1048KB
17 May 2018
Re: Parex Rogadaryou are correct. I mistakenly copied the 3P figure from the Parex May 2018 presentation.However, the point I am trying to make is that Parex reserves have grown steadily, regardless of oil price, while Amerisur has stood still or regressed.Parex opex and transportations costs are less than $10 per barrel, compared with $18.60 per barrel for Amerisur.
Rogadar.
17 May 2018
Re: Parex I found figures for reserve growth 2017, somewhat different;--Company OverviewParex Resources Inc. engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 1,574,279 gross acres. As of December 31, 2017, it had proved plus probable reserves of 162.236 million barrels of oil equivalent. The company was incorporated in 2009 and is headquartered in Calgary, Canada.
Rogadar.
17 May 2018
What changed What did justified 6% drop Tuesday, and what has changed since Tuesday to justified 6.30% rise today. It must be clear to everyone the game played with AIM companies.
1048KB
17 May 2018
Re: Parex charlieeee what do you gain from calling other posters "stupid", "myopic" and "whingers"?Parex are a properly-run company, headed by someone with 30 plus years experience of oil & gas.Here are their figures for reserve growth (2P) with Amerisur's for comparison2013 - Parex 32 million (Amerisur 33 million)2014 - Parex 68 million (Amerisur 25 million)2015 - Parex 82 million (Amerisur 24 million)2016 - Parex 112 million (Amerisur 25 million)2017 - Parex 241 million (Amerisur 21 million)Which one do you think might be the better investment going forward?
Rogadar.
17 May 2018
Re: D Kempton Citywire money sez Excellent points put forward. I disagree with 1048KB on many points, not all. Pipeline was excellent project, paid for it's self and now contributing to benefits. As for Management of the company, I would like to remind all moaners that this is debt free company and should be recognized as such.
charlieeee
17 May 2018
Parex CPO-5, adjacent to Llanos 34 and that has been a company maker for Parex, now a 3.6 billion dollar company: its drilling campaign and reserves are focused on Llanos 34 with P1 reserves of 76,688 in that block at February 2018.Mariposa having now produced 500,000 barrels of oil to date in a stable manner and additional zones to be perforated.Within weeks, ONGC will be spudding Indico 1 "up dip" "full to spill" and with contingency plans to monetise the asset with a 3 well productive pack at Indico.(mention is made in the ONGC tendering process documents)That to be followed by Sol and Aguila.As far as Putumayo is concerned, the remapping of the whole area following the consolidation by acquisitions, has greatly enhanced the understanding of the basin and improves the COS of any drilling.N sands, Put 8, Put 9 and Put 12 all scheduled for this year and with greatly enhanced likelihood of success because of this overall understanding.I did take the trouble to attend the AGM and there was quite a lot of additional detail on each area, but in some ways, it is better to wait and let the drill bit do the talking.Obviously, there is always a risk associated with drilling, but to wholly dismiss the quality of the up coming program seems myopically backward looking.As for the pipeline, they are planning to build a second one for the eastern blocks and as the OBA has now paid for itself, whinging about it seems particularly stupid.With Brent now touching $80 a barrel (and we are priced at a small discount to Brent), Platinillo is now a cash cow and we're just about to "splash the cash" and turn some of that vaste and newly acquired portfolio into reserves.For all LTHs good luck with that drill bit and lets get after that Parex market cap (and don't forget in any calculations/comparisons being made, that we are debt free).
stigoid
17 May 2018
Re: D Kempton Citywire money sez I think I have been saying this for a while. The P2 resources have barely changed in many years. This is the root of the issue. 1048KB spells it out so much better than I can.
