Amerisur Resources considering sale as it announces strategic review
By Michele Maatouk
Date: Friday 19 Jul 2019
(Sharecast News) - South America-focused oil and gas producer and explorer Amerisur Resources announced a strategic review on Friday, which could include a sale of the company.
Amerisur said it had decided to conduct the review "following the receipt of interest in the company and its assets from other industry participants, and in light of the high level of recent activity in the Colombian E&P sector".
As well as a potential sale, options include the farm-out or sale of one or more of its assets.
Amerisur confirmed that it has received a non-binding proposal regarding a potential sale of the company and various other indicative proposals regarding the sale of some of its assets. It has appointed BMO Capital Markets as its financial adviser with regards to the formal sales process and as independent financial adviser.
RBC Capital Markets analyst Al Stanton said: "Amerisur's producing assets are low cost, onshore oil (Brent linked pricing) with infrastructure already in place, and the company has material exploration acreage in the Putumayo basin.
"In our view potential suitors could include Occidental (recent farm in partners), and Colombian focused E&P companies including Gran Tierra Energy, Parex Resources and Geopark-ONGC partnership."
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