Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA

RE:PTA's Potential Suitors with AMER's Reserves falling 20% !!

[Miner1967]

perdikaoilgas wrote:

After the excellent news from PRE and the non-renewal of the Rubiales field, we have more good news coming from PTA's neighbor in the Putumayo Basin, Amerisur Resources that trades on London under AMER ticker.

AMER's Proven and Probable Reserves declined 20%, according to the latest report below:


https://uk.finance.yahoo.com/news/buzz-amerisur-resources-fall-reserves-073637287.html


" Company says after accounting for production, proven gross field reserves at end 2014 fell 6% to 16.2 million barrels of oil; proven and probable gross field reserves fell 19.5% to 24.55 million barrels of oil."

To wrap it up now, these are PTA's potential suitors:

1) Gran Tierra (GTE), because GTE lost all its reserves in Peru. GTE has also stated more than once lately (including the recent statements during the latest CC) that they want to expand in Colombia.

GTE will not acquire CNE, PRE, PXT or GPRK because they are bigger producers than PTA and therefore they are more expensive than PTA.

GTE is also a debt-averse company and is not going to borrow money to make an acquisition.

Furthermore, GTE has now all the cash to acquire PTA. GTE has approximately US$330 million cash now.

2) PRE, which lost its Rubiales field that currently produces 40% of its total production.

Now PRE must find ways to gradually replace part of this 55,000 boepd.

PRE has acquired the following publicly traded Colombian producers during the last two years:


PetroMagdalena with 3,600 boepd

C&C Energia with 11,000 boepd

Petrominerales with 22,000 boepd

3) Amerisur Resources (AMER.L) that trades on London and has approximately US$250 million Enterprise Value now at 21 GBX although it produces only 4,500 bopd now.

According to the latest news, AMER not only lost 20% of its 2P reserves but also has Zero diversification and is fully dependent on one Block and one producing field (Platanillo).



https://www.amerisurresources.com/Amerisur_Corporate_Presentation_February_2015.pdf



AMER must diversify its producing properties as the company has already stated.

4) VETRA, which is PTA's JV partner in the Putumayo Basin. VETRA tried to acquire Suroco but failed last summer. So they proved that they do want to expand in the Putumayo Basin.

VETRA made another Putumayo lease the other day but that acreage is exploratory, it is not producing acreage like PTA's. However, it shows again how badly VETRA wants to increase its Putumayo acreage.

By acquiring PTA, VETRA will also get a public listing immediately without having to come through the typical lengthy process that requires a lot of paperwork.

5) Parex (PXT), which is PTA's JV in the Llanos Basin.

According to Bloomberg, Parex's CEO is planning more land and asset acquisitions to boost the company's output to as much as 50,000 bopd

Parex's CEO believes that Colombia's stable government and well-understood oil resources make it a better investment than other countries in the region such as Argentina. As linked above, he also said: "To be relevant in the market, you really have to be in the range of 25,000 to 50,000 bopd. Parex's production will grow as much as 20% annually from 17,500 to 18,500 bopd this year".

Well, if I have to bet I would surely choose GTE. Vetra aslo has proved that wants PTA assets.