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1
A Latin American Producer & Explorer
www.amerisurresources.com
AGM
PRESENTATION
15 MAY 2018
JOHN WARDLE
CARLOS ANDRES MARTINEZ BONILLA
CASH GENERATION
BALANCE SHEET
EXPLORATION UPSIDE
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These presentation materials do not constitute or form part of any offer for sale or subscriptionor any solicitation for any offer to buy or subscribe for any securities nor shall they or any partof them form the basis of or be relied upon in connection with any contract or commitmentwhatsoever. No responsibility or liability whatsoever is accepted by any person for any losshowsoever arising from any use of, or in connection with, these presentation materials or theircontents or otherwise arising in connection therewith.
These presentation materials may contain forward-looking statements relating to the futureprospects, developments and strategies of Amerisur Resources plc (the "Company"), whichare based on directors' current expectations and assumptions and involve known andunknown risks and uncertainties that could cause actual results, performance or events todiffer materially from those expressed or implied in such statements. Each forward-lookingstatement speaks only as of the date of the particular statement and, except as required bylaw or regulations to which the Company is subject, the Company disclaims any obligationto update any such forward-looking statement to reflect future events or developments.
DISCLAIMER
IMPORTANT NOTICE
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FOCUSED ON OUR ADVANTAGES
1) BALANCE SHEET AND CASH GENERATION
Strong cash position of $41.3m with zero debt and low
cost production generating significant cash flow from
operations
In 2017, opex and transport costs sub $20/bbl - trending
lower
2) EXPLORATION PORTFOLIO
Extensive acreage position in the underexplored
Putumayo region with up to 14 fully funded exploration
and development wells planned in 2018
3) INFRASTRUCTURE
Wholly owned strategic OBA oil transfer line into Ecuador
4) REGIONAL EXPERTISE
Experienced in-country team with a strong track record
of success
EXPERIENCED COLOMBIAN OPERATOR
COMPANY OVERVIEW
* Prospective, mid estimate, net to Amerisur
* *
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2017 PERFORMANCE
2017 FINANCIAL RESULTS
2017 2016
Average production 4,857 BOPD 3,081 BOPD
Exit production 6,951 BOPD 4,071 BOPD
Average OBA throughput 4,440 BOPD 1,129 BOPD
# production fields Two O One
# of wells drilled Seven T Two
# of Colombian blocks Eleven Eight
Revenue $92.5m $47.2m
Net cash flow generated $30m -$3.3m
Cash opex and transport $18.6/bbl $24.9/bbl
2P reserves 20.70 MMBO 24.47 MMBO
2C resources 35.49 MMBO -
Prospective resources 1,376 MMBO 1,134 MMBO
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RESERVES
RESERVES
24.47
20.70
0
5
10
15
20
25
YE 2016 2P
reserves
2017 Production EUR Re-mapping CPO-5 Mecaya YE 2016 2P
reserves
MM
BO
Platanillo Platanillo PlatanilloYE 2017 2P
reserves
-1.76
-0.96-2.82
1.30 0.45
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DOWNTURN USED TO STRENGTHEN FOUNDATIONS
ACQUISTIONS
• Cash at year end of $41.3m and a $35m working capital facility agreed in April 2018• Significant increase in resource base at low cost
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DELIVERING SUSTAINABLE GROWTH
1 2Growing our low cost production base and OBA throughput
Deliver significant reserves growth through the drill bit
• To increase production through exploration
success
• Diversified production from 2 or more fields
2018:
• Drilling of up to 14 fully funded E & A wells
• Spudding of Pintadillo-1, Miraparriba-1 and Indico-1 to
commence in Q2 targeting 22.2 MMBO of net
prospective resources
2018:
STRATEGY
TO FUND
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Platanillo N Sand
11.44 MMBO
CPO-5
5.1 MMBO
Putumayo 8
5.63 MMBOPutumayo 9
37.8 MMBO
Putumayo 12
71.56 MMBO
2018 FULLY FUNDED WORK PROGRAMME
2018 WORK PROGRAMME
TARGETING 131.53 MMBO*
CAPEX OF $61M
Unrisked prospective resources net to Amerisur, mid estimate
Platanillo N Sands (3 wells)
$11m
Platanillo (civil
works and other)
$2.7m
CPO-5 (3 wells)
$6m
Putumayo 8 (2 wells &
civil works)
$8.2m
Putumayo 9 (3 wells
& civil works)
$19m
Putumayo 12 (3 wells &
civil works)
$14.4m
BLOCK 2018
Q2 Q3 Q4
Platanillo (civil works)
Platanillo N sands (drilling 3
wells, Pintadillo-1 and 2 further
wells))
CPO-5 (drilling 3 wells)
Putumayo 8 (drilling 2 wells &
civil works)
