INTERIM RESULTS PRESENTATION - Amerisur Resources

1 1 INTERIM RESULTS PRESENTATION25 SEPTEMBER 2017 JOHN WARDLENICK HARRISONA Latin American Producer & ,orinconnectionwith, ,developmentsandstrategiesofAmerisurReso urcesplc(the"Company"),whicharebasedondi rectors'currentexpectationsandassumption sandinvolveknownandunknownrisksanduncert aintiesthatcouldcauseactualresults, ,exceptasrequiredbylaworregulationstowhi chtheCompanyissubject, NOTICE3E&P COMPANY FOCUSED ON THE UNDER-EXPLORED PUTUMAYO REGIONE xperienced Board and management team Strong, in-country management / operational team Owner and operator of strategic export infrastructure, the OBA, delivering world-class operating margins at $15/bblopex and significant production growth potential Reliable, low cost route to commercialisationwith technical capacity of 50,000 bbl/d to support future growthExtensive licence portfolio delivering exploration success.

2 Value creation & significant future drilling news flow Opportunistic resource growth via corporate and asset acquisitions during the down cycle Up to 16fully funded exploration and development wells planned in the next 18months 1,497 MMBO unriskedresourcesRobust financial position $29m cash at 30 June 2017 , debt free, significant tax losses and positive operating cash flow COMPANY OVERVIEW INVESTMENT HIGHLIGHTS4 BRAZILECUADORPERUCOLOMBIAP acific OceanLLANOSMIDDLEMAGDALENAA ndaquies(Operator)Working interest: 100%Put-30 (Operator)Working interest: 100%Coati (Operator)Working interest: 100% Temblonfield, 60% exploration areaMecayaWorking interest: 58%Put-9 (Operator)Working interest: 100%Terecay(Operator)Working interest: 100%Tacacho(Operator)Working interest: 100%Put-12 (Operator)Working interest: 60%Put-8 (VetraOperator)Working interest: 50%PUTUMAYOP latanillo (Operator)Working interest: 100%FenixWorking interest: 100% In process of RelinquishmentCPO-5 Working interest.

3 30%COMPANY OVERVIEWEXPERIENCED COLOMBIAN OPERATORM arket StatisticsSymbol(AIM)AMERM arket Capitalisation(close 22 Sept 2017 ) 197mOperational Statistics2P mmboeAverageDailyProduction (August2017)5,834 BOPD2017 Target ExitProduction7,000+ BOPDN etbacksat $45 oil$30/bblBuilt and owns strategic OBA transferlineto EcuadorPortfolioSize12 blocks,984,000 Ha (Gross)Prospects26+ identifiedResources (Unrisked)1,497mmbo*OBA pipeline**Someinterestsawaitingapprovalb yANH5 STRENGTHENED AND REFRESHED BOARD AND MANAGEMENT TEAMBOARD and MANAGEMENTG iles Clarke, ChairmanJohn Wardle, CEONick Harrison, CFOD ouglas Ellenor, NEDS tephen Foss, NEDAlex Snow, SIDC hris Jenkins, NEDDana Coffield, NEDC arlos MartinezCountry ManagerBoard:In country team:Johnnie VelascoOperationsManagerFernando RuedaFinancialManagerEdgar HerazoProductionManagerHernan AntolinezGeological ManagerRecently appointed Directors:6 Leveraging our strategic position in the Putumayo basin through the drill bitDELIVERING GROWTH THROUGH FOCUSSED PRODUCTION INCREASES AND EXPLORATION SUCCESSG rowing our low cost production base and OBA throughputOUR STRATEGYPut-9 Working interest: 100%Size: 49,150,5 HaPlatanilloWorking interest: 100%Size: 11, HaOBA pipeline**Put-12 Working interest: 60%Size: 54,434 HaPut-8 Working interest: 50%Size.

