Full Year Results

22 April 2014

AMERISUR RESOURCES PLC ("Amerisur", "the Company" or "the Group")

Full Year Results

Amerisur Resources PLC, the oil and gas producer and explorer focused on South America, announces results for the year ended 31 December 2013.

Financial highlights:

· Revenue up 301.0% to US$169.2m (2012: US$42.2)

· Operating profit up 279.1% to US$74.3m (2012: US$19.6m)

· Profit before tax up 274.6% to US$75.3m (2012: US$20.1m)

· Cash position at year end US$71.6m (2012: US$47m) and no debt

Operational highlights:

· Net average production rate for the year of 4,730BOPD

· Six successful commercial wells during the period for a total of ten new wells and three successful sidetracks in Platanillo- 100% success rate

· Significant progress of the Put-12 block adjacent to Platanillo in Putumayo

· Prospective sands encountered in the Esmeraldas formation at Fenix

Post period end highlights:

· Platanillo-17 became the 12th successful well in the current campaign

· New Vertical Seismic Profile Data acquired during drilling programme strengthened Platanillo field model

· Good progress on the Ecuador pipeline project in Environmental, Technical and Commercial terms

· San Pedro 2D Seismic acquisition programme completed

· Announced independent reserves report as at 31 December 2013 certifying Platanillo 2P gross field reserves at 32.8 million barrels

· Current constrained production of approximately 7,250 BOPD

Outlook:

· All 2014 commitments and planned programmes fully funded

· Ecuadorian pipeline project set for completion in H2 2014

· Plans to drill a total of seven wells in the Platanillo field and acquire further 3D seismic data during 2014

· Expectation to launch minimum three well drilling programme in Put-12 towards the end of 2014

· Drilling of the first well in San Pedro, Paraguay, towards the end of 2014 subject to interpretation of seismic data

Giles Clarke, Chairman of Amerisur, said:

"The Board is pleased to report a satisfactory year with important growth in both assets and earnings.

The strategy set out in 2007 has been successful and congratulations are due to the CEO and his dedicated staff. The Board views 2014 with considerable confidence."

For further information please contact:

Competent person: Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 29 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.

Notes to editors

Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay. Amerisur's strategy is to acquire, explore and develop large acreage positions in major underexplored basins located in South America. The Company's distinctive approach has been to own 100% of its assets at early stages in order to have full control over the fields' development. That requirement is now being relaxed as a sound production baseline has been established and in response to the widening opportunity set to which the Company has access.

In Colombia, the Company is operator and has a 100% working interest in the Platanillo block. The 11,048 hectare block is located in the Putumayo Basin, in the south of Colombia, and currently produces at a logistically constrained rate of 7,000 to 7,500BOPD. In November 2012, the Company successfully bid for block Putumayo-12, a 54,444 Hectare block which is adjacent to Platanillo, sharing its geology and is operator with a 60% working interest. The Company also holds 100% of the Fenix block, a 24,117 hectare area in the Middle Magdalena Basin of Colombia and has recently confirmed the continuation of the Esmeraldas sand bodies first seen in Iguasa-1 of the Fenix block. In Paraguay, Amerisur is the largest acreage holder in the country, with 6.2 million hectares covering two 100% owned oil and gas permits in the Paraguayan part of the Chaco and Parana Basins.

John Wardle is CEO of Amerisur, having worked in Colombia since 1994, first for BP Exploration and subsequently for Emerald Energy. The Company is chaired by Giles Clarke and is listed on the Alternative Investment Market of the London Stock Exchange.

www.amerisurresources.com

Chairman´s Statement

The Platanillo field in Colombia continues to deliver exceptional results across its development wells with huge credit owed to the CEO and his operational team. The uplift in production during 2013 was impressive, and is reflected in the step-change in revenues which we have delivered. I was also very satisfied by the independent reserves report, whose strong increases demonstrate increasing solidity in this our base asset, despite a growing production over the year of over 1.7 million of barrels of oil ("MMBO").

Instrumentally, we are also progressing well with the pipeline linking the Platanillo field to Ecuador and thence to the Pacific Coast, which will access an important reduction in transport costs while allowing the Platanillo field to produce at a higher but still efficient capacity and giving access to third party transport options.

We have already made a strong start to 2014 with two new wells brought on stream in the first quarter, being the 11th and 12th successful wells in the Platanillo field, thus maintaining our 100% success rate to date.

Whilst the main focus of the team has been on the safe and efficient drilling in Platanillo, progress has been made across our portfolio, in our Putumayo 12, Fenix and Paraguayan assets.

