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INVESTOR
PRESENTATION
FEBRUARY 2017
A Latin American Producer & Explorer
www.amerisurresources.com
2
IMPORTANT NOTICE
These presentation materials do not constitute or form part of any offer for sale orsubscription or any solicitation for any offer to buy or subscribe for any securities norshall they or any part of them form the basis of or be relied upon in connection with anycontract or commitment whatsoever. No responsibility or liability whatsoever isaccepted by any person for any loss howsoever arising from any use of, or inconnection with, these presentation materials or their contents or otherwise arising inconnection therewith.
These presentation materials may contain forward-looking statements relating to thefuture prospects, developments and strategies of Amerisur Resources plc (the"Company"), which are based on directors' current expectations and assumptions andinvolve known and unknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implied in suchstatements. Each forward-looking statement speaks only as of the date of theparticular statement and, except as required by law or regulations to which theCompany is subject, the Company disclaims any obligation to update any suchforward-looking statement to reflect future events or developments.
Disclaimer
3
FULL CYCLE E&P LONDON AIM LISTED – BOGOTA CENTRAL OFFICE
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 system
Class leading transport costs
· 10 wells in next 12 to 18 months, fully funded, increase production, converting resources
into reserves and adding new reserves
· Diversify production base from 1 to 3 fields by end 2018
· Broad portfolio of longer term exploration assets
· Strong executive, technical and operational long term Amerisur team – 99.5% Colombian
• *OBA is “Oleoducto Binacional Amerisur” – the 10.8” line owned and operated by Amerisur which transfers oil from the Platanillo field through
the Ecuadorian RODA (Red de Oleoductos Amazonica) to the export point at Esmeraldas Ecuador.
4
INTRODUCTION
COLOMBIA OVERVIEW
• Strong democratic tradition, winning independence in 1819
• Produced an average of 885,000 barrels of crude oil per day in 2016
• President Santos has been in office since 2010 and was previously Minister of
Defence and Finance Minister
• Rating S&P BBB Moody´s Baa2
• December 2016: peace deal signed between Government and FARC
– Result of four years of formal negotiations
– Has led to lower levels of violence, better security of infrastructure and
improved operating environment
– FARC forces now concentrated in 23 zones
• Putumayo – Las Carmelitas
• Presidential Elections 2018
5
WHY WE ARE WHERE WE ARE
WHY PUTUMAYO?
• Proven oil basin with light to heavy oil gradation in excellent reservoirs
• First mover advantage in eastern Putumayo
• Big field potential in Colombian terms
• Under explored but with impressive success and offset data over the river
– Ecuadorian Oriente Basin – 490,000 BOPD
• Previous Constraints:
– Security
• Peace process – Physical Security is no longer a factor
– Isolation
• Amerisur road
• Increased Government regional spend – positive effects being felt now
• New solutions and technology - including fluvial transport of produced fluids
– High cost of transport to market - Trucking
• OBA – a unique advantage in safety, reliability, volume and costs
6
WHERE WE WILL BE
STRATEGY TO 2019
• Focus on Putumayo growth with a non-operated position in the Llanos basin
• Maximise value from producing assets
• Grow Production and OBA throughput
• Convert reserves into production – Infill drilling, efficiency & OBA
• Convert resources into reserves – appraisal and exploration drilling
• Broaden production base to at least 3 fields
• Advance light oil prospects first, closely followed by heavy oil
• Continue focused acquisitions in Putumayo which have strong strategic
fit
• Target 20,000 barrels net per day by end 2019
• Multiple financing options available to fund growth
7
STRATEGY
ECUADOR AND COLOMBIA FIELD DENSITY
Lightly Explored
Very Lightly Explored
Under Explored
8
INTRODUCTION
COLOMBIAN PUTUMAYO ASSET SUMMARY MAP
• Platanillo 100% Operator
• Coati 100 / 60%* Operator
• PUT-12 60% Operator
• PUT-9 40%**
• PUT-8 50%
• PUT-30 100% Operator**
• CPO-5 30%
• Andaquies 100% Operator
• Tacacho 49.5%
• Fenix 100% Operator
10 blocks
1,697,265 Ac Gross
920,502 Ac Net
• * Amerisur owns 100% of the Temblon discovery area. Canacol is farming into 40% WI in the exploration area.
