summary
Introduction
Colombia
•
Producing field Platanillo located in the prolific Putumayo basin
•
Exploration block Put-12 directly to east of Platanillo (60% working
interest)
•
•
•
Fenix block (100% working interest), in the Middle Magdalena Basin
to the North of Colombia
Caribbean Sea
Venezuela
FENIX
COLOMBIA
Pacific
Ocean
Put-30 50% WI
Ecuador
1P field reserves 19.8MMBO, 2P reserves of 32.8 MMBO*
•
Net mean resources of 235 MMBO**
Brazil
Peru
Paraguay
•
Transformational potential in Paraguay - Extensive acreage position in
Paraguay comprising two E&P and three Prospecting permits
•
Curupayty E&P
Bolivia
Active low cost exploration programme continues – Seismic, Gravity,
Aeromagnetics
Jaguareté-1 High Impact Well Q1 2015 - resources estimated at 685
MMBO**
Finances
•
PUT-12
H1 2014 Production of 6,561 BOPD – Pipeline to Ecuador under
development
•
•
PLATANILLO
PARAGUAY
Las Palmas
Permit
Brazil
Coronillo
Permit
H1 2014 Revenue US$114.1MM (H1 2013 US$64.4MM)
•
Cash of US$96 MM as at 29 September 2014
•
Exploration and development funded from cash flow and resources
*As at 31 December 2013 ** Net Unrisked Management Estimates
Espartillar
Permit
San Pedro
E&P
Argentina
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Amerisur in Summary
A full cycle E&P company
Production
Development /
Appraisal
•
Current production of ±6,500 BOPD from the Southern/Central lobe of Platanillo
•
2014 H1 avg. production 6,561 BOPD Total Field production to date 4,271,605 BO*
•
•
Field reserves 1P 19.8MMBO, 2P of 32.8MMBO**
Ecuadorian export connector will drive down costs and increase volumes
•
•
•
•
•
5 to 7 well drilling campaign in Platanillo in 2014 - U and T Sand
2P
1P &
Resources
Reserves (Pad 2N & Northern structures)
Platanillo resources 35MMBO**
T Sand now established producer (Plat-20 and soon Plat-10)
N Sand (proven stratigraphic trap) reserves additions at end 2014
•
Potential to add material reserves at Platanillo
–
Exploration
•
Put-12 – same geology but 5 times bigger than Platanillo
–
•
•
Libélula-1, Northern structures, Independent closure, Northern 3D Seismic initiated
Mapping currently indicates 200 - 480MMBO*** of potential resources
Put-30 Neme tertiary Heavy Oil play
Potential game changer well in Paraguay
–
San Pedro 460km 2D completed – Drilling Q1 2015 – 685 MMBO** potential resources
*As at 30 September 2014 **As at 31 December 2013 *** Net Unrisked Management Estimates
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Platanillo – Production Performance
Production and Reserve Growth
250
3,000,000
35
Year End Audited Reserves
30
2,500,000
25
(US$mm)
150
1P Reserves
20
2P Reserves
15
2,000,000
10
5
1,500,000
0
2010
2011
2012
30th June
2013
100
Production (bbls)
MMBO
200
1,000,000
NET SALES (USD MM)
PRODUCCION
50
500,000
0
0
2010
2011
2012
2013
2014ê
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Paraguay Overview
Paraguay from an Oil and Gas Perspective
• Geological
• No commercial discoveries to date
• 5 sedimentary basins – large area
• Under explored – data density very sparse
• Operational
• Lack of Hydrocarbon infrastructure
• Good physical infrastructure (except far west)
• Contractual
• Established Governmental entities with clearly defined roles
• Appropriate Government take
• Business focused administration
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Paraguay Overview
Paraguay – The opening of a new Petroleum province
Basins shared with adjoining
petroleum producing regions
A
YPF
Excellent contractual terms
President Petroleum
Significant increase in
interest and activity –
serious players
A
A
Recent announcement of
discovery
A
A
PetroPar
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Paraguay Overview
Paraguay Operations
Our work suggests that all necessary conditions are present for a commercial
hydrocarbon discovery
• San Pedro
–
–
–
–
Coronel Oviedo, Lima, Santa Helena
and Cary potential reservoirs
460km 2D acquired
Jaguareté-1 exploration well in Q1
2015
Unrisked Resources – 620MMBO
• Western Blocks (Las Palmas,
Coronillo and Espartillar)
–
–
Yacoraite Fault Traps and Onlap
(tilted blocks and stratigraphic)
Interpreting 1590 km reprocessed
2D seismic
Bolivia
Curupayty Permit
Brazil
Las Palmas
Permit
Paraguay
San Pedro
Permit
Coronillo
Permit
Espartillar
Permit
• Curupayty
–
–
Non Conventional potential in Los
Monos thick Devonian Shales
Under technical / economic review
Argentina
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San Pedro – Wildcat but with Offset Data and remote studies
San Pedro Block – Paraná Basin
• 2 Wells drilled by Shell Pecten off structure or low on structure
• Indications of residual oil with gas
shows
• Strong Geochemical surface
signatures
• New seismic (Jan 2014) confirms
structural model
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San Pedro – Solid Structures
San Pedro Block – Paraná Basin
LEADS (LIMA Fm)
LEAD 3
LEAD
Area
N°1
9818 Acres
N°2
1885 Acres
N°3
14243 Acres
20% of Block area shown
LEAD 2
Jaguaretè-1
LEAD 1
Jaguarete-1 ± US$14MM
Potential Resources ± 700MMBO
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West Blocks Paraguay
Paraguay West – Yacoraite Onlap according to Gravity Mapping
Our play concept is
focused on the
edges of the basin,
where the tilted
Palaeozoic fault
blocks may create
major traps,
charged from the
down-dip central
basin kitchens in
the Cretaceous
source rocks of the
Yacoraite group,
with potential
additional charge
from Devonian
source
Yacoraite onlap
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Paraguay Overview
Paraguay West Overview – Geo-Seismic Section and Play Concept
Argentina Analogue
Tilted Palaeozoic Fault Blocks at
basin edges
N
S
Migration Route
Hydrocarbon generation in the
deeper cretaceous source rocks,
with potential for additional
Devonian sourcing
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Paraguay Overview
Paraguay West Overview – Reprocessed seismic supports gravity model
S
N
LAS PALMAS BLOCK
Yacoraite
Possible Yacoraite
On- Lap
Devonian
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Summary
Summary – Exciting times in Paraguay
Attractive and stable environment for investment
Reasonable Contractual and Fiscal terms
Exciting upside with large but unproven potential
Operations are challenging but feasible
Amerisur Forward Programme
Drilling of Jaguaretè-1 in early 2015
2,000km of new Seismic Acquisition in the West during H1
2015
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