Putumayo 9 (drilling 3 wells &
civil works)
Putumayo 12 (drilling 3 wells &
civil works)
TIMING:
• The above timing is subject to change, regulatory and permitting approval and
drilling success
* Net to Amerisur, prospective resources, mid estimate
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OBA CLUSTER
PLATANILLO – PRODUCTION MAINTENANCE
• Lifting system is hydraulic – up to 3,800psi injection pressure
• Sliding Sleeve (SSD) holds the jet pump. Both production and
power fluid pass through the sleeve
• Over time the sleeve becomes eroded and must be replaced -
workover
• Example shown has had over 7.3 million bls of fluid circulated
through it
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OBA CLUSTER
100%Working interest
37.7
Prospective (MMBO)*
• Building of a 3.8 km
access road and six
well pads, with up to
seven wells per pad
commenced
• Three-well drilling
programme
• The first well,
Pintadillo-1, is one of
four such anomalies
identified in the
central part of block
targeting estimated
P50 resources of 11.44
mmbo
PLATANILLO – N SANDPlatanillo block
N Sand anomalies
* Mid estimate
11
OBA CLUSTER
PLATANILLO – N SAND
• Civil Works underway for
Pintadillo-1
• On success, 3 to 4 Wells from this
platform
• Expected to be drilled in Q3 2018
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OBA CLUSTER
PLATANILLO – N SAND – WELL SCHEMATICS
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OBA CLUSTER
PLATANILLO – N SAND – WELL SCHEMATICS
• Horizontal drilling increases the reservoir exposure and hence production rate and EUR
14
30%
Working interest
492,352
Acres
0.77
Contingent (MMBO)**
40.58
Prospective (MMBO)**
1.3
2P Reserves (MMBO)*
• Lower sands (Une) light oil play to
the south-east of the Corcel fields
and Mariposa discovery
Work plan:
• Three-well drilling programme
• Drilling of Indico-1, targeting an
updip section of the Mariposa play
on the Lower Sands, planned for
Q3 2018
• Followed by the drilling of two
further wells Aguila and Sol
• Pressure Build Up analysis of
Mariposa-1 indicates that
additional perforations may further
improve the flow characteristics of
the well. This operation is under
consideration by the partners
CPO-5
Source: Company, Geopark, Parex
** Net to Amerisur, mid estimate
* Net to Amerisur
LLANOS
CPO-5 – PROSPECTS TO BE DRILLED
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LLANOS
CPO-5 – an example – AGUILA STRUCTURE
• Solid closure on 3D seismic
• Minimum mapped closure = ±4.1 mmbo
recoverable
• Potential closure = 20+ mmbo
recoverable
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LLANOS
• Llanos 34 and Cabestrero
blocks demonstrate
continuity of traps on a NE-SW
trend – shown to be at least
30km long to date
• Llanos 34 – over 50 MMBO
produced to date,
approximately 55,000 bopd
• Tigana and associated fields
are trapped by relatively
small and subtle synthetic
(down to the basin) faults
• Drilling activity this year is
focused on different structure
types, proven by Mariposa-1
(compression structures)
• The Company believes the
synthetic Guadalupe trap
may extend into CPO-5
CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND
Source: Company, Geopark, Parex
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LLANOS
• Presence of synthetic faults is confirmed in Amerisur’s analysis. Their displacement and style is similar to that of the oil fields to
the North East. The position of the first faults identified indicate that they could be the continuation of the Akira Oil Field
Trend
• In addition to Akira's Structural Trend, a second fault system has been identified, stepped to the south
• The continuity of the Jacana Oil Field structural trend is not yet confirmed either in the 3D NW seismic cube or in the 2D
seismic lines. Further processing is required to improve this data
Synthetic fault trends
D
D’
C C’
Pseudo Relief
D D’
CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND
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LLANOS
• The synthetic faults trends appear to have good
continuity towards the SW
E
E’
F
F’
Synthetic fault trends
F F’PseudoRelief
E E’CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND
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PUTUMAYO-8 – BETWEEN OILFIELDS
• * Net to Amerisur, mid estimate• ** “Look Up”• *** The Great Potoo, common in the area• **** “Well Placed”
50%
Working interest
102,799
Acres
16.27
Prospective (MMBO)*
• Borders Platanillo to the
West
• Two-well drilling programme
• Miraparriba-1, a directional
