Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AMERISUR RESOURCES PLC. We currently have 25 research reports from 3 professional analysts.
|02Dec16 09:51||RNS||Block listing six monthly return|
|01Nov16 07:00||RNS||Holding(s) in Company|
|27Oct16 01:12||RNS||OBA Pipeline Operational|
|27Oct16 12:45||RNS||OBA Pipeline Operational|
|03Oct16 02:55||RNS||Holding(s) in Company|
|03Oct16 07:00||RNS||OBA Pipeline Update|
|21Sep16 07:00||RNS||Analyst site visit and 2017 guidance|
Frequency of research reports
Research reports on
AMERISUR RESOURCES PLC
AMERISUR RESOURCES PLC
07 Oct 16
We recently attended a site visit to Amerisur’s Platanillo field in Colombia, and an associated presentation. We viewed the company’s OBA pipeline, which is about to come onstream to export oil via Ecuador, and will bring increased offtake capacity and OPEX savings. Amerisur also has drilling on a number of other fields coming up, providing newsflow but also production potential in the coming years. Challenges remain in securing additional pipeline capacity in Ecuador and successfully bringing on new fields to support the company’s target of 20mbbl/d by the end of 2019. In our view, the near-term newsflow, long-term growth profile and strong balance sheet (US$56.1m of net cash currently) lead us to maintain our Buy recommendation and 35p price target. We also update our model for new guidance on production and tax losses, upgrading 2017 (detailed below).
Drilling Inventory and 2017e Production Guidance Greater than Previously Anticipated
28 Sep 16
Amerisur recently hosted an Analyst trip to the Platanillo Field and OBA pipeline, while also highlighting an 11 well drilling program over the next 15 months, which is greater than previously anticipated. The Company has released its 2017e production guidance range between 7,500 bbl/d and 8,500 bbl/d. We have increased our 2017e production forecast by 9% to 7,600 bbl/d. We have increased our target price to £0.35 per share, while maintaining our Outperform ranking.
Reports 1H16 Results and OBA Start-Up is Imminent
16 Sep 16
Amerisur reported 1H16 production of 2,642 bbl/d that was behind expectations, due to production being shut-in during the low crude oil price and the Company waiting to sell volumes through the OBA pipeline to realize a much better netback. The OBA pipeline is complete and undergoing final checks. The first exports through the pipeline will commence in the next few days, at which point production is expected to ramp-up to 7,200 bbl/d by exit 2016e and operating and transportation costs are expected to decrease over 40% to US$15/bbl. While our 2H16e outlook has been reduced, our 2017e production and financial estimates remain largely unchanged. With new drilling success, our 2017e production forecast could potentially be too conservative.
AMERISUR RESOURCES (AMER LN) PROVIDES A POSITIVE OPERATIONAL UPDATE AND INCREASED ACTIVITY IN 2H16E
13 Jul 16
Market Impact: Positive. Amerisur announced that the Platanillo-8 well was successfully drilled ahead of schedule and below budget. The Company's operations will pick-up in 2H16e, with the drilling of up to two stepout wells at the Platanillo Field (100% WI), two exploration wells at the CPO-5 Block (30% WI), completion of the OBA pipeline, and continued seismic and evaluation work at the PUT-12 (60% WI) and Coati Block (60% WI, post farm-out terms being satisifed)
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Operating profits and net cash position – restored; market outlook – precarious
01 Dec 16
The turnaround was noticeable Lonmin’s full-year (September-ending) results were ahead of consensus and AV’s estimates. Sales came in at $1.1bn (-14% yoy) as the average realised (USD-denominated) PGM prices and sales volumes were down yoy 12% and 2%, respectively. However, platinum sales (736koz) were much ahead of earlier guidance (700koz) – thanks to certain smelting/processing efficiencies, which helped more than offset the impact of reorganisation-related disruptions. After two consecutive years (FY14-15) of hefty operating losses, Lonmin finally reported an adjusted operating profit (even though feeble) of $7m. This was facilitated by the record weakness in the South African rand (down from ZAR12/$ in FY15 to ZAR14.77/$ in FY16) and ZAR1.3bn of cost savings – 86% higher than the earlier target. Disappointingly, Lonmin recognised $335m of asset impairments (vs. $1.8bn in FY2015), which resulted in a full-year net loss of $400m. But the turnaround in reported OCFs – inflow of $58m vs. an outflow of $12m – was a much-needed improvement, which, along with conservative capex (-35% yoy) of $87m, resulted in a net cash position of $173m (with no short-term repayments) vs. a net debt position of $185m (at end-FY15). But the guidance spells caution For FY17, management targets conservative platinum sales of 650-680koz, while unit costs are expected to remain under pressure – ZAR10,800-11,300/oz vs. ZAR10,748/oz achieved in FY16. On the other hand, capex plans would be aggressive – ZAR1.8bn (which includes ZAR400m for the tailings project – already delayed by almost two years) vs. ZAR1.3bn spent in FY16.