Interim Results

16th December 2010

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

Interim Results for the six months ended 30th September 2010

Amerisur Resources PLC, the oil and gas producer and explorer focused on South America announces results for the six months ended 30th September 2010.

Results highlights:

·; Operating profit in H1 2010 of $1.0 million (H1 2009: loss of $1.5 million)

·; Platanillo production enhancement delivers 550 BOPD

·; Maximum recorded Platanillo dailyproduction of over 600 BOPD

·; Platanillo Exploitation Area extended to the National Border

·; Raised $20 million (before expenses)

·; Period end cash position $25 million

·; 125km2 3D3C seismic acquisition programme initiated in Platanillo

Post period end highlights:

·; Despite severely inclement weather oil sales generated a net US$2.50 million during October and

November 2010.

·; The 3D3C seismic programme has continued with only slight delay. Data quality observed in field processing is considered "excellent" by the technical auditor

·; Facilities expansion in Platanillo has progressed ahead of schedule and below budget.

Giles Clarke, Chairman of Amerisur Resources said:

"We continued to make progress in the period as we increased our cashflow, improved our production rates at Platanillo and strengthened our balance sheet. We also identified that the complexity of the Fenix block requires further study and testing, which is currently being conducted.

"Post period end, the extremely adverse weather conditions have led to a delay in the 3D3C seismic programme at Platanillo, however we still remain on track to identify well locations shortly and initiate our exciting drilling programme in 2011."

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Chief Executive's Statement

The Company has continued to make progress and deliver positive results in the first half of the year. We have generated significant revenue and profit from our enhanced production performance, coupled with innovative operating practices and efficient cost control. In addition, we have an exciting time ahead, with the results of the 3D3C seismic leading to new drilling and a significant uplift in production during next year.

Colombia

Platanillo Block

The production enhancement programme has been very successful, despite some disruption to export capacity within the Putumayo area over the last 6 months. The Company is encouraged by the results of this work and will continue to apply these techniques to further enhance production. Current production is approximately 570 BOPD. The average over the last 3 months was 542 BOPD, with a maximum recorded daily production during the recent period of over 600 BOPD. As a result of prudent cost management the Company is generating significant positive monthly cashflow. Oil sales generated a net US$5.3 million during the period.

The Company has brought forward a significant part of the production facilities expansion, previously planned for mid-2011. This expansion includes the installation of a further 3,000 bbl of production tankage, a water evaporator system and additional piping to ensure the system can flexibly handle oil production from a selection of sources. The evaporator system is environmentally responsible and will have a positive impact on installed water handling capacity. In addition, it will help to further reduce operating costs in the future.

During the period, the Company announced that the contract for the acquisition and field processing of 125km2 3D3C seismic data over the Platanillo field had been awarded to Compañía Geofísica Latinoamericana S.A., an established contractor with considerable experience within Colombia and particularly in the Putumayo basin. This survey employs the very latest technology and an advanced design, and the results of this work will allow us to refine our understanding of the field potential.

Post period end, the 3D3C seismic programme experienced a slight delay in the face of adverse weather conditions, as mentioned earlier. The flooded Platanillo area complicated access in both the southern area near the Rio Putumayo and the central area, around the Rio Pinuna Blanco. Despite these conditions it is expected that the recording of data in the southern section of the data volume will be completed during December, with well locations identified in time for drilling during the first quarter of 2011, so long as ground conditions allow the required civil works to go ahead.

Fenix Block

The Company continues to evaluate the potential of the Iguasa and Isabel discoveries. As announced on 14th October 2010, a series of technical studies are underway, for which results are expected during the early part of 2011.

Paraguay

The Company has made significant progress with new mapping and geochemical studies in the San Pedro block. We are now reviewing the regional setting of the prospects, and may consider the acquisition of an airborne Gravimetry survey over the Parana basin during the early part of next year.

Financial Review

Revenue for the period increased to $5.32 million (H1 2009: $0.46m). The profit after tax for the six months was $1.02 million (H1 2009: loss of $1.50 million).

At the period end, the Group had cash of $25.1 million (H1 2009: $12.7 million).

Placing

In April 2010, the Company successfully placed 82,888,530 new Ordinary Shares of 0.1 pence each at 16.5 pence per ordinary share and raised $20 million (before expenses). The net proceeds of the Placing are being used for the Company's ongoing appraisal and exploration activities in the Platanillo and Fenix blocks in Colombia and to fund the exploration programme on the San Pedro block in Paraguay.