well to the Miraparriba**
structure to spud in June
2018
• Second well may target
Nyctibius (3)*** or
Bienparado (2)****
OBA CLUSTER
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PUTUMAYO-8 REGIONAL CROSS SECTION
OBA CLUSTER
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PUTUMAYO-12 & 9
OBA CLUSTER
60%Working interest
134,509
Acres
224.71
Prospective (MMBO)*
PUTUMAYO-12
• Similar geology to Platanillo
• 2D Seismic acquisition now underway
• Three-well drilling programme
• Coendu - proximity and similarity to
Platanillo
• Maracaya - Appears to be
continuation of Blanca Field in
Ecuador
• Prospect 3 - Trap door structure,
large area, potential Stratigraphic
component
• Targeting unrisked mean gross
prospective resources of 106
MMBO, 47 MMBO and 82 MMBO
respectively
• To commence in Q3 2018
* Net to Amerisur, mid estimate
100%
Working interest
121,453
Acres
64.43
Prospective (MMBO)*
• Three-well drilling programme
• 2D Seismic acquisition now underway
• Expected to commence in Q4 2018
• Targeting 30 MMBO
PUTUMAYO-9
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PUTUMAYO-12 & 9
OBA CLUSTER
23
PUTUMAYO-12 & 9
OBA CLUSTER
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EXTENSIVE ACREAGE POSITION
FUTURE UPSIDE
Blocks (Amerisur WI) 2P reserves
(MMBO)
2C resources
(MMBOl)
Unrisked
prospective
resources
(MMBO)
Platanillo (100%) 18.95 37.70
CPO-5 (30%) 1.3 0.77 40.58
Mecaya (58%) 0.45 2.26
Coati (100%) 34.72 26.72
Putumayo -8 (50%) 16.27
Andaquies (100%) 38.02
Putumayo-9 (100%) 64.43
Putumayo-12 (60%) 224.71
Putmayo-30 (100%) 337.66
Terecay (100%) 223.74
Tacacho (100%) 363.93
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OBA – AFTER 15 MONTHS OF OPERATIONS, IT HAD PAID FOR ITSELF
4,932April 2018 average daily
throughput BO
THE OBA – STRATEGIC EXPORT INFRASTRUCTURE
Throughput increase strategy:
Short term strategy successfully delivered
• 3rd export pump in Colombia installed
increasing export capacity to 28,800
BOPD
• January 2018 agreed to increase
throughput capacity under agreement
with Petroamazonas from 5,000 to
9,000 BOPD once Amerisur has built
and commissioned the Chiritza re-
pumping system,
Next steps:• Debottlenecking
Chiritza
Cuyabeno
2 MBO transported by Feb 2018, generating a total saving of $20.3m during the 15th month of operation
Cuyabeno pumps, meteringChiritza re-pumping station
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CORPORATE SOCIAL RESPONSIBILITY
OUR LICENCE TO OPERATE
Having been present in the Putumayo basin for eleven years, Amerisur is one of the largest investors in the region and is
committed to delivering sustainable long-term growth in a safe and responsible manner, complying with all applicable
laws and regulations.
'Sustiticion de Cultivos Ilicitos - illegal crop substitution programme'
• The Government's 'illegal crop substitution programme' compensates farmers for
the eradication of their coca crop.
• Amerisur has been providing local farmers in seven villages in the Putumayo
region with pepper plants and farming skills such that they can swiftly make the
transition to a more socially desirable and profitable crop.
• Black Pepper is a high demand crop in Colombia and provides a steady
income.
Helping to end water poverty
• Amerisur has helped to reduce water poverty in the Platanillo region, making water
safe to drink with its involvement in the installation of LIFESAVER® clean water filtration
tank filters in local schools in Alea, Santa Isabel, Sevilla, Sinai II – Badio and Sinai,
providing an effective long-term clean water solution.
• The ‘LifeSaver C2’ water tank filtration system, is a community led solution that holds
750 litres of water at one time and can be connected to a rainwater harvesting
system to ensure a constant supply of clean drinking water.
• Microbiologically clean water, which filters out 99.99% of all viruses’ bacteria and
cysts, produced from the tank can be used for drinking, washing, cleaning and
cooking.
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CORPORATE SOCIAL RESPONSIBILITY
Santa Isabel School
• Currently Amerisur supports 454 families in the Platanillo block across the following villages; Alea, Bajo Mansoya, Peneya,
Sevilla, La Rosa, Sinai II – Baldio, Camelias, Monteverde and Kanakas.
• During 2017 Amerisur continued to focus on improving access to and promoting further education through the construction
of two classrooms for grades 10 and 11, two laboratories and two sets of toilet facilities for the students of Santa Isabel School.
