INVESTOR PRESENTATION

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