INVESTOR PRESENTATION

lauriesandra

Amerisur-Investor-Presentation-November-2016

INVESTOR

PRESENTATION

NOVEMBER 2016

A Latin American Producer & Explorer

www.amerisurresources.com


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.

2


FULL CYCLE E&P

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 into Ecuador

· 10 wells in next 15-18 months, fully funded, to convert resources into reserves

and increase production

· Diversify production base from 1 to 3 fields by 2018

· Broad portfolio of longer term exploration assets

· Strong management team

3


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

• State Visit to UK November 2016

• 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

– Vote on 2 nd October – “No” to original agreement

• Opposition and Government united to formulate sustainable peace agreement

• Months not years

• FARC ceasefire continues

• ELN now in formal peace talks

4


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 from neighbouring Ecuadorian producing fields

• Previous Constraints:

– Security

• Peace process – Physical Security is no longer an issue

– Isolation

• Amerisur road

• Increased Government spend

• New solutions and technology including fluvial transport

– High cost of transport to market - Trucking

• OBA – a unique advantage

5


WHERE WE WILL BE

STRATEGY TO 2019

• Focus on Putumayo growth with Llanos Basin acreage 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

6


STRATEGY

ECUADOR AND COLOMBIA FIELD DENSITY

Under Explored

Very Lightly Explored

Lightly Explored

7


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%

Putumayo

Portfolio

OBA

Cluster

PUT 30

Andaquies

A-30

Complex

Tacacho

• Andaquies 100% Operator

Platanillo

• Tacacho 49.5%

• Fenix 100% Operator

Coati

PUT 8

PUT 12

9 blocks

OBA

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.

8


OBA CLUSTER

PLATANILLO GEOLOGY AND RESERVES / RESOURCES

• Produced 6.98 MMBO* to date

• U Sand Principal Reservoir – 31° API

• T Sand proven oil – Upside - 34º - 38° API

• N Sand proven oil – Upside -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

INFILL 4

INFILL 9

INFILL 5

Well North Area 2

Well North Area 1

* As at 31 st August 2016

9


OBA CLUSTER

Spectral Decomposition – 35 hz

PLATANILLO – UPSIDE PROVEN IN N SAND

PLATANILLO

Attribute analysis very encouraging

PUT 8

• Strong N sand development in

central and northern parts of the

block – much stronger than

southern area (which produced 400BOPD)

• Building appraisal programme

Pad 2N

10


OBA CLUSTER

PLATANILLO – SUMMARY OF FUTURE UPSIDE

Area Next Steps Upside Potential

U sand Development

T sand Development

N sand Appraisal &

Development

Appraisal of North

Independent Closure

Appraisal of subsidiary

structures West

Northern section 3D seismic

Infill and continued extension

to the north Plat-22

Dual or re-completion once U

sand depletes

Seismic analysis and model

refinement underway – very

encouraging to date

Structure looks fine on 3D.

May coincide with N sand

appraisal

Libélula-1 suspended at

7,850ft - technical issues

Platanillo North 3D seismic

completed – more faults,

structures may be

compartmentalised

Light oil, good production

rates, excellent reservoir

Important prize , excellent

reservoir– tested and proven

Estimated greater than

100MMBBL OOIP potential

Probably post 2017

Post Put-8 North drilling

Useful bolt on reserves for

later

11


OBA CLUSTER

PLATANILLO ACTIVITY PLAN AND CAPEX

Forward programme

• Drilling

– 2 infill wells – 1 completed, Platanillo-8 (400 BOPD)

– Up to 2 wells North Area (step out)

• Platanillo-21 to spud in November

– Capex $4MM per well

• Production

– Construction 10KBO Tank PAD5

• Completion November 2016

– Interconnection PAD5 – PAD9 Oil Transfer

• Construction to begin year end

– Electric Interconnection PAD3 – PAD1

• Studies underway

– Workovers and recompletions

• Underway – Plat-20 recompletion (720BOPD)

– Capex


OBA CLUSTER

OBA PIPELINE OPERATIONAL

• OBA is operating, exporting Platanillo crude from Pad 9S to Amer facilities in

VHR Station

• 1,500 BOPD currently

• Ramp up to 5,000BOPD in next weeks

• De-bottlenecking project underway in Ecuador

13


OBA CLUSTER

OBA DE-BOTTLENECKING FOCUS

OCP > 250 kBOPD available

SOTE currently ± 10 kBOPD available

De-bottleneck focus

14


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 18,000BOPD pumping

capacity installed

• Lago Agrio

• SOTE or OCP (segregated transport)

