StockMarketWire.com - Amerisur Resources' revenues rose by 57% to $38.2m in the six months to the end of June and adjusted earnings before interest, tax, depreciation and amortisation soared by 986% to $7.6m.

Average H1 production rose by 69% to 4,475 barrels of oil per day and average realised sales prices increased to $47.3 per barrel (FY 2016: $38.4).

Chairman Giles Clarke said: '"During the period, we continued to deliver on our strategy of building production and reserves through a large acreage position within the under-explored but geologically prolific Putumayo Basin.

'As well as increasing production significantly, in the first half we also delivered multiple successes with the drill bit at Platanillo and on CPO-5.

'Amerisur is well positioned with a strong balance sheet to further build on our successes to date and continue to grow production and reserves. Our broad portfolio provides the Company with a significant amount of flexibility with the drill bit to ensure we continue to deliver value in the current oil price environment.

'We remain very busy targeting up to 16 gross wells by the end of 2018 focusing on Pad 2N, Putumayo 9, Putumayo 8, CPO-5 and Putumayo 12, together with the N Sand anomaly wells on Platanillo, all fully funded from existing cash resources and cash generated from activities at $45 oil.'




At 8:13am: [LON:AMER] Amerisur Resources PLC share price was +0.5p at 16.75p



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