Opinion

Amerisur Resources, Pantheon Resources and Thalassa Holdings


Amerisur Resources

An update from john Wardle in Colombia this morning which is a bit mixed but with no fundamental problems. The near term production target of 7,200 b/d scheduled to be reached at the end of this year has been put back by a quarter in 1Q 2017, a number of social issues have taken their toll but should improve since the signing of the latest peace deal on 24th November. Throughput in the OBA has been good, averaging 1,839 b/d with a peak of 4,110 b/d and engineering work to construct the Chiritza pumping station in the RODA system is well under way. Workovers at plat 15 and 20 have been highly satisfactory with the latter producing 830 b/d from recompletion in the U sand, they have now moved to 14 and 9. Plat 8 has also been successful and yielded 411 b/d and they are now moving to Plat 24.

Whilst part of this is disappointing I consider it to be part of the ongoing local problem in the country, whilst not to be ignored it does seem to be an ‘inevitable part of the great changes going on in Colombia' and part of the current disruption. The underlying opportunities remain very much intact and indeed with all the good operational news the longer term is still definitely intact.

Pantheon Resources

An AGM statement this morning from Pantheon where the market has been keen to hear news of the VOBM#3 well for some time. Although the well is clearly no barn burner, it is deemed to be commercial with initial production during testing of 274-740 boe/d. The well is shut in temporarily and will be flowed to market along with VOBM#2 if successful, enabling revenue to come in whilst the partners evaluate what to do next. The VOBM#4 well is at 14,300 feet and drilling ahead, we will probably get results in early January. Nothing to add on gas processing where all three options remain on the table.

Neither bulls nor bears will have been totally satisfied about this announcement, as the well flowed but at an indifferent rate but in the scheme of things it will add to the overall process. My 200p target is still a bit optimistic but still entirely possible if you believe the story which I do. I met with the company yesterday and they still remain intensely optimistic, at the time I also met with the new non-exec director, Phillip Gobe who is an incredibly impressive man with a top record, this appointment speaks volumes to me.

Thalassa Holdings

After a bit of teasing this week the company has announced that estimated 2017 currently contracted revenues are likely to be up 29% to $15m which is further proof of a pickup in demand for their very specialist, high quality services.

This week's interviews and podcast

Here are the links, should you wish to view/listen:

Vox Markets podcast: includes Malcy on Range Resources, Trinity Exploration, Aminex and Solo Oil

TipTV interview: Oil bucket list 2016: bucket full of profits – Part 4

TipTV CEO interview: Hugh Mackay, Europa Oil & Gas

And finally…

England have made a reasonably positive start to the final test in India closing the day on 284-4 but it's far too early to start getting overoptimistic, wake up tomorrow at 6am and it could be all over…

It looks like Bottas is on his way to Mercedes subject to them finding a replacement…

And in the footy this weekend the big match is the Noisy Neighbours v the Gooners whilst elsewhere it is Chelski at the Eagles, Spurs host Burnley, and the Red Devils go to the Baggies with all to play for. And on MNF it's the Merseyside derby at Goodison Park…



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