• Total capacity


OIL COMMERCIALISATION

OIL PRICES – 2013 TO 2016 (WITH VOLUMETRIC COMPENSATION ESTIMATED)

16


OIL COMMERCIALISATION

TRANSPORT COSTS

17


OIL COMMERCIALISATION

TRANSPORT COSTS VS. PRICE

Average Price (Jul-Sep/16)

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 4MMBO (net) recoverable

• Central part can be drilled from

Platanillo License area

• Easily tied back to low cost OBA

transport

• 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 – Platanillo West Well

Programme – N Sand Anomally Well

19


OBA CLUSTER

PUT-12 GEOLOGY AND RESOURCES

Summary

• Amerisur 60% working interest and

Operator – 29% X Factor

PLATANILLO

COLOMBIA

Ecuador

Peru

Brazil

PLATANILLO PUT-12

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

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

COLOMBIA

Ecuador

Peru

Brazil

PLATANILLO PUT-12

• Stage 2 – 2017

– Eastern and southern areas

– 152.3 km

21


OBA CLUSTER

PUT-12 STRATEGY, ACTIVITY PLAN AND CAPEX

Initial Drilling Focus:

• Lead 1

PLATANILLO

Ecuador

COLOMBIA

Peru

Brazil

– Proximity and similarity to Platanillo

Field – P50 106MBO

– EIA studies Underway

– 2 wells in 2017

• Lead 6

1

PUT 12

PLATANILLO PUT-12

3

– Appears to be continuation of

Blanca Field in Ecuador – P50

47MBO

6

• Lead 3

– Trap door structure, large area,

potential Stratigraphic component

– P50 82MBO

* Management estimates

22


OBA CLUSTER

COATI GEOLOGY AND RESOURCES

• U & T structural trap tested in 3 wells

• Currently estimated at 16MMBO

contingent resources (best case)

• Caballos hydrodynamic trap

• Currently estimated at 7.2MMBO*

prospective resources (low case)

• O% X Factor

• Exploitation area 100% Amerisur

* Management estimates

23


OBA CLUSTER

COATI STRATEGY AND ACTIVITY PLAN

10.5 Km 2D

Exploration

Area

1

6

5

2016/2017 Programme

• Complete Consulta Previa

• LTT Coati 1

• 3D seismic

– 2 programmes, Temblon &

Exploration Area

• Temblon Appraisal well 1

• US$7MM carry

37 Km² 3D

Exploration

Area

7

4

2

3

115 Km² 3D

Temblon

Area

24


LLANOS BASIN

CPO-5 GEOLOGY AND RESOURCES

• New 3D data interpreted

• Objective rich with good seismic and

well data

• 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

25


A-30 COMPLEX

PUTUMAYO-30 GEOLOGY AND POTENTIAL

Play

Area

(acres)

Net pay

(ft)

Phi

(%)

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

26


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

* Management estimates

27


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 will

be pushed out to

2017/2018

Resources – Pepino Only

Leads

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

Total 1,809 362

Amerisur (PDSA) Net Share 895 179

28


SUMMARY – TOTAL ACTIVITY AND CAPEX PLAN TO END 2017

AMERISUR RESOURCES PLC / AMERISUR COLOMBIA

DRILLING CAMPAIGN

CAPEX (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

PU8-1 3.750.000 7.500.000

PU8-2 3.250.000 6.500.000

COATI-1 4.800.000 6.000.000

36.200.000

SEISMIC

CAPEX (TOTAL

AMER)

100% COST

SEISMIC COATI 12.000.000 12.000.000

ADDITIONAL INVESTMENT

12.000.000

CAPEX (TOTAL

AMER)