The Put-12 block shares the same geology as Platanillo, and the management have identified a potential of 400MMBO of net, risked (P50) resources. The continuing success of the Company's drilling programme in the Platanillo field has given considerable and growing confidence in the geological analysis and expectations for the exploration programme for Put-12. We look forward with considerable confidence as our informed, well-calibrated and fully funded exploration programme continues in Put-12.

In Paraguay the Company retains its 100% ownership of five blocks, holding two exploration and production and three prospecting permits extending over 6.4mm hectares. In San Pedro, a 416km seismic acquisition programme initiated and was completed on time and budget post-period end. This data is currently being processed and integrated into the reprocessed legacy data. Initial indications from the data are positive and so the Company is investigating a number of drilling rig and service options with regional providers with a view to drilling the first new well in San Pedro towards the end of 2014.

2013 has seen great progress with the Company's drilling and production programme, with success across our assets. The current production is at a rate exceeding 7,000BOPD, albeit constrained by export options, which we are working very hard to remove. We continue to maximise the availability of production routes to point of sale and our average production per month during the first quarter of 2014 was 205,905 barrels.

Based upon the major cash flows from our Colombian assets, your Board intends to investigate several major opportunities in other areas of Colombia, and enter new markets where the immense experience of the Chief Executive and Board members in Latin America can be exploited. Our intention is to develop a significant regional independent oil company which we believe will bring substantial benefits to shareholders. In closing I would like to thank all our stakeholders for their continued support and valued efforts in building our Company.

Giles Clarke

Chairman

17 April 2014

Chief Executive's Statement

Colombia

Platanillo

The Platanillo field production remains constrained in the range 7,000 to 7,500 BOPD at the time of writing, which is in line with 2013 estimates. This rate of production has been relatively constant as more capacity was brought on stream by each successful well, since we are currently constrained at those levels by transport and reception facilities. The Company has made important progress in developing a robust solution by which significantly higher volumes of oil may be brought to market. Production in January 2013 was 80,717 barrels, February 114,886 barrels and March 124,473 barrels. The average in the last quarter of 2013 was 200,298 barrels per month and 205,905 in the first quarter of 2014. From the wells drilled to date we estimate that a prudent current production capacity of the field in the absence of logistical constraint is approximately 10,000BOPD.

Drilling in 2013

Platanillo-1, drilled in 2007, and not tested by the previous operator, ECOPETROL, was re-entered and sidetracked to a location approximately 2,485ft to the east. The objective of this sidetrack was to further delineate the oil columns in the Platanillo reservoirs and potentially to provide a water injection facility for the field. This well, named Platanillo-1 ST1, was successful beyond our expectations and encountered a 22ft net pay interval in the U sands, of which 7ft was perforated, producing 530 BOPD on test. This well, located alone on Pad 1N was subsequently re-entered to test the potential of water disposal in the Pepino formation. That test was successful, and is currently on long term injection test. This facility has removed the need to move water out of the field by truck, thus reducing operating costs and liberating logistical resources that can be used to increase the transport of oil. This action was instrumental in allowing the Company to increase daily oil flow from 3,541 (Jan 2013) to 7,250BOPD.

The well Platanillo-10 located on the Platform 5 South pad (5S) was drilled to a total depth of 8,715ft MD using the Latco-01 drilling rig. Platanillo-10 was a directional well, deviated approximately 1,950ft north east of platform 5S. The well encountered an interval of 72ft Gross, 45ft net indicated pay in the U sand and 14ft gross, 12.5ft net in the T sand. An interval of 32ft in the U sand was perforated with tubing conveyed guns and the well flowed 1,800 barrels of 31.2° API oil per day over a controlled choke with 55 psi at the wellhead and trace water.

Following Platanillo 10, the Latco-01 rig was skidded to drill well Platanillo-11. The well Platanillo-11, located on Platform 5 South (5S) was drilled to a total depth of 8,733ft MD. Platanillo-11 is a directional well, deviated approximately 1,697ft south east of platform 5S. The well encountered an interval of 95ft Gross, 49.5ft net indicated pay in the U sand and 34ft gross, 17ft net in the T sand. As predicted by our geophysical model, the N sand was not well developed at this point. Platanillo 11 produced at a controlled rate of 1,500 BOPD with trace water in natural flow.

Following Platanillo 11, the Latco-01 rig was skidded onto the next slot within the 5S location and drilled Platanillo-12. Platanillo-12 was a directional well whose reservoir target is located 1,837ft to the south west of the 5S location. The well encountered an interval of 65ft in the U sand and produced at 2,371 BOPD on test from the U sand. The well was placed on controlled production at approximately 1,450 BOPD with 217 psi at the wellhead, in line with good reservoir management principles.

