CLEAR PATH TO SUSTAINABLE GROWTH

INVESTOR PRESENTATION
FEBRUARY 2019

A Colombian Producer & Explorer

1
www.amerisurresources.com
DISCLAIMER

IMPORTANT NOTICE

These presentation materials do not constitute or form part of any offer for sale or subscription
or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part
of them form the basis of or be relied upon in connection with any contract or commitment
whatsoever. No responsibility or liability whatsoever is accepted by any person for any loss
howsoever arising from any use of, or in connection with, these presentation materials or their
contents or otherwise arising in connection therewith.

These presentation materials may contain forward-looking statements relating to the future
prospects, developments and strategies of Amerisur Resources plc (the "Company"), which
are based on directors' current expectations and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance or events to
differ materially from those expressed or implied in such statements. Each forward-looking
statement speaks only as of the date of the particular statement and, except as required by
law or regulations to which the Company is subject, the Company disclaims any obligation
to update any such forward-looking statement to reflect future events or developments.

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 INTRODUCTION TO AMERISUR

A FOCUSED COLOMBIAN E&P - IN THE RIGHT PLACE, AT THE RIGHT TIME, WITH THE RIGHT ASSETS
• Colombian-based CEO with 25 years of in-country experience
Pure-play Colombian E&P with • Partnered with ONGC and Occidental Andina
• Excellent in-country relationships with regulators and local
strong track record, partners and communities
corporate governance • Strong corporate governance and CSR culture led by four
independent NEDS

• 1,030,000 hectares across 12 licenses

Material licence portfolio capable • Reserves 7.68 MMBO net WI in CPO-5 and 18.95 MMBO net WI in
Platanillo*
of generating significant • Low opex cost per barrel
production growth of low-cost oil • 100% owned OBA oil transfer line into Ecuador lowers costs and
permits third party oil sales

• Potential 10-well programme in 2019

Exploration and appraisal
• Targeting 49.3 MMBO gross in CPO-5 (LS3 Play)
opportunities to drive value • Further 74.4 MMBO in Putumayo

• Cash of $49m** and debt free

• Working capital facility of $30m
Fully-funded for growth with • $93.25m carry from Occidental funds multi-well and seismic
financial flexibility programme in Putumayo
• Indico-1X well expected to pay back in 3 months

* CPO-5 - CPR McDaniel and Associates Consultants Ltd, 17 Jan 2019, Platanillo – CPR Petrotech Engineering, 31 Dec 2017
** As at 30 June 2018 3
 COMPANY OVERVIEW

STRATEGIC ACREAGE POSITION IN PUTUMAYO AND LLANOS

EXPERIENCED COLOMBIAN OPERATOR DELIVERING SUSTAINABLE SHAREHOLDER RETURNS

THROUGH THE DRILL BIT TO ADD RESERVES AND
PORTFOLIO OVERVIEW
RESOURCES IN TWO CORE STRATEGIC AREAS
Number of blocks Hectare size (gross) Prospects identified Resources
(gross) (gross unrisked)

12 1,030,000 26+ 1,400 MMBO*

* Including prospective resources from recently acquired PUT-14 4

 STRONG FOUNDATIONS FOR GROWTH

ACQUISITION STRATEGY HAS DELIVERED SIGNIFICANT BENEFITS

• Entered into the downturn with a strong balance

Value creation by Amerisur
sheet and cash of $95.6m*
$293.5m 174.0
• Delivered OBA in November 2016 delivering world
class operating margins

$m
• Focused, low cost, value accretive acquisitions,
funded by steady production from mature
38.0
Platanillo field has allowed Amerisur to consolidate
and build its extensive acreage position around
the OBA, delivering 888.2 MMBO of resources:
55.25
Pacific E&P, acquired Mar 2017 for $4.8m, adding
321 MMBO
Talisman, acquired Dec 2016 at zero cost, adding 10.4
245.9MMBO 26.7
0 (6.0)
Platino Energy, acquired Jan 2016 for $7.6m,
(7.6)
adding 190 MMBO (4.8) 7.5
Petro Dorado SA, acquired June 2015 for $6m,
Price Coati Cash Net Oxy Andina Oxy Andina Pre-Tax 2P
adding 131.3MMBO benefit of seismic drilling NPV10
paid farm-out cashflow
• Strategic asset portfolio built, attractive to a new tax Mariposa spend spend Mariposa &
losses** Indico***
country entrant or existing player

