INTERIM RESULTS PRESENTATION 25 SEPTEMBER 2017 JOHN WARDLE NICK - - PowerPoint PPT Presentation

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INTERIM RESULTS PRESENTATION

25 SEPTEMBER 2017

JOHN WARDLE NICK HARRISON A Latin American Producer & Explorer www.amerisurresources.com

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These presentation materials do not constitute or form part of any offer for sale or subscription

• r any solicitation for any offer to buy or subscribe for any securities nor shall they or any part
• f 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

IMPORTANT NOTICE

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E&P COMPANY FOCUSED ON THE UNDER-EXPLORED PUTUMAYO REGION

Experienced Board and management team

• Strong, in-country management / operational team

Owner and operator of strategic export infrastructure, the OBA, delivering world-class operating margins at $15/bbl opex and significant production growth potential

• Reliable, low cost route to commercialisation with technical capacity of 50,000 bbl/d to support future

growth Extensive licence portfolio delivering exploration success, value creation & significant future drilling news flow

• Opportunistic resource growth via corporate and asset acquisitions during the down cycle
• Up to 16 fully funded exploration and development wells planned in the next 18 months
• 1,497 MMBO unrisked resources

Robust financial position

• $29m cash at 30 June 2017, debt free, significant tax losses and positive operating cash flow

COMPANY OVERVIEW – INVESTMENT HIGHLIGHTS

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BRAZIL ECUADOR PERU COLOMBIA

Pacific Ocean

LLANOS MIDDLE MAGDALENA

Andaquies (Operator) Working interest: 100% Put-30 (Operator) Working interest: 100% Coati (Operator) Working interest: 100% Temblon field, 60% exploration area Mecaya Working interest: 58% Put-9 (Operator) Working interest: 100% Terecay (Operator) Working interest: 100% Tacacho (Operator) Working interest: 100% Put-12 (Operator) Working interest: 60% Put-8 (Vetra Operator) Working interest: 50%

PUTUMAYO

Platanillo (Operator) Working interest: 100% Fenix Working interest: 100% In process of Relinquishment CPO-5 Working interest: 30%

COMPANY OVERVIEW

EXPERIENCED COLOMBIAN OPERATOR

Market Statistics

Symbol (AIM) AMER Market Capitalisation (close 22 Sept 2017) £197m

Operational Statistics

2P Reserves 24.5 mmboe Average Daily Production (August 2017) 5,834 BOPD 2017 Target Exit Production 7,000+ BOPD Netbacks at $45 oil $30/bbl Built and owns strategic OBA transfer line to Ecuador

Portfolio

Size 12 blocks, 984,000 Ha (Gross) Prospects 26+ identified Resources (Unrisked) 1,497 mmbo

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OBA pipeline

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*Some interests awaiting approval by ANH

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STRENGTHENED AND REFRESHED BOARD AND MANAGEMENT TEAM

BOARD and MANAGEMENT

Giles Clarke, Chairman John Wardle, CEO Nick Harrison, CFO Douglas Ellenor, NED Stephen Foss, NED Alex Snow, SID Chris Jenkins, NED Dana Coffield, NED Carlos Martinez Country Manager Board: In country team: Johnnie Velasco Operations Manager Fernando Rueda Financial Manager Edgar Herazo Production Manager Hernan Antolinez Geological Manager Recently appointed Directors:

6 Leveraging our strategic position in the Putumayo basin through the drill bit

DELIVERING GROWTH THROUGH FOCUSSED PRODUCTION INCREASES AND EXPLORATION SUCCESS

Growing our low cost production base and OBA throughput OUR STRATEGY

Put-9 Working interest: 100% Size: 49,150,5 Ha

Platanillo

Working interest: 100% Size: 11,119.4 Ha OBA pipeline

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Put-12 Working interest: 60% Size: 54,434 Ha Put-8 Working interest: 50% Size: 41,604,6 Ha

100,000 200,000 300,000 400,000 500,000 600,000 Q4 2016 Q1 2017 Q2 2017 Q3 2017 (est) Q4 2017 (est)

OBA Throughput (Quarterly)

Delivering improved reliability and economics (BOPD)

2017-2018 FOCUS

(BO)

1000 2000 3000 4000 5000 6000 2016 H1 2016 H2 2017 H1 2017 H2

Half-year Production Growth (BOPD)

Achieved Estimated

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OBA – PIPELINE CAPACITY AND FUTURE STRATEGY

$15

OPEX/BL @ 7,000 BOPD (including transport costs)

6,332

September average BO

• perational days to date

OBA export achieved

THE OBA – STRATEGIC EXPORT INFRASTRUCTURE Throughput increase strategy Short Term:

• Chiritza re-pumping station
• 3rd export pump in Colombia to

increase throughput to 1,200BOPH and redundancy

• VHR spares & generation
• Cuyabeno pumps, metering
• Result: 10kBOPD+ available capacity

Medium Term:

• Connection from Roda to Andes line

at Km22 (30 kBOPD available capacity)

Long Term:

• RODA twinning or direct line to Lago

Agrio

Chiritza Cuyabeno

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18 MONTHS WORK PROGRAMME, FULLY FUNDED AT $45 OIL

FOCUSSED ON CORE OBA AREA

CONTINUING WORK PROGRAMME

Platanillo: (Amerisur 100%, Operator) Put 9: (Amerisur 100%, Operator)

