26th Sep 2013 08:37
LONDON (Alliance News) - Amerisur Resources PLC Thursday said its pretax profits vastly increased in its first half as its Platanillo drilling comes back on track.
The oil and gas producer and explorer focused on South America said its pretax profit increased to USD29.1 million from USD400,000 for the six months ended June 30.
Amerisur said its sales rose to USD64.4 million from USD6.0 million as the company's Platanillo drilling site in Colombia added seven new producing wells and social protests which suspended work the previous year were lifted, bringing its production up to 3,715 barrels of oil per day.
The company also said it is ramping up production at Platanillo after road restrictions at the site have been lifted and national strikes have largely been resolved.
Amerisur said that it has a cash position of USD40.4 million and all of its second half and full year 2014 commitments are now fully funded.
Amerisur Resources shares were up 1.1% to 45.00 pence in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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