Amerisur Resources PLC announced audited consolidated financial results for the year ended December 31, 2017. For the year, the company reported revenue of $92,524,000 against $47,174,000 for the same period a year ago. Operating profit was $599,000 against loss of $27,671,000 for the same period a year ago. Profit before tax was $630,000 against loss of $29,348,000 for the same period a year ago. Profit after capital taxation was $361,000 against loss of $29,994,000 for the same period a year ago. Profit attributable to equity holders of the parent was $12,572,000 against loss of $28,453,000 for the same period a year ago. Diluted earnings per share were 1.03 cents per share against loss per share of 2.40 cents per share for the same period a year ago. Net cash generated by operating activities was $29,955,000 against net cash used in operating activities of $3,345,000 for the same period a year ago. Payments for property, plant and equipment was $23,792,000 against $18,568,000 for the same period a year ago. Adjusted EBITDA was $19.8 million compared to $0.4 million for the same period a year ago. Net assets were $209.1 million compared to $195.5 million a year ago.

For the year ended December 31, 2017, the company reported average production of 4,857 BOPD, up 58%, with an average realised price of $50.0 per barrel. Exploration, drilling of seven exploration and appraisal wells: Platanillo-22 from Pad 2N at the beginning of the year identified an extension to the field to the north, with a deeper oil-water contact; and mariposa-1 discovery in the CPO-5 block which sits on trend with the prolific Llanos-34 contract.

For the 2018, up to 14 fully funded exploration and development wells planned by the company. The company expects to ramp up of near term exploration activity: N Sand anomaly at Pintadillo-1 is one of four such anomalies identified by the Company in the central part of the Platanillo block. The well is targeting estimated P50 resources of 11.44 MMBO; regulatory permission received to drill the Miraparriba-1 well in the Put-8 block, a low risk U and T sand light oil structural target, with estimates of P50 gross resources of 4.4 MMBO. The well is expected to spud in early May 2018; and Indico-1, the first new well at CPO-5, estimated to hold P50 gross resources of 10.3 MMBO, is expected to spud by May 2018.