Alea-1, drilled in 1988 and re-entered in 2007 by ECOPETROL, was sidetracked to a location approximately 1,008ft to the north west of the original well location. This well, named Alea-1R ST1, encountered a gross pay interval of 85ft and 40ft net pay interval in the U sands. The T sand exhibited 18ft gross and 8.5ft net. Alea-1R ST1 was therefore a success and was placed on production, initially producing 700 BOPD at a controlled rate with 20% water cut, in line with expectations from the log interpretation.

Post the completion and testing of Alea-1R ST1, the Serinco D-10 drilling rig was moved to the Platanillo-2 well in the same location in order to sidetrack it. It was planned to re-enter and sidetrack that well to a structurally more favourable position for oil production.

Platanillo-2 ST1 was drilled to a depth of 9,396ft, entering the reservoir approximately 3,102ft south of Platform A. The well encountered 68ft gross, 39ft net of oil column in good quality U sands. This result further confirmed the geological model and was in line with the pre-drill prognosis. This well produced 1,023BOPD from a 39ft perforated interval in the U sands.

In October 2013 Platanillo-14 was successfully drilled to a total depth of 9,333ft MD, achieving an offset of 3,646ft to the south west of Platform 9S. The reservoir section was logged and initial log analysis indicated the presence of 77ft gross, 30ft net oil column in the U sand formation, using Logging While Drilling ("LWD") tools, in line with the pre-drill prognosis. This well produced 934BOPD from an 18ft interval in the U sands.

At the end of December 2013, Platanillo-7, the 10th new well of the drilling campaign was successfully drilled on time and under budget, to a total depth of 8,533ft MD, achieving an offset of 1,181ft to the east of Platform 3N. Platform 3N is the most northerly platform constructed to date in the Platanillo field. The Company completed the well for commercial production from the U sand. A total of 23ft of the 46ft net oil pay was perforated and flowed 3,052 BPD of 30.2 API oil on test under natural flow over a 34/64" choke with 180 psig at the wellhead and trace water. The well was then choked back and placed on commercial production at approximately 1,300 BOPD.

Platanillo Field Facilities

The production facilities within the Platanillo field are now well developed, with two 20,000BFPD separators, a 7,500 barrel capacity Gun Barrel and 27,000 barrels of storage at Platform 9S, 5,000 at Platform 5, and 3,000 at both Platform 3N, and Platform A.

Post period end - Ecuadorian pipeline and current transport arrangements

The Ecuadorian pipeline project is progressing well with completion set for H2 2014. Although less than 10km in length, the pipeline will be key in transforming production levels, connecting the Platanillo field to the Victor Hugo field and so via the existing Cuyabeño gathering system to the "SOTE" (light oil) Trans-Andean pipeline, which delivers oil to the Pacific coast, where the crude is exported from the port of Esmeraldas. In point of fact, Amerisur is the most suitably located and most advanced of all Putumayo operators to make such an interconnection and as such is sizing the line to receive other crude streams. The result of this installation will be reduced transportation costs and significant improvements in cash flow by removal of volume constraints. As in any inter-system connection there are technical complexities to be satisfied and we have overcome the majority of these challenges already. Concurrently with the operational aspects, we are in the process of seeking environmental approvals from both the Ecuadorian and Colombian Environmental Ministries. The project enjoys strong political support on both sides of the border and is facilitated by a number of high level intergovernmental accords. In the meantime we continue to export oil to both the ECOPETROL Orito facility (19% in 2013) and Rio Loro (Emerald Energy, 81% 2013).

Drilling post period end

Post period end, Platanillo-16 became the 11th successful well of the current drilling campaign maintaining a 100% record for the programme. Platanillo-16 was drilled on time and under budget, to a total depth of 8,858 ft MD, achieving an offset of 2,387 ft to the north east of Platform 3N. The reservoir section was logged and initial log analysis indicates the presence of 21ft gross, 7ft net oil column in the U sand formation. This is regarded as a conservative analysis due to the use of LWD tools which tend to underestimate oil pay compared with wire line conveyed tools. The N sand was not well developed at this location, which is in line with Amerisur's seismic attributes model. The oil column was affected by a slightly deeper position of the U sand at this location than predicted by the seismic model. The model has now been refined by the acquisition of a high resolution Vertical Seismic Profile (VSP) survey.