AMERISUR HAS CREATED $293.5M OF VALUE THROUGH THESE TRANSACTIONS

* December 2014
** 33% of total value of tax losses acquired ($57m from Petro Dorado South America, $24m from Platino Energy) 5
***Petrotech
 2019 FULLY FUNDED WORK PROGRAMME

SIGNIFICANT CATALYSTS THROUGH 2019

Gross CAPEX 2019
Resource US$MM
Activity WI% Op mmboe NET CARRY Q1 Q2 Q3 Q4
Calao-1 30 ONGC 2-9.8 2.6 -

Pavo Real-1 30 ONGC 4-45** 2.6 -

Indico appraisal 1 30 ONGC TBC 2.8 -

CPO-5
Indico appraisal 2 30 ONGC - 2.8 -

Sol-1 30 ONGC 4 3 -

Aguila-1 30 ONGC 2.7 3 -

PLATANILLO Field enhancements 100 AMER 0.9 -

Miraparriba-1 50 Vetra 4.4 3.5 -

PUT-8
Seismic 50 Vetra n/a 3.8 -

Coendu-1 50 AMER 0
PUT-9 16* 8.7
Coendu-2 50 AMER 4

PUT -12 Coendu-3 60 AMER 54* 4.8 -

Seismic*** 50 AMER n/a 2.2 12.8

TACACHO

TERECAY Civil Works*** 50 AMER n/a 0.3 1.2

The above timing is subject to change, regulatory and permitting approval and drilling success
Well Low Risk Production Adds Seismic
*Targeting unrisked mean gross prospective resources of 54 MMBO in Put-12, plus 16 MMBO in Put 9 in Coendu structure
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** In the combined Indico-Pavo prospect area *** AMER 85% carry
 CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND

CPO-5 - STRATEGIC ACREAGE POSITION IN PARTNERSHIP WITH ONGC

• Large block located to the south of the prolific

Working interest Llanos 34 block and to the east of the Corcel

30% and Candelilla fields in the Guatiquia block.

Captures the 2 most prolific production trends
of recent years

Acres • Contains Mariposa-1 and Indico-1X discoveries

492,352 in the LS3 play, up-dip from the Candelilla

fields.

• Llanos 34 and Cabestrero blocks demonstrate

2P Reserves (MMBO)* continuity of traps on a NE-SW trend–shown to
25.11 be at least 30km long.

• Llanos 34 –over 50 MMBO produced to date,

Prospective (MMBO)** approximately 55,000 bopd.

49.3 • Tigana and associated fields are trapped by

relatively small and subtle synthetic(down to
the basin) faults.

• The Company believes this synthetic

Guadalupe trap may extend into CPO-5.

• Guadalupe, Mirador and Carbonera prospects

Source: Company, Geopark, Parex
have been identified in the SE of the block

* Preliminary results of independent reserves report, gross 2P technical reserves at Indico-1X and Mariposa, McDaniel and Associates Consultants Ltd
**Mean gross prospective resources associated with the LS3 structural play in the area of Indico and Mariposa which are the targets of upcoming drilling programme, McDaniel and
Associates Consultants Ltd 7
 CPO-5

CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND

MARIPOSA DISCOVERY INDICO-1X DISCOVERY ACCELERATED WORK PROGRAMME

• 120 feet oil column in LS3 • 283 feet gross, 209 feet net, • Fully funded, initial four-well
Current sand package Current oil column is present in the Targeting drilling programme to
Production Production (gross) determine the prospectivity
LS3 formation at Indico-1
• Produced at a stable rate of the area within the LS3
3,150 in natural flow from 12 feet 5,130 49.3 play;
BOPD of perforations near the BOPD • No oil-water-contact MMBO
top of the 120 feet oil • Calao-1 targeting structure
detected
Produced to column for over a year SW of Indico with potential
date* EUR resources between 2 and 9.8
• Currently producing in mmbo*
1.3 • Produced 1.3 million
barrels of oil with no
5.9 natural flow over a
• Pavo Real-1 targeting
MBLS significant water cut which MMBO controlled choke of 46/64” structure NE of Indico with
remains at 0.4%
potential resources of 4 to 45
2P Reserves 2P Reserves
• LS3 unit is a high quality MMBO* in the combined
• OWC rose only 10ft after
4.2 producing over 1MMBO – 22.7 sand with some shale Indico-Pavo prospect area.

