ANALYST SITE VISIT

19 21 SEPTEMBER 2016

A Latin American Producer & Explorer

www.amerisurresources.com

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

ORGANISATION

OUR BUSINESS IN COLOMBIA

AMERISUR RESOURCES PLC

AMERISUR EXPLORACION
COLOMBIA LIMITED

PETRODORADO SOUTH AMERICA

S.A.

PLATINO ENERGY (BARBADOS)

CORP.
Tax Pools
USD$24MM
(approx.)

Tax Losses
USD$57MM
(approx.)

AMERISUR EXPLORACION
COLOMBIA LIMITADA (Sucursal)

Platanillo
100%

Tacacho
49,5%

PUT-12
60%
PUT-30
50%

PETRODORADO SOUTH
AMERICA S.A. (Sucursal)

CPO5
30%

PLATINO ENERGY (BARBADOS)

CORP. (Sucursal)

Coat
100%

PUT 8
50%

Andaquies
100%

Fenix
100%

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

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

STRATEGY
ECUADOR AND COLOMBIA FIELD DENSITY

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.

IN COUNTRY TEAM

GERENTE GENERAL
AMERISUR EXPLORACION COLOMBIA LIMITADA
CARLOS ANDRES MARTINEZ BONILLA

Gerente Tcnico y
de Operaciones
J. Velasco

Gerencia Administrativa y
Financiera
F. Rueda

Gerente H.S.E.Q., Comunidades y

Talento Humano
S. Ramrez

SFA
Ingeniero Snior
Operaciones
Produccin (2)

Gerente de
Geologa y
Geofsica

Gerente de
Seguridad

Ingeniero
Perforacin &
WO (2)

Controller

Contadora

G. Thornton
PWC

Jefe RSC y
Relaciones
Institucionales

IMIX
Lideres de
Geologa
[2]

Geologos
[2]

Ingeniera Jr.
Produccion

Supervisor
General de
Seguridad

Ingeniero
Yacimientos

Coordinadora
de Seguridad

Ingeniero de
Jefe de campo

Coordinador de
Operaciones de
Produccin

Supervisores
de Produccin
[6]

Contador
Snior

Tesorera

R. Salgado

Coordinador
Gestion Social

Ingeniero
TIC

Coordinador
Ambiental

Lder de
Compras y
Contratos

Coord.
HSQ

Asistente IT
& G.
Documental

Lder de
Logstica
Integral

Deloitte

Analista
Contable
[2]

Recepcin

Asistente de
Gerencia

Gestor de
Compras y
Contratos
(2)

Servicios
Generales

Asistente
Contable
[2]
Gestor
Operacional

Auxiliar de
archivo
contable
DO TH 001
Versin: 1
Fecha actualizacin: 15-08-2016

Coordinador
Logstico Entregas
[2]

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

INTRODUCTION

AMERISUR PARTNERS

10

OBA CLUSTER

PUTUMAYO CONTRACTS & OBA CLUSTER

Andaquies
Putumayo
Portfolio
PUT 30

A-30
Complex
Tacacho

OBA
Cluster
Platanillo
Coati

PUT 8
PUT 12

OBA

11

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 2

Well North Area 1

INFILL 9

INFILL 4

INFILL 5

* As at 31st August 2016

12

OBA CLUSTER

PLATANILLO UPSIDE PROVEN IN T SAND

U sand Horizon

T sand Horizon
13

OBA CLUSTER

Spectral Decomposition 35 hz

PLATANILLO UPSIDE PROVEN IN N SAND

PLATANILLO

PUT 8

Attribute analysis underway

Strong N sand development in

central and northern parts of
the block
Building appraisal programme

14

OBA CLUSTER

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

Liblula-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

15

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

16

OBA CLUSTER

OBA PIPELINE

PETROAMAZONAS E.P.
VHR FIELD

LOS CHIPAROS

ECUADOR
EL PALMAR

[Provincia de Sucumbios]

COLOMBIA
[Municipio de Puerto Ass, Putumayo]

AMERISUR
PLATANILLO FIELD [Pad 9 South]
17

OBA CLUSTER

PLATANILLO OBA ROUTE TO MARKET

skadjf

18

OBA CLUSTER

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

19

OBA CLUSTER

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
20

OIL COMMERCIALISATION

OIL PRICES 2013 TO 2016 (WITH VOLUMETRIC COMPENSATION ESTIMATED)

21

OIL COMMERCIALISATION

TRANSPORT COSTS

22

OIL COMMERCIALISATION

TRANSPORT COSTS VS. PRICE

Average Price (Jul-Sep/16)