Subsequently the Platanillo-17 well has been successfully drilled. It was delivered on time and under budget, to a total depth of 8,760ft MD, achieving an offset of 2,118ft to the south of Platform 3N. The reservoir section was logged and log analysis indicated the presence of 86ft gross, 53ft net oil column in the U sand formation, using Schlumberger Anadrill Logging While Drilling tools. The Company completed the well for commercial production from the U sand. A total of 33ft of the 53ft net oil pay was perforated and flowed 1,527 BOPD of 31.5 API oil on test under natural flow over a 34/64" choke with 250 psi at the wellhead and trace water. The well was choked back and placed on commercial production at approximately 1,100 BOPD.

The Serinco D-10 rig was then moved to Platform 9S in order to drill a further 3 wells subsequent to the completion of a comprehensive inspection and maintenance programme.

Drilling plans Platanillo 2014

The Company plans to drill a total of 7 firm wells in the Platanillo field during 2014. These will include the 2 wells drilled from Platform 3N (Platanillo 16 and 17), 3 wells from Platform 9S and 2 wells from Platform 5S. A further contingent well from Pad A is under consideration. Further wells drilled into the area between Platform 3N and Platform A are also under study and may be added before year end.

We are also making the required technical studies in order to cross the river Piñuna Blanca to the north of Platform 3N in order to drill into the structure in that area. This activity is likely to be undertaken in 2015.

New 3D seismic Platanillo

It is planned to acquire a further approximately 56km2 of 3D seismic data in the north of the Platanillo contract, where existing 2D seismic indicates the presence of a number of interesting structures. These structures are in addition to the independent closure already shown on existing 3D/3C seismic coverage.

Platanillo Reserves

Following receipt of an independent reserves report as at 31 December 2013 undertaken by Petrotech Engineering Ltd, certified 1P (Proven) gross field reserves increased from 12.0 MMBO (2012) to 19.8 MMBO, and 2P (Proven and Probable) gross field reserves increased from 29.9 MMBO (2012) to 32.8 MMBO. These 2P reserves have been evaluated by Petrotech to represent a Net Present Value ("NPV") to Amerisur after all royalties of US$1,974m undiscounted and $1,251m at a 10% discount rate.

The Company has also calculated additional prospective resources within the structure of the Platanillo field at 35.3 MMBO on a P50 basis. We also intend to further evaluate the N sand potential within the block during 2014, with a view to including those resources in the 2014 report.

Put-12

The Put-12 block covers approximately 54,444 hectares (approximately five times larger than Platanillo), shares the same geology and is adjacent to our existing Platanillo field in the Putumayo basin. The block has multiple Platanillo type structures, together with adjacent analogue fields in Ecuador. In 2014 we plan to acquire 263km of new 2D seismic data to complement the existing reprocessed data set. A particular advantage enjoyed by the Company is the ability to correlate the data in Put-12 with the depth-controlled and drilled 3D data in Platanillo. This benefit does not completely remove the advantage of 3D in new exploration but significantly upgrades the level of confidence in 2D information to the extent that we feel that 2D in Put-12 can reliably confirm drilling targets. Using this approach we can cover far more area in this very large block while maintaining data quality. The new seismic programme will be initiated in the next months, following finalisation of community and environmental procedures. We expect to drill the first of a set of three wells towards the end of this year.

Fenix

In February 2014, the exploration well Ave-1 was drilled and tested in the Fenix Block. Ave-1 was drilled to a depth of 3,300ft MD (2,752ft TVD) with a maximum inclination of 44.7 degrees. The objective of the well was to evaluate the oil potential in the Mugrosa formation which is located below the reservoirs previously discovered in the Esmeraldas formation by the well Isabel-1. To the drilled total depth no prospective sands were encountered in the Mugrosa formation. Within the overlying Esmeraldas formation, a gross column of 99ft TVD and net column of 73ft TVD of Hydrocarbon bearing sands was encountered. That zone was tested and flowed gas with associated oil. This confirmation of the continuation of the Esmeraldas sand bodies first seen in Iguasa-1, and previously tested in Isabel-1 provides important insight into what could be an extensive resource in the Fenix block. We maintain the view that Fenix contains significant resources in both shallow and deep plays and are working to provide a solution to access and commercialise those resources.

Paraguay

The Company maintains its current 100% ownership of the 5 blocks in Paraguay, holding two exploration and production and three prospecting permits extending over 6.4mm hectares. In our view Paraguay offers very significant conventional oil and gas potential in at least 2 of the 5 basins within the national boundaries, in both of which Amerisur holds strong acreage positions. Also, the US Energy Information Administration estimates there may be up to 62 TCF of unconventional gas reserve potential.