MMBO
2P reserves increased by MMBO intercalations, principally • Potential resources may be
1MMBO - further reserves towards the base. significantly higher at both
upgrades expected Calao-1 and Pavo Real-1

• Lies 6.5 km to the • Indico-1X to be produced • Further two appraisal wells will
northwest of Indico-1 under STT while application be drilled in the Indico
is made to ANH to begin a structure from the Indico pad,
with the objective of refining
Long-Term-Testing (“LTT”)
resources and reserves
programme on the well. estimates
• Sol-1 remains drill-ready
Aguila-1 in 3 months
* All numbers cited are gross 8
Preliminary results of independent reserves report indicates gross 2P reserves at Indico-1X and Mariposa, McDaniel and Associates Consultants Ltd
 PUTUMAYO - OCCIDENTAL FARM-IN

$93.25M TRANSFORMATIONAL FARM-OUT TO OCCIDENTAL ANDINA

KEY FARM-IN DETAILS

BLOCK OCCIDENTAL AMERISUR OPERATOR GROSS AMERISUR 2D SEISMIC GROSS

ANDINA WI ACRES CARRY KM** PROSPECTIVE
FARM-IN # WELLS** MMBO *
Putumayo-9 50% 50% Amerisur 121,452 1 202 64

Terecay 50% 50% Amerisur 586,626 0 476 224

Tacacho 50% 50% Amerisur 589,010 3 200 364

Mecaya 50% 50% Amerisur 114,879 1 0 4

• Occidental Andina, a well-financed, experienced E&P player

• Occidental Andina to fund a wide-ranging exploration and appraisal programme worth $93.25m over
2019 – 2021 -5 fully funded exploration wells ($38m ), 85% of the total costs for the acquisition of 878km
of 2D seismic - $55.25m estimated
• Controlled transport capacity agreed in the OBA for the evacuation of oil from these blocks, with a
commercial tariff charged for Occidental Andina’s share

• * Unrisked mid case estimate

• ** Indicative Programme, subject to change by mutual consent 9
 OBA CLUSTER

PUTUMAYO-8 / PUTUMAYO-9 / PUTUMAYO 12

PUTUMAYO-8: BETWEEN OIL FIELDS PUTUMAYO-9: OXY CARRIED PUTUMAYO-12

• Borders Platanillo to • Up to three well drilling programme across Put-
the West 9 & Put-12 in 2019
Working interest • Initial 1 well drilling Working interest • Existing seismic data shows several structures Working interest
50% programme 50% shared between Put-12 and Put-9 and 60%
• Miraparriba-1 structure independent structures lying within Put-9
is a low risk U and T • Drilling expected to commence in H2 2019
Acres Acres Acres
sand light oil structural 121,453
102,799 • Targeting unrisked mean gross prospective 134,509
target and will be resources of 54 MMBO in Put-12, plus 16 MMBO
drilled as a directional in Put 9 in Coendu structure
well. Prospective (MMBO)* Prospective (MMBO)*
Prospective (MMBO)*

16.27
• Drilling of Miraparriba- 64.43 224.71
1 (4.4 MMBO gross)
from the Cohembi 2
pad is awaiting
approval from
Ecopetrol, spud of the
well expected in Q2

