ANALYST SITE VISIT
Transcript of ANALYST SITE VISIT
ANALYST SITE VISIT
19 – 21 SEPTEMBER 2016
A Latin American Producer & Explorer
www.amerisurresources.com
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FULL CYCLE E&P ENTERING STRONG GROWTH PHASE
AMERISUR
· Strong financial position
· Solid, low opex production base
· Diverse portfolio of near term assets with strategic position in under-explored
Putumayo
· Strategic infrastructure in OBA pipeline
· 11 wells in next 15 months, fully funded, to convert resources into reserves and
increase production
· Visibility to diversify production base to up to 5 fields
· Broad portfolio of longer term exploration assets
· Strong management team
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ORGANISATION
OUR BUSINESS IN COLOMBIA
AMERISUR RESOURCES PLC
AMERISUR EXPLORACION
COLOMBIA LIMITED
PETRODORADO SOUTH AMERICA S.A.
AMERISUR EXPLORACION
COLOMBIA LIMITADA (Sucursal)
PETRODORADO SOUTH
AMERICA S.A. (Sucursal)
Platanillo 100%
PUT-30 50%
PUT-12 60%
CPO5 30%
Tacacho 49,5%
Fenix 100%
PLATINO ENERGY (BARBADOS) CORP.
PLATINO ENERGY (BARBADOS) CORP. (Sucursal)
Coatí 100%
PUT – 8 50%
Andaquies 100%
Tax Losses
USD$57MM
(approx.)
Tax Pools
USD$24MM
(approx.)
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WHERE WE WILL BE
STRATEGY TO 2019
• Focus on Putumayo growth with Llanos as a non-operated hedge
• Maximise value from producing assets
• Grow Production and OBA throughput
• Convert contingent resources into reserves – Infill drilling, efficiency & OBA
• Convert prospective resources into reserves - exploration drilling
• Broaden production base to at least 3 fields
• Advance light oil prospects first, followed by heavy oil
• Continue focused acquisitions in Putumayo which have strategic fit
• Target 20,000 barrels net per day by end 2019
• Multiple financing options available to fund growth
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STRATEGY
WHY PUTUMAYO?
• Proven oil basin with light to heavy oil gradation in excellent reservoirs
• Big field potential in Colombian terms (+60 MMBO recoverable per field)
• Under explored with offset data over the river
• Previous Constraints:
– Security
• Peace process
– Isolation
• Amerisur road
• Increased Government spend
• New solutions and technology including fluvial transport
– High cost of transport to market - Trucking
• OBA
– Social challenges
• Amerisur proven track record of long term community interaction
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STRATEGY
ECUADOR AND COLOMBIA FIELD DENSITY
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INTRODUCTION
COLOMBIA ASSET SUMMARY MAP
• Platanillo 100% Operator
• Coati 100 / 60%* Operator
• PUT-12 60% Operator
• PUT-8 50%
• PUT-30 50%
• CPO-5 30%
• Andaquies 100% Operator
• Tacacho 49.5%
• Fenix 100% Operator
9 blocks
666,988 Ha Gross
345,309 Ha Net
Amerisur owns 100% of the Temblon discovery area. Canacol is farming into 40% WI in the exploration area.
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Gerente de
Geología y
Geofísica
Gerente Técnico y
de Operaciones
J. Velasco
Ingeniero Sénior
Operaciones
Producción (2)
Supervisores
de Producción
[6]
Controller Líder de
Compras y
Contratos
Líder de
Logística
Integral
Jefe RSC y
Relaciones
Institucionales
Coordinador de
Operaciones de
Producción
Coordinador
Ambiental
Asistente
Contable
[2]
Contador
Sénior
Supervisor
General de
Seguridad
GERENTE GENERAL
AMERISUR EXPLORACION COLOMBIA LIMITADA
CARLOS ANDRES MARTINEZ BONILLA
Coord.
HSQ
Analista
Contable
[2]
Ingeniero
Yacimientos
Coordinador
Logístico Entregas
[2]
Asistente IT
& G.
Documental
Asistente de
Gerencia
Recepción
Servicios
Generales
Gerencia Administrativa y
Financiera
F. Rueda
PWC
IMIX
R. Salgado
Deloitte
G. Thornton
Gerente H.S.E.Q., Comunidades y
Talento Humano
S. Ramírez
Ingeniera Jr.