• ** Subject to ANH approval
Platanillo
PUT 12
PUT 8
Andaquies
Coati
Tacacho
PUT 30
OBA
OBA
Cluster
A-30
Complex
Putumayo
Portfolio
PUT 9
9
OBA CLUSTER
PLATANILLO GEOLOGY AND RESERVES / RESOURCES
• Produced 7.68 MMBO to date
• U Sand Principal Reservoir – 31° API
• T Sand proven oil – Upside - 34 - 38° API
• N Sand proven oil – Upside -19° API
• 1P reserves of 15.2MMBO
• 2P reserves of 23.7MMBO
• Current production +/-4,400BOPD
• OBA in operation since 27.10.16
• Transport rate increased from 1,500 to 3,200
BOPD. Expected to increase through 5,000
BOPD in Q2
• 2016 exit production rate impacted by social
issues, but solution expected soon
• Plan to mobilise to Pad 2N for northern drilling
once issues settled
Well North Area 1
Well North Area 2
INFILL 9
INFILL 5INFILL 4
PAD 2N
PAD 3N
10
PLATANILLO – UPSIDE PROVEN IN N SANDPLATANILLO
Attribute analysis compelling and in line with
other local discoveries*
• Strong N sand development in central and
northern parts of the block – much stronger
than southern area (which produced 400BOPD)
• Optimum pads identified
• EIA study underway
• Plan to drill in Q4 2017
• Prospective resources 40.7 MMBO** P50
OBA CLUSTER
*Cohembi, Quinde, Quinde West (Put-7) ** Management estimates
Pad 2N
11
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. Fully developed in southern lobes
T sand Development Dual or re-completion once U sand depletes (U Sand well can produce T Sand)
Important prize, excellentreservoir– tested and proven
N sand Appraisal & Development
Seismic analysis indicates highpotential. EIA underway for 3 drilling pads
Estimated greater than 100MMBBL OOIP potential Target is to drill in Q4 2017
Appraisal of North Independent Closure
A pad to drill this structure will be licensed with the N sand EIA
Probably 2018
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, exploration of Put-9 associated structures first
OBA CLUSTER
12
OBA CLUSTER
PLATANILLO ACTIVITY PLAN AND CAPEX
• Drilling
– 2 infill wells –Platanillo-8 (400 BOPD IP), Platanillo-24 (480 BOPD)
– Up to 3 wells North Area (step out from Main Field – originally 2 planned)
• Platanillo-22 spud delayed by social protests. Expect resolution of issues soon.
– Capex $4MM per well
• Production
– Construction 10 KBO Tank PAD5
• Greater efficiency and flexibility for OBA feed
– Interconnection PAD5 – PAD9 Oil Transfer
• Construction to begin Q3
– Electric Interconnection PAD3 – PAD1
• Studies underway
– Workovers and recompletions
• Underway – Plat-20 recompletion (810 BOPD)
– Capex <$2.5MM
13
OBA PIPELINE OPERATIONAL
OBA CLUSTER
• OBA is operating, exporting Platanillo crude from Pad 9S to Amerisur facilities
in Victor Hugo Ruales Station from where crude is injected into RODA
• 3,200 BOPD currently
• Ramp up to 5,000 BOPD and beyond as de-bottlenecking advances in
Ecuador
14
OBA PIPELINE CAPACITY AND FUTURE STRATEGY
• Initial post-commissioning volume was ± 1,500 BOPD
• Agreed minimum contract volume 5,000 BOPD – building through 3,200 BOPD now
• Design Volume (OBA & VHR reception) 50,000 BOPD; 18,000 BOPD pumping
capacity currently installed
• Lago Agrio
• SOTE or OCP (segregated transport)
• Total capacity <260 kBOPD
• RODA currently 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 (Chiritza)
• Grow OBA throughput with focused investment – plans being agreed with PetroAmazonas
– Organically & Partner oil
– Bought in Crude & potential tariffs on Third Party Oil
OBA CLUSTER
15
OIL COMMERCIALISATION