* Net to Amerisur, mid estimate 10

 THE OBA – STRATEGIC EXPORT INFRASTRUCTURE – KEY TO GENERATING HIGH MARGIN
PLATANILLO – LOW COST PRODUCTION VIA THE OBA TO FUND GROWTH
PLATANILLO
• An 11,000 Ha block located in
Working interest the Caguan/Putumayo basin of
100% Southern Colombia, on the
border with Ecuador
• Mature field with limited upside
2P Reserves (MMBO*)
providing steady free cash flow
18.95
• Normal maintenance and
optimization operations in the
Platanillo field continue
• Focus is to maintain production
at 3-4,000+ BOPD plateau
* CPR, Dec 2017
OBA – AFTER 15 MONTHS OF OPERATIONS, IT HAD PAID FOR ITSELF
100% owned OBA oil transfer line into Ecuador, reducing transport costs
from $14/bbl to $3.90
Throughput increase strategy:
Short term strategy successfully delivered
• Chiritza re-pumping system commissioned on time and budget
increasing throughput capacity under agreement with Petroamazonas
from 5,000 - 9,000 BOPD
Next steps:
• Ministry of Mines and Energy of Colombia approval to begin the
purchase and shipping of third party crude via the OBA expected in H1
2019
100% Amerisur owned
Transported to 31 January 2019.
3.3 MMBO $20.3m investment paid off during
its15th month of operation
5,000+MBOPD Spare throughput
capacity
Cuyaben
o
Chiritz
a
Cuyabeno pumps, metering
Chiritza re-pumping station
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SUMMARY

A FOCUSED COLOMBIAN E&P - IN THE RIGHT PLACE AT THE RIGHT TIME

Pure-play Colombian E&P with strong track record, partners and corporate governance

Material licence portfolio capable of generating significant production growth of low-cost oil
• Focused on two core regions of Colombia: CPO-5 in the Llanos Basin with ONGC, and
Putumayo to leverage the OBA with Occidental Andina and other partners

Exploration and appraisal opportunities to drive value

• Transformational discoveries in CPO-5 are a proven path to growth. Intensive drilling in CPO-5
with ONGC underway through 6 wells in 2019
• Wide-ranging exploration and appraisal programme in Putumayo with Occidental between
2019 and 2021

Fully-funded for growth with financial flexibility

• Occidental funding exploration and appraisal programme in Putumayo
• Fully funded work programme in other blocks from cashflow and internal resources

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APPENDIX

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BUSINESS MODEL

A ROBUST AND SELF-SUSTAINABLE BUSINESS MODEL

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 LLANOS

CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND

• Large block located to the south of the prolific

Working interest Llanos 34 block and to the east of the Corcel

30% and Candelilla fields in the Guatiquia block.

Captures the 2 most prolific production trends
of recent years

Acres • Contains Mariposa-1 and Indico-1X discoveries

492,352 in the LS3 play, up-dip from the Candelilla

fields.

• Llanos 34 and Cabestrero blocks demonstrate

2P Reserves (MMBO)* continuity of traps on a NE-SW trend–shown to
25.11 be at least 30km long.

• Llanos 34 –over 50 MMBO produced to date,

Prospective (MMBO)** approximately 55,000 bopd.

49.3 • Tigana and associated fields are trapped by

relatively small and subtle synthetic(down to
the basin) faults.

• The Company believes this synthetic

Guadalupe trap may extend into CPO-5.
• Guadalupe, Mirador and Carbonera prospects
have been identified in the SE of the block
Source: Company, Geopark, Parex

* Preliminary results of independent reserves report indicates gross 2P technical reserves at Indico-1X and Mariposa, McDaniel and Associates Consultants Ltd
**Mean gross prospective resources associated with the LS3 structural play in the area of Indico and Mariposa which are the targets of upcoming drilling programme, McDaniel and
Associates Consultants Ltd 15
CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND

MARIPOSA

• 120 feet oil column in LS3 sand package

• Produced at a stable rate of approximately

3,150 (gross) bopd in natural flow from 12 feet
of perforations near the top of the 120 feet oil
column for over a year

• Has produced 1.3 million barrels of oil to date

with no decline and no significant water cut
which remains at 0.4%

• OWC rose only 10ft after producing over

1MMBO – reserves upgraded by 1MMBO and
further increases expected

• Lies 6.5 km to the northwest of Indico-1

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 CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND

A CLOSER LOOK AT THE INDICO DISCOVERY –

LARGE PROVEN RESERVES, STILL LARGER UPSIDE

• 283 feet gross oil column in LS3

1P Reserves (MMBO)*
sand package
17.76 • Sand fully oil saturated – no
OWC
2P Reserves (MMBO)
• Currently producing in natural
22.7 flow at approximately 5,130
BOPD (gross) over a controlled
3P Reserves (MMBO)** choke of 46/64” 17.7MMBO
Proven
33.3 • LS3 unit is a high quality sand
Reserves
with some shale intercalations,
principally towards the base.