Produccion
Ingeniero
Perforación &
WO (2)
Gerente de
Seguridad
Ingeniero
TIC
Gestor de
Compras y
Contratos
(2)
SFA
Lideres de
Geología
[2]
DO – TH – 001
Versión: 1
Fecha actualización: 15-08-2016
Contadora
Tesorera
Gestor
Operacional
Coordinadora
de Seguridad
Auxiliar de
archivo
contable
Geologos
[2] Ingeniero de
Jefe de campo
Coordinador
Gestion Social
IN COUNTRY TEAM
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INTRODUCTION
COLOMBIA MACRO ECONOMICS
• Strong democratic tradition, winning independence in 1819
• Produced an average of 1,005,400 barrels of crude oil per day in 2015
• President Santos has been in office since 2010 and was previously Minister of
Defence
• 24 August 2016: peace deal between Colombia Government and FARC
– Result of four years of formal negotiations
– Should lead to lower levels of violence, better security of infrastructure and
improved operating environment
– FARC rebels to disarm and demobilise
– FARC leaders given a role in politics
– Subject to referendum if approved by Congress – Plebiscite 2nd October
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INTRODUCTION
AMERISUR PARTNERS
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PUTUMAYO CONTRACTS & OBA CLUSTER
Platanillo
PUT 12
PUT 8
Andaquies
Coati
Tacacho
PUT 30
OBA
OBA
Cluster
A-30
Complex
Putumayo
Portfolio
OBA CLUSTER
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OBA CLUSTER
PLATANILLO GEOLOGY AND RESERVES / RESOURCES
• Produced 6.98 MMBO* to date
• U Sand Principal Reservoir – 31° API
• T Sand proven oil – 34 - 38° API in LTT
• N Sand proven oil - 19° API
• 1P reserves of 15.2MMBO
• 2P reserves of 23.7MMBO
• Current production +/-4,500BOPD
• Targeting 2016 exit production rate of
7,200 BOPD
Well North Area 1
Well North Area 2
INFILL 9
INFILL 5INFILL 4
* As at 31st August 2016
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PLATANILLO – UPSIDE PROVEN IN T SAND
U sand Horizon T sand Horizon
OBA CLUSTER
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PLATANILLO – UPSIDE PROVEN IN N SAND
Spectral Decomposition – 35 hz
PUT 8
PLATANILLO
Attribute analysis underway
• Strong N sand development in
central and northern parts of
the block
• Building appraisal programme
OBA CLUSTER
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PLATANILLO – SUMMARY OF FUTURE UPSIDE
Area Next Steps Upside Potential
U sand Development Infill and continued extension to the north (Plat-22)
Light oil, good production rates, excellent reservoir
T sand Development Dual or re-completion once U sand depletes LTT Plat-8
Important prize , excellent reservoir– tested and proven
N sand Appraisal & Development
Seismic analysis and model refinement underway – very encouraging to date
Estimated greater than 100MMBBL OOIP potential
Appraisal of North Independent Closure
Structure looks fine on 3D. May coincide with N sand appraisal
Probably post 2017
Appraisal of subsidiary structures West
Libélula-1 suspended at 7,850ft - technical issues
Post Put-8 North drilling
Northern section 3D seismic
Platanillo North 3D seismic completed – more faults, structures may be compartmentalised
Useful bolt on reserves for later
OBA CLUSTER
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OBA CLUSTER
PLATANILLO ACTIVITY PLAN AND CAPEX
2016 Programme
• Drilling
– 2 infill wells
– Up to 2 wells North Area (step out)
– Capex $4MM per well
• Production
– Construction 10KBO Tank PAD5
– Interconnection PAD5 – PAD9 Oil Transfer
– Electric Interconnection PAD3 – PAD1
– Workovers and recompletions
– Capex <$2.5MM
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OBA PIPELINE
OBA CLUSTER
COLOMBIA [Municipio de Puerto Asís, Putumayo]
ECUADOR [Provincia de Sucumbios]
AMERISUR
PLATANILLO FIELD [Pad 9 South]
PETROAMAZONAS E.P. VHR FIELD
LOS CHIPAROS EL PALMAR
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PLATANILLO – OBA ROUTE TO MARKET
skadjf
OBA CLUSTER