100% COST

COATI - LONG TERM TEST 1.000.000 1.000.000

1.000.000

AMERISUR RESOURCES PLC / PETRODORADO

DRILLING CAMPAIGN

CAPEX (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

29


Operated blocks

Non-operated blocks

ACTIVITY PLAN

10 WELLS IN NEXT 15-18 MONTHS

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Platanillo

Seismic analysis

Drilling P-21, P-22, P-IF1

Coati

Complete Consulta Previa

LTT Coati 1

Temblon & Exploration 3D

Temblon Appraisal Well

N-Sand seismic analysis

Drill P-22

Consulta Previa

Drill P-21

LTT Coati 1

Drill P-IF 1

Temblon 3D

Drill Temblon

Put-12

Seismic Acquisition &

process

Drilling Lead 1, Lead 2 Plus

1 well

Stage 1 2D seismic - West

Stage 2 2D seismic – East & South

Drill Lead 1 Drill Lead 2

Put-8

Seismic analysis

Drill 1 well

Put-8 seismic analysis

Drill Put-8

CPO-5

Drilling 2 A3 wells

Drill Mari 1 Drill Sol 1

Tacacho

Technical Studies

30


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 2016 exit production rate of 7,200 BOPD

• Targeting 2017 average 9,000 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: CPO5 13.39 MMBO

• Prospective Resources: Platanillo 57.8 MMBO Coati 23.2 MMBO; CPO5 39.08 MMBO

• 10 wells in next 15-18 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

£278m of value created by current management team - £360m market cap, £81.5m equity raised

Experienced Board and management based in Colombia

31


Additional Materials

ANNEXES

32

32


ORGANIZATION

OUR BUSINESS IN COLOMBIA

AMERISUR RESOURCES PLC

AMERISUR EXPLORACION

COLOMBIA LIMITED

US$7MM

PETRODORADO SOUTH AMERICA

S.A.

US$7MM

PLATINO ENERGY (BARBADOS)

CORP.

AMERISUR EXPLORACION

COLOMBIA LIMITADA (Sucursal)

Tax Losses

USD$57MM

(approx.)

PETRODORADO SOUTH

AMERICA S.A. (Sucursal)

Tax Pools

USD$24MM

(approx.)

PLATINO ENERGY (BARBADOS)

CORP. (Sucursal)

Platanillo

100%

PUT-12

60%

Tacacho

49,5%

CPO5

30%

Coatí

100%

PUT – 8

50%

Andaquies

100%

PUT-30

50%

Fenix

100%

33


IN COUNTRY TEAM

GERENTE GENERAL

AMERISUR EXPLORACION COLOMBIA LIMITADA

CARLOS ANDRES MARTINEZ BONILLA

Gerente Técnico y

de Operaciones

J. Velasco

Gerencia Administrativa y

Financiera

F. Rueda

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

Talento Humano

S. Ramírez

Gerente de

Geología y

Geofísica

Ingeniero Sénior

Operaciones

Producción (2)

Ingeniero

Perforación &

WO (2)

Gerente de

Seguridad

Controller

Contadora

SFA

G. Thornton

PWC

Jefe RSC y

Relaciones

Institucionales

Ingeniero

TIC

Coordinador

Ambiental

Coord.

HSQ

Líder de

Compras y

Contratos

Lideres de

Geología

[2]

Ingeniera Jr.

Produccion

Ingeniero

Yacimientos

Supervisor

General de

Seguridad

Contador

Sénior

Tesorera

IMIX

R. Salgado

Deloitte

Coordinador

Gestion Social

Asistente IT

& G.

Documental

Líder de

Logística

Integral

Geologos

[2]

Ingeniero de

Jefe de campo

Coordinadora

de Seguridad

Analista

Contable

[2]

Recepción

Asistente de

Gerencia

Servicios

Generales

Gestor de

Compras y

Contratos

(2)

Coordinador de

Operaciones de

Producción

Gestor

Operacional

Asistente

Contable

[2]

Auxiliar de

archivo

contable

Supervisores

de Producción

[6]

DO – TH – 001

Versión: 1

Fecha actualización: 15-08-2016

Coordinador

Logístico Entregas

[2]

34


AMERISUR PARTNERS IN COLOMBIA

35


OBA CLUSTER

COATI GEOLOGY AND RESOURCES – STRUCTURE TEMBLON

Unit

ÁREA

(acre)

NET PAY

(ft)

Phi (%) SW (%) FV

OOIP (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

Unit

ÁREA

(acre)

NET PAY

(ft)

Phi (%) SW (%) FV

OOIP (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

* Management estimates

36


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

Amerisur internal estimates

37


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 until end 2017

38


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)

39


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

A clean, potable water supply

was designed and installed

Solar panels were

installed in the homes

of 300 families

Built a classrooms and

sanitary/bathroom unit

Social Management is the key to success with Peace breaking out

40


CSR

CSR AND COMMUNITY RELATIONS

Social Management is the key to success with Peace breaking out

41

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