OIL MARKER PRICES – 2013 TO 2017 (VOLUMETRIC COMPENSATION ESTIMATED)
16
OIL COMMERCIALISATION
TRANSPORT COSTS
17
OIL COMMERCIALISATION
TRANSPORT COSTS VS. PRICE
Average Price (November 2016 – January 2017)
18
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 4 MMBO* (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 >150 MMBO*
Programme – N Sand Anomaly Well
* Management estimates
19
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
PUT-9 Resources – 53.5 MMBO (P50 gross)*
* Management estimates
20
OBA CLUSTER
PUT-12 STRATEGY, ACTIVITY PLAN AND CAPEX
2D Seismic:
• Stage 1 - Underway
– West of block (nearest structures)
– 119.7 km
– EIA for Lead 1
• Stage 2 – 2017
– Eastern and southern areas
– 152.3 km
COLOMBIA
PLATANILLO PUT-12
Ecuador
Peru
Brazil
21
OBA CLUSTER
PUT-12 STRATEGY, ACTIVITY PLAN AND CAPEX
Initial Drilling Focus:
• Lead 1
– Proximity and similarity to Platanillo
Field – P50 106MBO*
– EIA studies Underway
– 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
22
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
23
OBA CLUSTER
COATI STRATEGY AND ACTIVITY PLAN
2016/2017 Programme
• Complete Consulta Previa
• LTT Coati 1 H2
• 3D seismic
– 2 programmes, Temblon &
Exploration Area
• Temblon Appraisal well 1
• US$7MM carry
37 Km² 3DExploration
Area
10.5 Km 2DExploration
Area
6
7
51
23
4
115 Km² 3DTemblon
Area
24
OTHER COLOMBIA ACREAGE
CPO-5 GEOLOGY AND RESOURCES
• New 3D data interpreted
• Objective rich with good seismic and
well data
• Costs reduced significantly
• 2 x A3 wells : June 2017 and
September 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
25
TACACHO
TACACHO GEOLOGY AND RESOURCES
Heavy oil on the Putumayo
Basin Fringe
• Very large prospects
– Heavy oil trend similar to
Llanos and ITT (Ecuador)
discoveries
– Scouting during 2017
Capex spend will be
pushed out to 2018
LeadsArea
(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 1,809 362
Amerisur (PDSA) Net Share 895 179
Resources – Pepino Only
Platanillo
Put-12
26
SUMMARY – TOTAL ACTIVITY AND CAPEX PLAN NEXT 12-18 MONTHS
AMERISUR RESOURCES PLC / AMERISUR COLOMBIA
DRILLING CAMPAIGNCAPEX (TOTAL
AMER)100% COST
PLATANILLO: P-19 / PAD 3N 4,000,000 4,000,000
PLATANILLO: P-21 / PAD 2N 4,000,000 4,000,000
PLATANILLO: P-22 / PAD 2N 4,000,000 4,000,000
PLATANILLO: P-IF1 / PAD xN 4,000,000 4,000,000
PUT 12: PT-01 / Lead A 4,800,000 8,000,000
PUT 12: PT-02 / Lead A 3,600,000 6,000,000
PUT 8-1 3,750,000 7,500,000
PUT 8-2 3,250,000 6,500,000
COATI-2 4,800,000 6,000,000
36,200,000
SEISMICCAPEX (TOTAL
AMER)100% COST
SEISMIC COATI - EXPLORATION AREA 2,550,000 8,000,000
SEISMIC COATI - DEVELOPMENT AREA 9,000,000 9,000,000
11,550,000
ADDITIONAL INVESTMENTCAPEX (TOTAL
AMER)100% COST
COATI-1 / LONG TERM TEST 1,000,000 1,000,000
1,000,000
AMERISUR RESOURCES PLC / PETRODORADO
DRILLING CAMPAIGNCAPEX (TOTAL
AMER)100% COST
CPO5-05 / EXPLORATORY-1 1,500,000 5,000,000
CPO5-06 / EXPLORATORY-2 1,500,000 5,000,000
3,000,000
27
ACTIVITY PLAN
10 WELLS IN NEXT 12-18 MONTHS
Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
PlatanilloSeismic analysisDrilling P-21, P-22, P-IF1
EIA N Sand Pads
Coati Complete Consulta PreviaLTT Coati 1Temblon & Exploration 3DTemblon Appraisal Well
Put-12Seismic Acquisition & processDrilling Lead 1, Lead 2 Plus 1 further well
Put-8Seismic analysisDrill 1 A3 well
CPO-5Drilling 2 A3 wells
Tacacho
Op
era
ted
blo
ck
sN
on
-op
era
ted
blo
ck
s
N-Sand seismic analysis
Drill P-21
Drill P-22