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OBA PIPELINE UPDATE
• OBA is constructed and tested from Pad 9S to Amer facilities in VHR Station
• Under River Crossing
– Drilling was completed on 22 March 2016
• 1500m (1420m horizontal section)
• Hole 22”
• 10,8” line installed under river and integrity tested on 28 April 2016
• Currently commissioning Control and Communication systems
• Awaiting SHE/ARCH decree for operation into Ecuador
OBA CLUSTER
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OBA PIPELINE CAPACITY AND FUTURE STRATEGY
• Initial post-commissioning volume ± 1,500 BOPD
• Agreed minimum volume 5,000 BOPD
• Design Volume (OBA & VHR reception) 50,000 BOPD
• Lago Agrio
• SOTE or OCP (segregated transport)
• Sale to PetroEcuador
• RODA has transport limitations
• Increase in production levels from PAM fields
• Outage of 1 intermediate pumping station
• Production uplift short term
• Pumping station to be rehabilitated
• 1 further new pumping station to be constructed
• Grow OBA throughput
– Organically & Partner oil (tariffed)
– Bought in Crude
OBA CLUSTER
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OIL COMMERCIALISATION
OIL PRICES – 2013 TO 2016 (WITH VOLUMETRIC COMPENSATION ESTIMATED)
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OIL COMMERCIALISATION
TRANSPORT COSTS
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OIL COMMERCIALISATION
TRANSPORT COSTS VS. PRICE
Average Price (Jul-Sep/16)
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OBA CLUSTER
PUT 8 BORDERS PLATANILLO TO THE WEST – PRODUCTION THROUGH OBA
• PUT-8 (North)
• Platanillo Style Play 2% X Factor
• “Platanillo West” Light Oil Structural
Trap – Platanillo analogue
• 3D seismic mapping gives high
confidence
• P50 4MMBO (net) recoverable
• Central part can be drilled from
Platanillo License area
• Easily tied back to low cost OBA
transport
Programme – Platanillo West Well
• PUT-8 (South)
• N Sand Play 2% X Factor
• Cohembi field (ECP) holds 126MMBO
in place
Water injection is underway to
increase RF to 25%
• Luzon-1 discovered oil
• Cohembi/Luzon potential likely
to extend into Put-8
• 2D analysis indicates a very large N
Sand amplitude anomaly in Put-8
South >150MMBO*
Programme – N Sand Anomally Well
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OBA CLUSTER
PUT-12 GEOLOGY AND RESOURCES
Summary
• Amerisur 60% working interest and
Operator – 29% X Factor
Geology
• 55,000Ha – 5x bigger than Platanillo
• Similar geology to Platanillo
• 9 leads on the existing seismic with
the potential for 185 to 465 MMBO of
gross resources
PUT 12
PLATANILLO
COLOMBIA
PLATANILLO PUT-12
Ecuador
Peru
Brazil
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OBA CLUSTER
PUT-12 STRATEGY, ACTIVITY PLAN AND CAPEX
2D Seismic:
• Stage 1 - 2016
– West of block
– 119.7 km
• Stage 2 – 2017
– Eastern and southern areas
– 152.3 km
COLOMBIA
PLATANILLO PUT-12
Ecuador
Peru
Brazil
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OBA CLUSTER
PUT-12 STRATEGY, ACTIVITY PLAN AND CAPEX
Initial Drilling Focus:
• Lead 1
– Proximity and similarity to Platanillo
Field – P50 106MBO
– Easy tie back into OBA
– EIA studies beginning
– 2 wells in 2017
• Lead 6
– Appears to be continuation of
Blanca Field in Ecuador – P50
47MBO
• Lead 3
– Trap door structure, large area,
potential Stratigraphic component
– P50 82MBO
* Management estimates
PLATANILLO
PUT 12
COLOMBIA
PLATANILLO PUT-12
Ecuador
Peru
Brazil
1
6
3
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OBA CLUSTER
COATI GEOLOGY AND RESOURCES
• U & T structural trap tested in 3 wells
• Currently estimated at 16MMBO
contingent resources (best case)
• O% X Factor
• Exploitation area 100% Amerisur
• Caballos hydrodynamic trap
• Currently estimated at 7.2MMBO*
prospective resources (low case)
* Management estimates
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OBA CLUSTER