• LKO covers approximately 25%

of mapped structural closure
• Reservoir quality is very high –
up to 4,300 mD*
• Estimated expected ultimate
recovery from Indico-1X is 5.9
MMBO
• Indico-1X to be produced
under STT while application is
made to ANH to begin a Long-
Term-Testing (“LTT”) programme
McDaniels CPR, Jan 2019 on the well.
*Gross, certified to LKO LKO = Lowest Known Oil
Md = Millidarcies, a measure of reservoir permeability
17
** Gross, assuming OWC at LKO plus 40 feet
 CPO-5 – KEY ACREAGE IN THE MOST IMPORTANT LLANOS TREND

THE INDICO COMPLEX –LARGE UPSIDE IN ASSOCIATED STRUCTURES

INDICO COMPLEX DRILLING - LS3 PLAY

The scale of success at Indico-1X opens up a

significant low risk potential in structures between LLA-34
Mariposa and Indico fields, together with lateral CORCEL
structures within the LS3 play.

It is expected that these wells will throw further CABRESTERO

light on the combination trapping expected to GUATIQUIA

exist in this play.

N-3X
N-2X
This has the capacity to create a very large Mariposa-1
N-4X
reserve base. 3,200 bopd Mariposa-2
Kamal-1

• Calao-1X, targeting structure SW to Indico with Sinsonte-1X

Loto-2
Loto-1 N-1X
potential resources between 2 and 9.8 mmbo* Mirlo-1X

• Pavo Real-1X, targeting structure NE to Indico Indico-3

Metica-1
with potential resources of 4 to 45 MMBO* in the Indico-2

combined Indico-Pavo prospect area

Indico-1X Indico Upside-1X & 2
• Indico-2 5,100 bopd
Discoveries
• Indico-3
Firm Exploration Wells
• Aguila-1X Calao-1X Pavo Real-1X
Firm Appraisal Wells
• Sol-1X
CPO-5 Exploration Prospects
• Mariposa-2
Aguila-1X
• Indico Upside-1&2X
• Mirlo-1X
Sol-1X
• Sinsonte-1X
• N-1 to 4X
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 OBA CLUSTER

PUTUMAYO-8: BETWEEN OIL FIELDS

• Borders Platanillo to the West

Working interest
50% • Initial 1 well drilling programme

• Miraparriba-1 structure is a low risk U and T

Acres
sand light oil structural target and will be
102,799 drilled as a directional well.

• Regulatory permission to drill the

Prospective (MMBO)*
Miraparriba-1 well from the Cohembi-2
16.27 pad, an existing pad located in the
adjacent Suroriente block received

• Drilling of Miraparriba-1 (4.4 MMBO gross) Miraparriba

from the Cohembi 2 pad is awaiting Structure
approval from Ecopetrol, spud of the well
expected in Q2

* Net to Amerisur, mid estimate 19

 OBA CLUSTER

PUTUMAYO-9: OXY CARRIED OPERATIONS

• Up to three well drilling programme across Put-9 and Put-12

Working interest • Existing seismic data shows several structures shared between Put-12 and Put-9 and
50% independent structures lying within Put-9

• Similar geological configurations and structural trends with a north–south preferential orientation
Acres
121,453 • Stratigraphic plays related to the pinch-out of the U and T Sands have been interpreted, whose
mapped areas are shared by both blocks

• Access road permitting underway. Civil Works expected to begin in Q2

Prospective (MMBO)*

64.43 • Drilling expected to commence in H2 2019

• Targeting 16 MMBO in Coendu structure

* Gross mid estimate 20

 OBA CLUSTER

PUTUMAYO-12

• Similar geology to Platanillo

• 2D seismic programme completed

Working interest over Coendu, which is shared
60% between Put-12 and Put-9

• Second 2D seismic acquisition

Acres programme commenced in the SE
134,509 of the block

• Shares Access road with Put-9

Prospective (MMBO)* • Drilling programme to commence

224.71 post Put-9 drilling

• Coendu - proximity and similarity

to Platanillo

• Targeting unrisked mean gross

prospective resources of 54
MMBO (plus 16 MMBO in Put-9)