Change in financial reporting

The Board announces that the financial year end of the Company will change from 31 March to 31 December with effect from the current financial year. As a result of this change, the Company will publish audited results for the 9 months ending 31 December 2010 and the subsequent audited results will be for the 12 months to 31 December 2011. The next set of interim accounts produced will be for the 6 months to 30 June 2011.

The Board has also changed the presentational and functional currency of the Company accounts from Sterling to US dollars with effect from 31 March 2010. All comparatives have been restated in US dollars. The change in reporting currency is deemed to be appropriate as the Company's operations are in South America where oil revenues and costs are Dollar denominated.

Outlook

It is a very exciting period for the Company, with the results of our production enhancement efforts becoming clear, the imminent completion of the 3D3C seismic programme and the promise of further drilling, targeting a strong production increase during 2011 all of which underline the value of our producing assets. In addition we shall continue to work our other discoveries and prospects, together with evaluating new growth opportunities within Colombia, our current core area, with the objective of delivering further value to shareholders.

John Wardle

Chief Executive Officer

16 December 2010

Condensed consolidated statement of changes in equity

¹ The exercise of share options in the period to March 2010 was made from a pool of shares not valued under IFRS 2 'Share based payments' as they were granted prior to 7 November 2002 and fall outside the scope of the standard. Therefore no transfer of value between the 'Other reserve' and 'Retained earnings' has been made.

AMERISUR RESOURCES PLC

1. The Company

Amerisur Resources Plc ("the Company") is principally involved in the exploration for and production of oil and gas in South America.

The Company is a public limited liability company incorporated and domiciled in England and Wales. The address of its registered office is Amerisur Resources plc, Lakeside, St. Mellons, Cardiff, CF3 0FB, United Kingdom.

The Company has its listing on the Alternative Investment Market ("AIM") of the London Stock Exchange.

2. Basis of preparation

These unaudited consolidated interim financial statements are for the six month period ended 30 September 2010. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2010, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

The consolidated financial statements have been prepared under the historical cost convention except for share based payments which are valued at the date of grant.

These interim consolidated financial statements have been prepared in accordance with accounting policies consistent with those set out in the Group's financial statements for the year ended 31 March 2010 except for the policy with regard to the presentation currency of the Group financial statements. The Board have made the decision that it is in the best interests of shareholders that the financial statements are presented in US Dollars and as a result these interim financial statements have been presented in this currency with comparative periods restated according to the requirements of IAS 8 'Accounting policies, changes in accounting estimates and errors'. These extracts do not constitute statutory accounts under s434 of the Companies Act 2006 (the "Act").

The Company's consolidated statutory accounts for the year ended 31 March 2010 have been filed with the Registrar of Companies. Those accounts have received an unqualified audit report and did not contain statements or matters to which the auditors drew attention under the Act.

The functional currency of the Group will be US Dollars from 1 April 2010. The change in functional currency is deemed appropriate as the Company's operations are in South America where oil revenues and costs are Dollar denominated

3. Segmental reporting

Segment Reporting

Our management information system produces reports for the Board grouping financial performance under the following business areas:

·; Colombia

·; Paraguay

·; United Kingdom

All business areas are responsible initially for the exploration and evaluation of oil reserves and then the development and production of oil wells. As permitted by IFRS 8, since these business areas are deemed to have similar economic characteristics and are similar, if not the same, in all of the following:

·; business areas derive their revenue from the supply of crude oil,

·; the production and distribution process is the same across all business areas,

·; business areas supply to similar customers,

·; all business areas are subject to the same regulatory environment,

The business areas have been aggregated into a single reportable operating segment, namely oil exploration and development, and as such information regarding this operating segment has already been disclosed in the financial statements.

In the year, a single customer contributed the entire revenue.

The revenue split is based on revenue by origin by supply.

The six months to 30 September 2010 figure for Non-current assets excludes a deferred tax asset

4. Earnings / (loss) per share

Where a loss is incurred for the period the diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.

5. Goodwill

The Group has goodwill resulting from past business combinations as follows:

The Directors have reviewed the carrying value of these intangible assets and consider that no impairment is required. 

6. Other intangible assets

Deferred exploration costs

The Group has made investments in deferred exploration costs as follows:

The Directors have reviewed the carrying value of these intangible assets and consider that no impairment is required. 

7. Share capital