COATI GEOLOGY AND RESOURCES – STRUCTURE TEMBLON
* Management estimates
Unit ÁREA (acre)
NET PAY (ft)
Phi (%) SW (%) FV OOIP (MM
Bbls)
Prospective Resources (MMBls)
FR (%)
0.25 0.30 0.35
Caballos 2403 20 0.14 0.38 1.12 28.89 7.2 8.7 10.1
Unit ÁREA (acre)
NET PAY (ft)
Phi (%) SW (%) FV OOIP (MM
Bbls)
Contingent Resources (MM bls)
RF (%)
0.25 0.30 0.35
ARENA U 6327 10 0.14 0.13 1.12 53.38 13.3 16.0 18.7
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OBA CLUSTER
COATI STRATEGY AND ACTIVITY PLAN
2016/2017 Programme
• Complete Consulta Previa
• LTT Coati 1
• 3D seismic
– 2 programmes, Temblon &
Exploration Area
• Temblon Appraisal well 1
37 Km² 3D Exploration
Area
10.5 Km 2D Exploration
Area
6
7
5 1
2 3
4
115 Km² 3D Temblon
Area
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OTHER COLOMBIA ACREAGE
CPO-5 GEOLOGY AND RESOURCES
• Interpreting new 3D data
• Objective rich with good seismic and
well data
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OTHER COLOMBIA ACREAGE
CPO5 RESOURCE POTENTIAL
All numbers net to Amerisur
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OTHER COLOMBIA ACREAGE
CPO-5 STRATEGY, ACTIVITY PLAN AND CAPEX
• Costs reduced significantly
• 2 back to back A3 wells before May 2017
• May – August 2016: tested well Loto-1 in Upper Mirador – L4/L5
– Not economic stand alone but useful bolt on production potential from Loto Mirador
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A-30 COMPLEX
PUTUMAYO-30 GEOLOGY
• Exploration block in the Putumayo basin
• 50% WI over 38,500 hectares (partner Talisman)
• Cretaceous potential and recognized Tertiary play
concept
• Significant Heavy Oil Resource expected in Neme Sands
• Low to medium exploration risk, high upside
Put-30
Platanillo Put-12
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PUTUMAYO-30 GEOLOGY – REGIONAL SETTING
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• Exploration block in the prolific Putumayo basin • 50% WI over 38,500 hectares (partner Repsol) • Cretaceous potential and recognized Tertiary play concept • Significant Heavy Oil Resource expected in Neme Sands • Low to medium exploration risk, high upside
A-30 COMPLEX
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PUTUMAYO-30 GEOLOGY – WELLS IN THE AREA
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A-30 COMPLEX
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Amerisur internal estimates
A-30 COMPLEX
PUTUMAYO 30 RESOURCE POTENTIAL
Play Area
(acres) Net pay (ft) Phi (%) Sw FVF OOIP (MM bbl) RF
Resource (Gross MMbbl)
P90 19000 60 0.17 0.48 1.08 724 0.10 72.4
P50 30000 89 0.21 0.38 1.05 2,497 0.18 449.5
P10 60000 125 0.25 0.25 1.03 10,102 0.25 2,525.5
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A-30 COMPLEX
ANDAQUIES GEOLOGY
• 6 prospects and leads – all 2D
• 2 reservoirs
• OOIP – 411MMBO*
• Unrisked resource 123MMBO*
Programme – 1 well and Seismic
acquisition in 2017 - 2018
* Management estimates
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Amerisur internal estimates
A-30 COMPLEX
ANDAQUIES RESOURCE POTENTIAL
Leads Area
(acres)
Net pay
(ft) Phi (%) Sw FVF OOIP (MM bbl) RF
Resource (Gross
MMbbl)
Andaquies-Caballos - StratTrap 5200 50 0.25 0.25 1.15 198 0.30 59.5
Andaquies-Tardigrado - Updip Neme 450 45 0.2 0.35 1.15 11 0.30 3.3
Andaquies-Tardigrado-Backthrust2CAB 600 45 0.2 0.25 1.15 17 0.30 5.0
Andaquies-Lead E Neme 550 45 0.2 0.35 1.1 16 0.30 4.8
Andaquies-Lead E Caballos 550 45 0.2 0.25 1.15 17 0.30 5.1
Andaquies-Lead S Caballos 1800 45 0.2 0.25 1.15 40 0.30 12.0
Andaquies-Lead S Neme 1800 45 0.2 0.35 1.1 43 0.30 13.0
Andaquies-Marmota - Caballos Subthrust 1300 80 0.2 0.25 1.1 47 0.30 14.1
Andaquies-Cachalote Updip 450 50 0.35 0.25 1.15 21 0.30 6.4
Total 411 123.2
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TACACHO
TACACHO GEOLOGY AND RESOURCES
Heavy oil on the Putumayo
Basin Fringe
• Very large prospects
– Heavy oil trend similar to