* Net to Amerisur, mid estimate 21

 CAPEX BREAKDOWN
Amount
AMERISUR Timing
($m)
Platanillo – field enhancements Q1 - Q2 0.9

Putumayo 8 (1 well, seismic & civil works) Q1 –Q4 7.3

CPO-5 (6 wells & civil works) Q1 - Q4 16.8

Putumayo 12 (1 well, civil works & access road) Q4 4.8

Tacacho/Terecay (seismic – 15% not funded by Oxy) Q1 – Q2 2.5

Putumayo 9 (1 well, civil works & access road ) Q3 - Q4 4.0

TOTAL 36.3
Amount
CARRIED CAPEX Timing
($m)
Coati – Consulta Previa Q1 –Q3 1.5

Putumayo 9 (1 well, civil works & access road ) Q3 –Q4 8.7

Tacacho (seismic) Q1 – Q3 12.8

Terecay (civil works) Q4 1.2

TOTAL 24.2
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BOARD AND MANAGEMENT

STRONG AND INDEPENDENT BOARD

Board:
Key
Committee
membership

Giles Clarke, Chairman John Wardle, CEO Nick Harrison, CFO Alex Snow, SID A Audit
Committee membership: Committee membership: Committee membership: N Nomination
N N N R R Remuneration

Chairman

Elodie Grant Goodey, NED Dana Coffield, NED Chris Jenkins, NED
Committee membership: Committee membership:
R A R A N R

In country team:

Carlos Martinez Johnnie Velasco Fredy Corredor Fernando Rueda Edgar Herazo
Country President EVP Operations EVP Exploration Financial Manager Production Manager
23
 BOARD AND MANAGEMENT 100% ALIGNED TO SHAREHOLDERS

• Amerisur Resources Directors hold 4.9% of the share capital

• £1.42m worth of shares purchased by the current Board since May 2018

Director Date Value of shares purchased

John Wardle, CEO* January 2019 £75,000

Dana Coffield, NED January 2019 £84,000

John Wardle, CEO* November 2018 £90,000

Giles Clarke, Chairman November 2018 £69,000

John Wardle, CEO* November 2018 £1,000,000

Chris Jenkins, NED November 2018 £18,000

Elodie Grant Goodey, NED November 2018 £5,000

John Wardle, CEO* May 2018 £80,000

*Shares purchased by Tracarta Limited, a company in which John Wardle has an interest 24
 SHAREHOLDER OVERVEIW

STRONG INSTITUTIONAL SHAREHOLDER BASE

Top 10 Shareholders
Jarvis Investment Mgt,
3%
Interactive Investor, 4% Michinoko, 11%

Legal & General

Investment Mgt, 5%

Amerisur Resources plc

Director & Related FIL Investment
Holdings, 5% International, 8%

Hargreaves Lansdown
Asset Mgt, 6%

Canaccord Genuity
Wealth Mgt, 8%
AXA Investment Mgrs,
6% River & Mercantile Asset
Mgt, 6%

*Shareholder register as at 30 Nov 2018

25
PUTUMAYO - OCCIDENTAL FARM-IN

OCCIDENTAL ANDINA FARM-IN

• Occidental Andina, a well-financed, experienced E&P player

• The $93.25m farm-in for 50% implies a gross valuation of these four blocks of $187m

• Transaction accelerates Amerisur’s upcoming work programme, bringing forward significant activity in
Tacacho and Terecay, which are estimated to contain very substantial resources and where activity
was not included in the current programme

• Amerisur’s future capex requirements significantly reduced, while meeting our license commitments
and ensuring shareholders remain exposed to future exploration upside

• $293.5m of value created from acquisitions executed in the oil price downturn

• The programme of initial work, in terms of social consultations and licensing is underway. In Tacacho
and Terecay we have already completed Consulta Previa and licensing procedures for the seismic
acquisition, and this is expected to begin during Q1 2019. The Consulta Previa and licensing for drilling
in Tacacho will be initiated in Q2 2019

26