13th Dec 2007 07:01
Amerisur Resources PLC13 December 2007 13 December 2007 AMERISUR RESOURCES PLC ("Amerisur" or "the Company") Completion of Petex Offshore Inc transaction ("the Transaction") Further to the announcement on 30 November 2007, Amerisur, the oil and gasexplorer and developer focussed on South America, is pleased to announce that ithas agreed final terms with Petex Offshore Inc for the acquisition of theremaining 16.25% interest in the Fenix block not already controlled by Amerisur.In addition, as part of the agreement Amerisur will no longer be required topay Petex Offshore Inc 15% of Amerisur's net profits from the Platanillo block. The total consideration for the transaction with Petex Offshore Inc will be18,240,000 new ordinary shares of 0.1p each in Amerisur. This acquisition, together with the acquisition of Fenix Oil and Gas S.A.announced previously, will confer to Amerisur, via its subsidiary companies,100% control and economic benefit of the Fenix block. The Fenix block is anexploration stage project and the Platanillo block contains contingent andprospective reserves. John Wardle, Chief Executive Officer of Amerisur, has an interest in TracartaLimited, which holds a one third interest in Petex Offshore Inc and thereforethe Transaction is deemed to be a related party transaction. The Directors,excluding John Wardle, having consulted with their nominated adviser, Blue OarSecurities Plc, consider that the terms of this transaction are fair andreasonable insofar as the Company's shareholders are concerned. Application has been made for the shares to be admitted to AIM, with tradingexpected to commence on 19 December 2007 ('Admission'). Upon Admission, theshares will rank pari passu in all respects with the existing ordinary shares ofthe Company. Following Admission, Amerisur Resources plc's capital will consist of827,894,301 ordinary shares of 0.1 pence each. Amerisur Resources plc does nothold any ordinary shares in Treasury. Ends Enquiries: Billy Clegg/Caroline Stewart Tel: +44 (0) 207 831 3113Financial Dynamics Jerry Keen/Rhod Cruwys Tel: +44 (0) 20 7448 4400Blue Oar Securities Plc Competent person: Technical information in this announcement has been reviewedby John Wardle, Ph.D, the Company's Chief Executive. John Wardle has 23 yearsexperience in the industry, having worked for BP, Britoil, Emerald Energy andPebercan, and is a trained drilling engineer. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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