Amerisur Resources acquires Petrodorado South America SA

Published Jul 1, 2015
Amerisur Resources

Amerisur Resources has acquired Petro Dorado South America SA (PDSA), a subsidiary of Petro Dorado Energy Ltd (PDEL).

The acquisition has been agreed under the following terms: •Payment to PDEL of a total of US$6MM in three instalments, US$3MM upon closing, and two further instalments of US$1.5 MM at three-monthly intervals. This consideration may be paid in cash or in Amerisur stock, based on the 5 day VWAP preceding the due date for each instalment, at the election of Amerisur. Amerisur has elected to issue stock for the first instalment and will issue 5,148,447 new Ordinary Shares based on a 5 day VWAP of 37.0214p. •The provision of a 2.5% net royalty to PDEL on production arising from the assets acquired. This royalty is post any overriding government royalties. •Payment by Amerisur of 50% of PDSA net costs (estimated at US$2MM net) for the ongoing 405km2 3D seismic programme in Block CPO-5. Amerisur will reimburse PDEL for the remaining 50% of those seismic costs from a further 2.5% royalty until those costs have been recovered.

The assets acquired through this transaction are: •30% (non-operated) working interest in the CPO-5 contract, located in the Llanos basin. ONGC Videsh Ltd holds a 70% working interest and is the Operator. •49.5% (non-operated) working interest in the Tacacho contract, located in the Caguan-Putumayo basin. Pacific Stratus Energy holds 50.5% and is the Operator.

Tags: Amerisur Resources Plc, Petro Dorado South America SA (PDSA)


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