AGM PRESENTATION

May 2019

A Colombian Producer & Explorer

www.amerisurresources.com

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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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STRONG BALANCE SHEET AND FLEXIBLE SPEND

AMERISUR - A COMPELLING INVESTMENT CASE

1) Debt Free Growth – Maintain Balance Sheet Strength

BOPD
YE18 Cash $44m; FY19 Capex ($30-35m) Funded From Cash / Cash Flow

2) Colombia Focus – Low Cost Onshore Oil

Deep local insights and relationships - CEO based in Bogota (26 years in-country)

3) Strategic Deal with Occidental Petroleum

$m
Industry Endorsement from a player active in Colombia for decades

4) Active Drilling Programme in 2019

Up to ten wells targeting over 145 MMBO gross prospective resources

$m
5) Shareholder Alignment / Full Compliance with QCA code
~5% management ownership; CEO/Board invested around £1.4m in past 6 months

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EXPLORING PROVEN BASINS – 100 YEARS OF OIL PRODUCTION

WHY COLOMBIA – LOW COST, ONSHORE OIL

1) Proven Basins with Established Infrastructure

Brent Linked Pricing

Six major pipelines connecting to Atlantic and Pacific markets

2) Political Stability; Business Friendly

Became a member of the OECD in May 2018

2016 Peace Deal ended conflict with FARC

President Duque Elected 2018 – Reinvigorating Colombia’s upstream sector – Exxon and Shell signed new off. blocks

3) Established Oil Industry with Competitive Fiscal Terms

National Production of 860,000 BOPD over 500,000 BOPD exported; around 400 active fields

Stable Fiscal Terms – Sliding Scale Royalties; Relaunch of new licensing system mid-19; CT declining from 33-30% by 2022

Mature In-Country Oilfield Services Industry

High Standard of Regulatory Oversight

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 OPPORTUNISTIC ACQUISITIONS – CREATED $367M VALUE

LOW COST DEALS CREATED ATTRACTIVE LANDBASE

Low Cost Deals: Spent $18.4m 2015-17 on

acquisitions to expand acreage

Material Resource: Established an asset base

with over 800MMBO gross prospective
resources

Creating Value: Through Occidental Deal,

Indico/Mariposa discoveries and inherited tax
losses

Ongoing Portfolio Enhancement: Increased

working interest at PUT-8 to 100% and acquired
100% in PUT-14 at no cost

Pacific E&P Acreage, acquired Mar 2017 for $4.8m, adding 321 MMBO
Talisman Acreage, acquired Dec 2016 at zero cost, adding 245.9MMBO
Platino Energy, acquired Jan 2016 for $7.6m, adding 190 MMBO
Petro Dorado SA, acquired June 2015 for $6m, adding 131.3MMBO

* 33% of total value of tax losses acquired ($57m from Petro Dorado South America, $24m from Platino Energy)
** McDaniel and Associates 5
PUTUMAYO ON TREND

HEAVY OIL BELT – ACREAGE IN UNDEREXPLORED AREA

Trend of Material Heavy Oil Fields

Trend of Major Oil Fields from Venezuela to Peru

Notable Absence in Putumayo

Putumayo underexplored due to above ground issues

2016 Peace Deal with FARC has improved conditions

Proven Plays

Further play types to be tested through 2019/20

Proven by discoveries in surrounding acreage

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 PUTUMAYO - OCCIDENTAL FARM-IN - ACCELERATES PLANS TO UNLOCK >600 MMBO

STRATEGIC POSITION IN PUTUMAYO – 2m GROSS ACRES, OBA Pipeline

612 MMBO Gross Prospective Resources

Putumayo
Basin

ECUADOR

OBA Pipeline connects Putumayo to

underutilised Ecuadorean Pipeline Network

Industry Endorsement - Occidental $50bn market cap company, active in Colombia for four decades

Funding - $93m carry to fund exploration campaign; five fully funded wells and 85% of 878km 2D seismic

Utilising OBA – OBA pipeline third party volumes started H1/19; 9,000 BOPD min throughput

Expanding Footprint – Added PUT-14 and increased interest at PUT-8

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 YEAR END 18 2P RESERVES INCREASED 24%

GROWING AND DIVERSIFYING RESERVES BASE

2P Reserves – 25.6 MMBO YE18

31.9 MMBO YE18 3P Reserves

30% Llanos/70% Putumayo
Possible – 6.3
• Three Producing Fields

• CPO-5 – Indico and Mariposa Discoveries – Both Producing Probable – 7.8

• Platanillo – reserves maintained

• Reserves split 30/70 between Llanos and Putumayo Basins

Proven – 17.8

2P at YE 2017 20.7
- Production 2.0
+ 2P Reserves 6.9
2P at YE 2018 25.6 Field 1P 2P 3P
* Indico 5.3 6.8 10.0
Llanos
2P Reserves Replacement Ratio 343% Mariposa 0.7 0.9 1.3
Platanillo 11.6 17.5 20.2
Putumayo
2P Reserves life Index >12 years ** Mecaya 0.3 0.4 0.5
17.8 25.6 31.9
* Calculated based on FY18 2P reserves increase divided by FY18 production
** Calculated based on YE18 2P reserves divided by FY18 production