Drill P-IF 1
Consulta Previa
LTT Coati 1
Temblon 3D
Stage 1 2D seismic - West
Stage 2 2D seismic – East & South
Drill Lead 1 Drill Lead 2
Put-8 seismic analysis
Drill Put-8
Drill Temblon
Drill Mari 1 Drill Sol 1
Technical Studies
EIA N Sand
EIA Put 12
28
FULLY FUNDED WORK PROGRAM TO PROFITABLY GROW PRODUCTION AND RESERVES
INVESTMENT CASE
Strong financial position
• Cash of $51m 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 rising production through 2017
• 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: CPO5 13.39 MMBO
• Prospective Resources: Platanillo 57.8 MMBO Coati 23.2 MMBO; CPO5 39.08 MMBO
• 10 wells in next 12 -18 months – 3 on Platanillo, 1 on Put-8, 2 on Put-12, long term test at Coati, 2
on CPO-5, Coati appraisal well, and an additional Put-8 or Put-12 well
Exploration portfolio of more then 26 prospects and unrisked mean prospective resources of 518
MMBO
£213m of value created by current management team - £294m market cap, £81.5m equity raised
Experienced management and technical team based in Colombia
29
ANNEXES
Additional Materials
30
ORGANISATION
OUR BUSINESS STRUCTURE
AMERISUR RESOURCES PLC
AMERISUR EXPLORACION
COLOMBIA LIMITED
PETRODORADO SOUTH AMERICA S.A.
AMERISUR EXPLORACION
COLOMBIA LIMITADA (Sucursal) PETRODORADO SOUTH
AMERICA S.A. (Sucursal)
Platanillo100%
PUT-30100%
PUT-1260%
CPO530%
Tacacho49,5%
Fenix100%
PLATINO ENERGY (BARBADOS) CORP.
PLATINO ENERGY (BARBADOS) CORP. (Sucursal)
Coatí100%
PUT – 850%
Andaquies100%
Tax Losses
USD$57MM
(approx.)
Tax Pools
USD$24MM
(approx.)
US$7MM US$7MM
PUT-940%
31
Gerente de
Geología y
Geofísica
Gerente Técnico y
de Operaciones
J. Velasco
Ingeniero Sénior
Operaciones
Producción (2)
Supervisores
de Producción
[6]
ControllerLíder 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
SeguridadIngeniero
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 CEO Amerisur
Resources Plc
John Wardle
32
AMERISUR PARTNERS IN COLOMBIA
Amerisur acquired Repsol WI in a cash transaction
33
OBA DE-BOTTLENECKING FOCUS
OBA CLUSTER
OCP > 250 kBOPD available
SOTE currently ± 10 kBOPD availableDe-bottleneck focus
34
PUTUMAYO-30 GEOLOGY AND POTENTIAL
34
A-30 COMPLEX
PlayArea
(acres)Net pay
(ft)Phi (%)
Sw FVFOOIP (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
35
A-30 COMPLEX
ANDAQUIES GEOLOGY
• 6 prospects and leads – all 2D
• 2 reservoirs
• OOIP – 263MMBO*
• Unrisked resource 73MMBO*
Programme – 1 well and Seismic
acquisition in 2017 - 2018
* Amerisur Internal Estimates
36
OBA CLUSTER
COATI GEOLOGY AND RESOURCES – STRUCTURE TEMBLON
* Management estimates
UnitÁREA (acre)
NET PAY (ft)
Phi (%) SW (%) FVOOIP (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
UnitÁREA (acre)
NET PAY (ft)
Phi (%) SW (%) FVOOIP (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
37
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
38
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 under negotiation (Las
Palmas, Coronillo and Espartillar)
– Yacoraite Fault Traps and Onlap (tilted
blocks and stratigraphic)
– Interpreting 1590 km reprocessed 2D seismic
No material Capex spend planned
39
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)
40
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 classrooms and
sanitary/bathroom units
A clean, potable water supply
was designed and installed
Social Management is the key to success with Peace breaking out
41
CSR
CSR AND COMMUNITY RELATIONS
Social Management is the key to success with Peace breaking out