23

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

24

OBA CLUSTER

PUT-12 GEOLOGY AND RESOURCES

COLOMBIA

Summary

Amerisur 60% working interest and

Operator 29% X Factor

Ecuador
Peru
PLATANILLO

Brazil

PLATANILLO

PUT-12

Geology
PUT 12

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

25

OBA CLUSTER

PUT-12 STRATEGY, ACTIVITY PLAN AND CAPEX

COLOMBIA

2D Seismic:

Stage 1 - 2016
West of block
119.7 km

Ecuador
Peru
Brazil

PLATANILLO

PUT-12

Stage 2 2017
Eastern and southern areas
152.3 km

26

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

COLOMBIA

Ecuador
PLATANILLO

Peru
Brazil

PLATANILLO

PUT-12

PUT 12

1
3

* Management estimates

27

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

28

OBA CLUSTER

COATI GEOLOGY AND RESOURCES STRUCTURE TEMBLON

Prospective Resources (MMBls)
Unit

Caballos

REA
(acre)

2403

NET PAY
(ft)

20

Phi (%)

0.14

SW (%)

0.38

FV

1.12

OOIP (MM
Bbls)

28.89

FR (%)

0.25

0.30

0.35

7.2

8.7

10.1

Contingent Resources (MM bls)

Unit

ARENA U

REA
(acre)

6327

NET PAY
(ft)

10

Phi (%)

0.14

SW (%)

0.13

FV

1.12

OOIP (MM
Bbls)

53.38

RF (%)

0.25

0.30

0.35

13.3

16.0

18.7

* Management estimates

29

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

6
10.5 Km 2D
Exploration
Area

1
37 Km 3D
Exploration
Area

5
7
4

115 Km 3D
Temblon
Area

30

OTHER COLOMBIA ACREAGE

CPO-5 GEOLOGY AND RESOURCES

Interpreting new 3D data
Objective rich with good seismic and
well data

31

OTHER COLOMBIA ACREAGE

CPO5 RESOURCE POTENTIAL

All numbers
net to
Amerisur

32

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

33

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
34

A-30 COMPLEX

PUTUMAYO-30 GEOLOGY REGIONAL SETTING

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

35

A-30 COMPLEX

PUTUMAYO-30 GEOLOGY WELLS IN THE AREA

36

A-30 COMPLEX

PUTUMAYO 30 RESOURCE POTENTIAL

Play

Area
(acres)

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

Net pay (ft) Phi (%)

Amerisur internal estimates

37

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

38

A-30 COMPLEX

ANDAQUIES RESOURCE POTENTIAL

Area
(acres)

Net pay
(ft)

Phi (%)

Sw

FVF

OOIP (MM bbl)

RF

Resource (Gross
MMbbl)

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

Leads
Andaquies-Caballos - StratTrap

Total

411

123.2

Amerisur internal estimates

39

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
Resources Pepino Only
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

Leads

Total

1,809

362

Amerisur (PDSA) Net Share

895

179

40

PARAGUAY

PARAGUAY ASSET SUMMARY MAP

San Pedro
Coronel Oviedo, Lima, Santa Helena and
Cary potential reservoirs
460km 2D acquired
Jaguaret-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
41

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)

42

CSR

CSR AND COMMUNITY RELATIONS

We have been committed to intensive social work, creating productive and sustainable projects

Built a multi function play and

meeting area

Solar panels were

installed in the homes
of 300 families

A clean, potable water supply

was designed and installed

Built a classrooms and

sanitary/bathroom unit

43

CSR

CSR AND COMMUNITY RELATIONS

44

SUMMARY TOTAL ACTIVITY AND CAPEX PLAN TO END 2017

AMERISUR RESOURCES PLC / AMERISUR COLOMBIA
DRILLING CAMPAIGN

CAPEX (TOTAL
OPERATOR
AMER)

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
SEISMIC COATI

CAPEX (TOTAL
OPERATOR
W.I.
AMER)
YES
60%/100%
12,000,000

12,000,000

ADDITIONAL INVESTMENT
COATI-1 - LONG TERM TEST

CAPEX (TOTAL
OPERATOR
AMER)
YES
1,000,000

W.I.
100%

1,000,000

AMERISUR RESOURCES PLC / PETRODORADO

DRILLING CAMPAIGN

CAPEX (TOTAL
OPERATOR
AMER)

W.I.

CPO5-05 / EXPLORATORY-1

1,500,000

NO

30%

CPO5-06 / EXPLORATORY-2

1,500,000

NO

30%

3,000,000

45

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

46

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.

47

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