stigoid
17 May 2018
fire SP is on fire today
1048KB
17 May 2018
Re: D Kempton Citywire money sez Garyobif you download the Amerisur May 2018 AGM presentation, you will see on page 4 that everything is going up, except 2P reserves. Amerisur produced more than they discovered in 2017. This is not what a small AIM company should be doing and is one reason the shares are being sold. Meantime, the Board was spending money on pipelines rather than looking for oil - ie putting the cart before the horse. Another reason the shares are being sold. The 26 million barrels referred to by Mr Kepmton comes from the Operations update of 9 May. However, it is 26 million gross barrels. Once working interests are taken into account, it becomes 16 million barrels. These numbers are speculative and have to be confirmed by drilling.Amerisur has a poor track hisory of forecasting how much oil they might find. Proper companies will put out the chance of success, along with their forecast resource numbers. The best companies put out a Competent Persons Report by consultants to verfiy the numbers. Amerisur does neither. Another reason the shares are being sold. If you look at slide 24 of the AGM presentation, you will see that they quote enormous resource numbers in their blocks. Anyone that knows the industry will look at this and realise that these are wildly optimistic which means that Amerisur either don't know what they are doing, or are deliberatley deceiving. Savvy investors will avoid companies like this.For example, there is not even a 1% chance that the block next to Platanillo contains 224.71 million barrels. They might find a few features of 0-10 million barrels, but they only acquired 2D seismic, so good luck with selecting well locations.CPO-5 at least has a proper operator (ONGC) so the resource numbers are more realistic, but then Amerisur only has a 30% working interest.There is nothing in the portfolio that is a company-maker. At one point Paraguay might have been a candidate, but not the way Amerisur set about it. Paraguay doesn't even get a mention in the AGM materials, which is bizarre.Thus, we have a company with depleting assets, a management that does things bass-ackwards, doesn't understand the business and doesn't spend enough to de-risk well locations, and people on this forum who wonder why the share price isn't shooting up.Anyone that knows the business can see this company is fatigued.The new drilling programme may provide some pleasant surprises - and I think (small) discoveries could be made in CPO-5, Coati and Putumayo-8. Platanillo is on decline and the rest of the porfolio is unattractive. What they will put into that Ecuador pipeline beyond existing production is a mystery.
garyob
16 May 2018
Re: D Kempton Citywire money sez It's very hard to fathom exactly why the share is sooooo undervalued, if indeed it is. I have had two or three shares in the past that went bust , one due to typical underhand crooked accounting on the AIM market. Mr Kempton seems to have 26 million barrels of new oil in the bank already , where from is unclear! So is the problem here the fact of dwindling resources? Is that the strain on the SP? Can this company go bust? Without new oil it will have trouble , but the general feeling is the new oil is virtually in the bag....I don't like that scenario until proven. Is 26 million barrels a lot of oil? Doesn't seem much to me. Once drilled and proved we have 26 million , where next? It would seem Amer is struggling it's way through , with no real punch. Where are the big discoveries , the company makers. Do they exist in the region?
tommytomata
16 May 2018
the AMER board Constantly reading on many boards they are not to be trusted and are lining their own pockets. Today David Kempton agrees although he is sticking by them. Should the board be call out?
lotcangorong
16 May 2018
D Kempton Citywire money sez Amerisur Resouces looksreally good value too, but then it has for years and constantly disappoints. I’ve bought a few more as an act of faith, but they really do seem to be coming right this year. An operations update was very positive and three new wells are due to spud by the end of June, yielding an additional 26 million barrels. The ‘new’, much-delayed pipeline is up to expectations in reducing transport costs to $4 per barrel. Oil is now being sold at over $70 and costs $15 to produce – that’s a very high margin producing terrific cash flow, but still the board is not trusted and the shares nowhere near match apparent value. I’ve bought twice recently and expect the stock to revalue soon or get taken over.
MISOLDB
16 May 2018
Re: Oil price gone above $70 Maybe your right CR..sorry....they obviously have the finest leather gloves ,hand made by a tailor in Savile Row, so soft you can't feel them removing your wallet !!!.....lol
The Crazy Russian
16 May 2018
Re: Oil price gone above $70 those robbing me are not wearing Velvet glov
MISOLDB
16 May 2018
Re: Oil price gone above $70 Rog it is a farce, as your post has pointed out.....I have been in this share for years......every one in the company has made packets, except us the long term share holders......its our f/king money....and we haven't made a penny for years.....we are being robbed with velvet gloves........