During 2012, Amerisur performed gravity mapping work over most of Paraguay which, among other things, indicated the extension of the Lomas de Olmedo sub-basin of Argentina into this area of Paraguay. During 2013 we performed an extensive in-fill gravity measurement programme in our western Chaco blocks to increase the detail of the final basement mapping. This work confirmed our view that the Lomas de Olmedo basin extends into our blocks.

 In the San Pedro block, situated within the Parana Basin of eastern Paraguay we re-evaluated our seismic and stratigraphic models in order to identify the main points of risk in the leads previously identified using legacy data. These data include the two wells drilled by Shell Pecten; Asuncion 1 and 2. The outcome of this analysis indicated that the principal risks are associated with structural closure and reservoir quality. In order to address the structural issue a focussed 2D seismic programme was designed. It bears mentioning that the legacy seismic data within the San Pedro block only covers approximately 25% of the block area. The gravity and magnetic data developed by Amerisur indicates the potential for additional prospectivity in the remainder of the block, which will be further explored over the coming years.

Post Period End

A seismic acquisition programme of approximately 416km of new, high quality 2D seismic data over 5 leads has been acquired in the early part of the year. That data is currently being processed together with the re-processed legacy data set in order to have a consistent seismic model. Interpretation of the previously identified leads will begin in late April 2014. The leads are associated with multiple stacked reservoirs within the Lima and Santa Helena formations which are of Devonian age. The Company currently estimates a potential unrisked Stock Tank Oil Initially In Place ("STOIIP") for the Lima formation of 501MMBO, with unrisked prospective resources of 200 MMBO. The Santa Elena leads are estimated to hold unrisked STOIIP of 1,206 MMBO with unrisked prospective resources of 422 MMBO.

Assuming the new seismic data confirms our previous mapping and allows us to control the risk to structural closure, the Company expects to drill the first new well in San Pedro towards the end of 2014. The Company is currently investigating a number of drilling rig and service options with regional providers.

Financial Review

Revenue for the period was up from US$42.2m in 2012 to US$169.2m, an increase of 301.0%. Profit before tax was up 274.6% to US$75.3m (2012: US$20.1m) and operating profit increased from US$19.6m to US$74.3m (279.1% improvement) At the period end, the Group had a cash position of US$71.6m (2012: US$47m). All commitments and planned discretionary programmes for 2014 are fully funded from internal resources. The capital expenditure programme for 2014 is $75m. The Directors will not be recommending payment of a dividend.

Summary and Outlook

We have made significant progress in developing the Platanillo field with 6 new wells drilled in 2013 and 3 successfully re-entered and sidetracked wells. The inauguration this year of our Ecuador interconnector will be a further important step in the development of a region where Amerisur leads in terms of assets, acreage, operating ability and understanding of the opportunities and risks. Our Paraguay assets continue to gain in importance and attractiveness, with important step change activities to begin this year. We look forward to developing our portfolio further in 2014 with our fully funded and very active programme. Our strong balance sheet and cash flow allows us significant options and flexibility in our strategy going forward, supporting our efforts to build a bigger, more successful and diversified company.

We are confident that our programme for 2014 will allow us to significantly increase production, increase our reserves and continue our strategically sound approach to exploration.

I echo our Chairman in expressing my appreciation and thanks to all our investors, staff, consultants and other stakeholders for their support, hard work, initiative, creativity and perseverance during 2013, which were the key aspects in building our success to date.

John Wardle

Chief Executive Officer

\* The deferred tax effect of these adjustments are not considered to be material.

The financial statements were approved by the Board of Directors on 17April 2014.

N. Harrison

Director

Company number: 04030166

Consolidated statement of changes in equity

Notes to the preliminary announcement

1 Basis of preparation

The summary accounts do not constitute statutory accounts as defined in section 435 of the Companies Act 2006, but has been extracted from the statutory accounts for the period ended 31 December 2013 on which an unqualified audit report has been issued. The statutory financial statements for the period ended 31 December 2013 were approved by the directors on 17 April 2014, but have not yet been delivered to the Registrar of Companies.

The financial statements have been prepared in accordance with applicable International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as adopted by the EU. The Group financial statements consolidate those of the company and of its subsidiary companies drawn up to 31 December 2013.

Intra-group transactions are eliminated on consolidation and all figures relate to external transactions only. Acquisitions of subsidiaries are dealt with by the acquisition method of accounting except for those qualifying as group reconstructions where merger accounting is used. The results of newly acquired companies are consolidated from the date that control passed.

2 Posting of accounts

The Report and Accounts for the period ended 31 December 2013 will shortly be available on the Company's website and have been sent to registered shareholders who have elected to receive paper communications by post.