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 ACTIVE EXPLORER

2019 DRILLING PROGRAMME: UP TO 10 EXPL/APP WELLS

Expl/App Infill Seismic

Llanos Basin

CPO-5 Up to 6 wells - 3D

Putumayo Basin

Platanillo - 1 well + 2ST -

PUT-8 1 well - 3D

PUT-9/-12 1-3 wells -

CPO-5
Tacacho - - 2D

Terecay - - 2D

Drilling plan remains dynamic depending upon results Plat, PUT-8,-9,-12, COLOMBIA
Tacacho, Terecay

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 MOVING DISCOVERIES ONTO PRODUCTION

BLOCK CPO-5 - SURROUNDED BY RECENT MATERIAL DISCOVERIES

• Move Discoveries to Production:
Mariposa and Indico discovered in
Working interest
2017/18, together produce ~8,000
30% GARIBAY
BOPD (gross)
CORCEL LLA-34
TIPLE

• Follow on Opportunities: Discoveries

Acres GUATIQUIA
CABRESTERO opened up other prospects in the
492,352 Mariposa same LS3 play

2P Reserves (MMBO)*
Índico
LLA-86
• Proven Plays: Further play types to
CPO-5
Sol be tested through 2019/20 proven
25.11 LLA-94
by discoveries in surrounding
Prospective (MMBO)**
ONGC Videsh 70% (Op), AMERISUR 30%
acreage
49.3 VALDIVIA-ALMAGRO
Discoveries • Nearby Success: CPO-5 is
CPO-10 LLA-66
CPO-11 Prospects immediately south of the prolific LLA-
Land Map from ANH, December 2018
34 block and east of the Corcel and
Guatiquia blocks.

* 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 10
 DISCOVERED DECEMBER 2018, PRODUCING JANUARY 2019

INDICO DISCOVERY – PROVEN RESERVES, FURTHER UPSIDE

Mariposa-1X
• Material Upside – 2019
CPO-5 appraisal drilling has the
potential to expand 1P, 2P
1P Reserves (MMBO)*
and 3P reserves
17.76 Indico NW Prospect

2P Reserves (MMBO)
17.7 MMBO
22.7 Proven • No Oil Water Contact –
Lowest Known Oil covers
3P Reserves (MMBO)**
only 25% of Structural
33.3 Closure

LKO @ -9548´ TVDSS

Indico-1X
• Exploration Upside – Indico
NW prospect

Indico Discovery Highlights

• 283 feet gross oil column in LS3 sand package, high quality reservoir up to 4,300 mD
• Producing around 5,000 BOPD (gross) on natural flow; Indico-1X 5.9 MMBO estimated EUR

McDaniels CPR, Jan 2019

*Gross, certified to LKO 11
** Gross, assuming OWC at LKO plus 40 feet
DRILLING AROUND PLATANILLO
Mansoya

Sibundoy
• Drilling Beside Discoveries: Drilling on PUT-8/-9
targeting prospects defined by seismic (3D on
PUT-8 and 2D on PUT-9)
Coendú
Platanillo
Quilili

Bienparado • Low Cost Developments: Discoveries can be

Quinde
commercialised rapidly using Platanillo
infrastructure (fixed opex)
Cohembí

OBA Pipeline

VHR
• Leverage OBA Economics: Production sent
through OBA pipeline <$5/bbl transport costs
Piñuña

Miraparriba
SOTE Pipeline

Drill-ready Prospects
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OBA – Revenue Generating Opportunity – Third Party Oil

Revenue Potential

Arbitrage transport costs ($5 vs $12-14/bbl)

No commodity risk

Minimum offtake of 9,000b/d

~4-5,000b/d spare capacity
Projects Identified to increase RODA capacity

Addressable Market
Initially Target ~2,000b/d
Putumayo Basin Production ~45,000b/d

Strategic
Route to Market
Commercial agreement with Oxy

Initial volumes received 10 May

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FIRST TRUCKS ARRIVING

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CSR - ENVIRONMENTAL AND SOCIAL SUSTAINABILITY

Approach – Integrated Corporate Sustainability Management

Health & Safety, Environment and Social Responsibility - Focused on local shared value

Social investment to develop human capital and sustainable local growth

Community relations built on human rights, peacebuilding and partnership with local authorities/communities

Programs – Actively Investing

Co-Founder of Amazon Rainforest Conservation Program: with Colombian Ministry of the Environment and
the Alexander Von Humboldt Research Institute

United Nations’ Guiding Principles for Business and Human Rights – Participant

SGE-21: Ethical & Socially Responsible Management System

Certifications – Meeting International Standards

ISO 14001:2015 Certification: Environmental Management System; ISO 9001:2015 Certification: Quality
Assurance System; OHSAS 18001:2007 Certification: Health & Safety Management System

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APPENDIX

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 BOARD AND MANAGEMENT ALIGNED TO SHAREHOLDERS

• Amerisur Resources Directors hold 5% 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 17