Unrisked resource: 211.9 MMBOE (gross) Work programme 3 wells CAPEX $11m Unrisked resource: 26MMBO (gross) Work programme: 2-3 wells CAPEX $10.5m Significant upside potential:

• U and T Sand development –Pad 2N
• N Sand central anomaly

Work programme 5 wells - 2 development, 1 exploration, 2 appraisal CAPEX $24.5m Unrisked resource: 53.5 MMBOE Work programme: 3 wells CAPEX $17m Unrisked resource: 142.3MMBO (net) Work programme 2 wells and LTT CAPEX $5m

Put-12: (Amerisur 60%, Operator) Put-8: (Amerisur 50%) CPO-5: (Amerisur 30%)

Put-9

Working interest: 100%

Platanillo

Working interest: 100%

OBA pipeline

Objective is to tie back all oil to the OBA

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CPO-5

Working interest: 30%

Put-12

Working interest: 60%

Put-8

Working interest: 50%

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Jan 2016: Platino Energy Dec 2016: Talisman

Price paid: minimal costs Unrisked prospective resources: 245.9MMBO Price paid: $6m Tax losses: $57m ($20m Net) Unrisked prospective resources: 131.3MMBO $/bl of prospective resources: NEGATIVE

Terecay Andaquies Coati PUT 8 PUT 30 PUT 9 Mecaya Platanillo PUT 12 Tacacho

LLANOS COLOMBIA

MAP OF ACQUISITIONS

Price paid: $7m Tax loses: $24m ($8.4m Net) Farm Out:+$7m Unrisked prospective resources: 190MMBO $/bl of prospective resources: NEGATIVE

SUCCESSFULLY DELIVERED ACCRETIVE STRATEGIC ACQUISTIONS

Price paid: $4.85m (Net $600k) Unrisked prospective resources: 321MMBO $/bl of prospective resources: ±ZERO

Mar 2017: Pacific Exploration & Production subsidiaries

MANAGEMENT’S ACTIONS

Exploration failure and tightening markets led PetroDorado to seek a buyer. Amerisur rejected 3 of 5 blocks, acquiring only CPO-5 (Mariposa light oil discovery) and key block Tacacho (49.5%) Private owner decided to exit Putumayo. Opportunistic offer. Subsequently farmed out a further 20% of Coati Exploration area for $7m work commitment. Tax losses $8.4m Net to

• Amerisur. Key position in Put-8

Repsol acquired Talisman and decided to exit

• Putumayo. Opportunistic offer. Key starter

position in Put-9 plus outstanding 50% of Put-30 Pacific parent company restructured in Canada. Amerisur made unsolicited approach and

• ffered a direct negotiation. 4 out of 6 Putumayo

blocks selected. $4.25m outstanding farm in payment (PDSA to Pacific) cancelled by this

• transaction. Achieved 100% in Put-9 and key

position in eastern Putumayo June 2015: Petro Dorado South America SA

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FINANCIALS

42m 1m

Cashflow H1 2017

5 10 15 20 25 30 35 40 45

Sales Operating costs Royalties Transport costs High prices tariff Admin costs (UK & Colombia) EBITDA H1 2017

US$

EBITDA H1 2017

Average selling price approx. at a $4.5 discount to Brent 8m

10 20 30 40 50 60 Jan-16 May-16 Aug-16 Nov-16 Mar-17 Jun-17

Revenue per barrel - 2016 & 2017

Revenue per barrel Average Brent oil price

Operating netback per barrel ($)

11.4 4.8 15.8 12.9 11.2 29.6

5 10 15 20 25 30 35 40 45 50 FY 2016 H1 2017

Operating netback Operating costs Transport costs

Brought forward cash Jan 17 EBITDA Other w/c movements Asset acquisitions Capex Tax/financing Cash at 30 June 2017 5m 16m 1m 29m

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PRODUCTION

• H1 2017 average production
• f 4,475 BOPD
• Average production for

August 5,834 BOPD

• FY 2017 exit rate of +7,000

BOPD driven by increased production from the ongoing, low-cost drilling programme at Platanillo and CPO-5, delivering FY 2017 average production of 5,000 BOPD

• Focus is to increase

production to 20,000 BOPD in the medium term

• Diversifying production base

from 1 to 3 fields by end of 2018

• Production to fund

exploration programme

2017 exit production 2017 production

6,300 7,000+

BOPD

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 PRODUCTION

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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 from 1 to 3 fields by end of 2018

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Own Strategic Export Infrastructure

▪ Amerisur’s OBA pipeline, direct from its Platanillo field to the Ecuadorian export pipeline system was commissioned in October 2016 ▪ Provides a reliable, low cost route (opex/bbl inc. transportation $15, netbacks of $30 at $45 oil) to commercialisation with technical capacity of 50,000 to support future growth ▪ Ability to grow OBA throughput through focused investment

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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 ▪ Significant future upside at Platanillo – T and N sand ▪ Advance light oil prospects first, followed by heavy oil ▪ Exploration portfolio of more than 26 identified prospects targeting 1,497 mmbo of unrisked resources ▪ Up to 16 fully funded wells to the end of 2018

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Robust Financial Position

▪ 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 $29m as at 30 June 2017, positive operating cashflow

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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

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END