Llanos and ITT discovery
in Ecuador
– Challenging logistically
– Activity and spend in
2017/2018
Leads Area
(acres) Net pay
(ft) Phi (%) Sw FVF OOIP (MM bbl) RF
Resource MMbbl
Tacacho Norte 12480 53 0.20 0.35 1.1 606 0.20 121.0
Tacacho Sur 24756 53 0.20 0.35 1.1 1,203 0.20 241.0
Total 1,809
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Amerisur (PDSA) Net Share 895 179
Resources – Pepino Only
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PARAGUAY
PARAGUAY ASSET SUMMARY MAP
• San Pedro
– Coronel Oviedo, Lima, Santa Helena and
Cary potential reservoirs
– 460km 2D acquired
– Jaguareté-1 exploration well drilled in 2016
– Unrisked Resources – 620MMBO – under review
• Western Blocks (Las Palmas, Coronillo and
Espartillar)
– Yacoraite Fault Traps and Onlap (tilted
blocks and stratigraphic)
– Interpreting 1590 km reprocessed 2D seismic
No material Capex spend before end
2017
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PARAGUAY
A TECHNICAL LOOK AT JAGUARETE-1 WELL
• Started on 22 April 2016
• Reached total depth of 8,626 ft
• Positive indications of oil and gas in
potential reservoir sections
• Drilled on budget and safely
• Target formations:
– Santa Elena
– Lima
– Both tight at this location
• Reservoir samples under analysis
• 18 month technical study (end 2017)
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CSR
CSR AND COMMUNITY RELATIONS
We have been committed to intensive social work, creating productive and sustainable projects
Solar panels were
installed in the homes
of 300 families
Built a multi – function play and
meeting area
Built a classrooms and
sanitary/bathroom unit
A clean, potable water supply
was designed and installed
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CSR
CSR AND COMMUNITY RELATIONS
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SUMMARY – TOTAL ACTIVITY AND CAPEX PLAN TO END 2017
AMERISUR RESOURCES PLC / AMERISUR COLOMBIA
DRILLING CAMPAIGNCAPEX (TOTAL
AMER)OPERATOR W.I.
PLATANILLO: P-19 / Pad 3N 4,000,000 YES 100%
PLATANILLO: P-21 / Pad 2N 4,000,000 YES 100%
PLATANILLO: P-22 / Pad 2N 4,000,000 YES 100%
PLATANILLO: P-IF1 / Pad xN 4,000,000 YES 100%
PUT 12: PT-01 / Lead A 4,800,000 YES 100%
PUT 12: PT-02 / Lead A 3,600,000 YES 100%
PU8-1 3,750,000 NO 50%
PU8-2 3,250,000 NO 50%
COATI-2 4,800,000 YES 60%/100%
36,200,000
SEISMIC CAPEX (TOTAL
AMER)OPERATOR W.I.
SEISMIC COATI 12,000,000 YES 60%/100%
12,000,000
ADDITIONAL INVESTMENTCAPEX (TOTAL
AMER)OPERATOR W.I.
COATI-1 - LONG TERM TEST 1,000,000 YES 100%
1,000,000
AMERISUR RESOURCES PLC / PETRODORADO
DRILLING CAMPAIGNCAPEX (TOTAL
AMER)OPERATOR W.I.
CPO5-05 / EXPLORATORY-1 1,500,000 NO 30%
CPO5-06 / EXPLORATORY-2 1,500,000 NO 30%
3,000,000
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FULLY FUNDED WORK PROGRAM TO PROFITABLY GROW PRODUCTION AND RESERVES
INVESTMENT CASE
Strong financial position
• Cash of $56.1m as at 30 June 2016
• Competitively priced RBL undrawn - $60m available
Low opex, high quality oil production from Platanillo
• 1P reserves of 15.2MMBO, 2P reserves of 23.7MMBO
• Targeting 2016 exit production rate of 7,200 BOPD
• Targeting 2017 average 7,500 to 8,500 BOPD
• Built and owns strategic OBA interconnector pipeline to RODA Ecuador
• Opex & Transport/bbl $15, operational netbacks $30 /bbl assuming $45 oil
Fully funded work program to increase production and reserves
• Contingent Resources: Platanillo 13MMBO; CPO5 13.39 MMBO
• Prospective Resources: Coati 23.2 MMBO; CPO5 39.08 MMBO
• 11 wells in next 15 months - 4 on Platanillo, 1 on Put-8, long term test at Coati, 2 on CPO-5,
Coati appraisal, additional Put-8 and 2 on Put-12
Exploration portfolio of more then 26 prospects and unrisked mean prospective resources of 518 MMBO
Experienced Board and management mainly based in Colombia
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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.
Disclaimer