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Amerisur could be sold
Posted on Friday, 19 July 2019 13:22
UK-headquartered oil and gas player Amerisur Resources may be sold after receiving a number of approaches.
The London Aim-listed company said that following the interest from prospective suitors, it intends to conduct a strategic review of operations in a bid to maximise value for its shareholders.
In addition to an outright sale of the business, Amerisur said it could opt to divest or farm-out one or more of its assets.
Although the group did not disclose the identities of its prospective suitors or how much they would be willing to pay for the firm, it noted that it recently received a non-binding proposal and various other indicative bids.
BMO Capital Markets has been appointed to advise on the strategic review.
Amerisur is active in Colombia, where it occupies a strategic acreage position in the Putumayo basin with Occidental Andina, as well as a position in Llanos in CPO-5 with ONGC Videsh.
The Cardiff-headquartered company has operational offices in Bogota and Paraguay.
In November of last year, the firm agreed to sell a 50.0 per cent share of its Colombia blocks to Occidental Petroleum in exchange for a USD 93.25 million funding and appraisal programme.
Amerisur recorded revenue of USD 108.20 million in 2018, up from USD 84.70 million in 2017.
Adjusted earnings before interest, taxes, depreciation and amortisation for the 12 months stood at USD 34.00 million, up from USD 19.80 million over the preceding year.
There have so far been 569 deals worth a combined USD 112.43 billion targeting oil and gas extraction companies announced worldwide since the beginning of 2019, according to Zephyr, the M&A database published by Bureau van Dijk.
A single deal accounted for 51 per cent of total value in the year to date within the sector as Occidental Petroleum agreed to acquire Anadarko Petroleum for USD 57.00 billion back in May.
© Zephus Ltd