• This project will improve the students’ educational prospects and help create the country’s next generation of high school
graduates.
• The construction of the new facilities have been undertaken by local villagers thus creating more job opportunities.
• Focus on local hiring and contracting wherever possible
OUR LICENCE TO OPERATE
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2018 OUTLOOK
1 2
3 4
Drilling of up to 14 fully funded wells Increasing reserves and resources
Increasing production Cash generation from production
Sustainable growth
29
APPENDIX
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STRENGTHENED AND REFRESHED BOARD AND MANAGEMENT TEAM
BOARD AND MANAGEMENT
Giles Clarke, Chairman
Committee membership:
John Wardle, CEO
Committee membership:
Nick Harrison, CFO Alex Snow, SID
Committee membership:
Stephen Foss, NED
Committee membership:
Douglas Ellenor, NED
Committee membership:
Chris Jenkins, NED
Committee membership:
Dana Coffield, NED
Committee membership:
Carlos Martinez
Country Manager
Johnnie Velasco
Operations Manager
Edgar Herazo
Production Manager
Carolina Gelvez
Lead Geologist
Selected In country team:
N N N R
A N R A A N R A R
Board:
Key
Committee
membership
A Audit
N Nomination
R Remuneration
Chairman
Maribel Escobar
Head of Consulta Previa
31
A ROBUST AND SELF-SUSTAINABLE BUSINESS MODEL
BUSINESS MODEL
32
FINANCIALS
2017 Cashflow Operating netback per barrel ($)
0
10
20
30
40
50
60
70
80
Brought
forward
cash Jan 17
EBITDA Working
Capital
movements
Tax
repayment
Asset
acquisitions
Capex Cash at 31
Dec 2017
20
46 5
26
42 41
0
10
20
30
40
50
60
Platanillo N
Sands (3
wells)
Platanillo
(civil works
and other)
CPO-5 (3
wells)
Putumayo
8 (2 wells &
civil works)
Putumayo
9 (3 wells &
civil works)
Putumayo
12 (3 wells
& civil
works)
2018 total
capex
2017 EBITDA 2018 CAPEX
$m
$ /
bb
l$m
3.910
14.7
14.9
31.413.5
0
5
10
15
20
25
30
35
40
45
50
FY 2017 FY 2016
Transport costs Operating costs Operating netbacks
0
10
20
30
40
50
60
70
80
90
100
Sales Cash
operating
costs
Royalties Transport
costs
High prices
tariff
G&A costs EBITDA
(3.2))
$m
33
1 Growing Low Cost Production Base –focus on Putumayo core assets around OBA
▪ Prime position in under explored basin
▪ Low cost onshore operation with short lead time from exploration to production
▪ Maximise value from producing assets
▪ Plan to increase production to 20,000 bopd in the medium term through ongoing development and exploration while
growing OBA throughput, diversifying production base
2 Own Strategic Export Infrastructure
▪ Amerisur’s OBA pipeline paid for itself in 15 months
▪ Provides a reliable, low cost route to commercialisation with technical capacity of 50,000 to support future growth
▪ Ability to grow OBA throughput through focused investment
3 Extensive Growth Portfolio
▪ 12 blocks covering c.984,000 Ha (gross) predominantly in the prolific Putumayo - proven oil basin with light to heavy oil
gradation in excellent reservoirs, big field potential in Colombian terms
▪ Key acreage in the most important Llanos play
▪ Exploration portfolio of more than 26 identified prospects targeting 1,376 mmbo of unrisked prospective resources
▪ Significant future upside at Platanillo – unrisked prospective resources of 37.7 mmbo
▪ Up to 14 fully funded wells to the end of 2018
▪ CPO-5 on trend with most important recent discoveries
4 Robust Financial Position
▪ Cash generation and balance sheet strength core values
▪ Fully funded work programme at $45 oil and well positioned to pursue organic and inorganic growth – continuing to
consider acquisitions in Putumayo which have strong strategic fit
▪ Debt free balance sheet and cash of $41.3m at year end, positive operating cashflow
5 Experienced Board and Management Team
▪ Experienced and strengthened Board with CEO and management based in Colombia enabling streamlined decision
making
▪ Extensive experience of operating in country with strong community relations developed over the course of a decade
INVESTMENT HIGHLIGHTS
FINANCIALLY AND OPERATIONALLY WELL PLACED WITH A CLEAR STRATEGY TO MAXIMISE
POTENTIAL OF EXTENSIVE PORTFOLIO AND TO CONTINUE TO DELIVER SHAREHOLDER VALUE