Further to the announcement on 30 November 2007, Amerisur Resources, the oil and gas explorer and developer focussed on South America, announcse that it has agreed final terms with Petex Offshore Inc for the acquisition of the remaining 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 to pay Petex Offshore Inc 15% of Amerisur's net profits from the Platanillo block.
The total consideration for the transaction with Petex Offshore Inc will be 18,240,000 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 an exploration stage project and the Platanillo block contains contingent and prospective reserves.
John Wardle, Chief Executive Officer of Amerisur, has an interest in Tracarta Limited, which holds a one third interest in Petex Offshore Inc and therefore the Transaction is deemed to be a related party transaction. The Directors, excluding John Wardle, having consulted with their nominated adviser, Blue Oar Securities Plc, consider that the terms of this transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Application has been made for the shares to be admitted to AIM, with trading expected to commence on 19 December 2007 ('Admission'). Upon Admission, the shares will rank pari passu in all respects with the existing ordinary shares of the Company.
Following Admission, Amerisur Resources plc's capital will consist of 827,894,301 ordinary shares of 0.1 pence each. Amerisur Resources plc does not hold any ordinary shares in Treasury.
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