4 41,604,6 Ha0100,000200,000300,000400,000500,00060 0,000Q4 2016Q1 2017Q2 2017Q3 2017 (est)Q4 2017 (est)OBA Throughput (Quarterly)Delivering improved reliability and economics (BOPD) 2017 -2018 FOCUS(BO) 01000200030004000500060002016 H12016 H22017 H12017 H2 Half-year Production Growth (BOPD) AchievedEstimated7 OBA PIPELINE CAPACITY AND FUTURE STRATEGY$15 OPEX/BL @ 7,000 BOPD(including transport costs)6,332 September average BO operational days to date OBA export achievedTHE OBA STRATEGIC EXPORT INFRASTRUCTURET hroughput increase strategyShort Term: Chiritzare-pumping station 3rdexport pump in Colombia to increase throughput to 1,200 BOPH and redundancy VHR spares& generation Cuyabenopumps, metering Result: 10kBOPD+ availablecapacityMedium Term: ConnectionfromRodato Andes lineat Km22(30 kBOPD availablecapacity)Long Term: RODA twinningordirectline to Lago AgrioChiritzaCuyabeno818 MONTHS WORK PROGRAMME, FULLY FUNDED AT $45 OIL FOCUSSED ON CORE OBAAREA CONTINUING WORK PROGRAMMEP latanillo: ( Amerisur 100%, Operator)Put 9: ( Amerisur 100%, Operator)Unriskedresource: MMBOE (gross)Work programme 3 wellsCAPEX $11mUnriskedresource: 26 MMBO (gross)Work programme: 2-3 wellsCAPEX $ upside potential: U and T Sand development Pad 2N N Sand central anomalyWork programme 5 wells -2 development, 1 exploration, 2 appraisalCAPEX $ : MMBOEWork programme: 3 wellsCAPEX$17mUnriskedresource: (net)Work programme 2 wells and LTT CAPEX $5mPut-12: ( Amerisur 60%, Operator)Put-8: ( Amerisur 50%)CPO-5: ( Amerisur 30%)Put-9 Working interest: 100%PlatanilloWorking interest.

5 100%OBA pipelineObjective is to tie back all oil to the OBA*CPO-5 Working interest: 30%Put-12 Working interest: 60%Put-8 Working interest: 50%*9 Jan 2016: PlatinoEnergyDec 2016: TalismanPrice paid: minimal costsUnriskedprospective Resources : paid: $6mTax losses: $57m ($20m Net)Unriskedprospective Resources : $/blof prospective Resources : NEGATIVET erecayAndaquiesCoatiPUT 8 PUT 30 PUT 9 MecayaPlatanilloPUT 12 TacachoLLANOSCOLOMBIAMAP OF ACQUISITIONSP rice paid: $7mTax loses: $24m ($ Net) Farm Out:+$7mUnriskedprospective Resources : 190 MMBO$/blof prospective Resources : NEGATIVESUCCESSFULLY DELIVERED ACCRETIVE STRATEGIC ACQUISTIONSP rice paid: $ (Net $600k)Unriskedprospective Resources : 321 MMBO $/blof prospective Resources : ZEROMar 2017 : Pacific Exploration & Production subsidiariesMANAGEMENT S ACTIONSE xplorationfailureand tighteningmarketsled PetroDoradoto seeka buyer.

6 Amerisurrejected3 of 5 blocks, acquiringonlyCPO-5 (Mariposa light oildiscovery) and keyblock Tacacho( )Privateownerdecidedto exitPutumayo. Opportunisticoffer. Subsequentlyfarmedouta further20% of CoatiExplorationareafor$7m workcommitment. Taxlosses$ Net to Amerisur . Key position in Put-8 Repsol acquiredTalismanand decidedto exitPutumayo. Opportunisticoffer. Key starter position in Put-9 plus outstanding50% of Put-30 Pacificparentcompanyrestructuredin Canada. Amerisurmadeunsolicitedapproachand offereda directnegotiation. 4 outof 6 Putumayo blocks selected. $ outstandingfarmin payment(PDSA to Pacific) cancelledbythistransaction. Achieved100% in Put-9 and keyposition in easternPutumayoJune 2015: PetroDorado South America SA10 FINANCIALS42m1mCashflow H1 2017051015202530354045 SalesOperatingcostsRoyaltiesTransportcos tsHigh pricestariffAdmincosts (UK &Colombia)EBITDA H12017US$EBITDA H1 2017 Average selling price approx.

7 At a $ discount to Brent8m0102030405060 Jan-16 May-16 Aug-16 Nov-16 Mar-17 Jun-17 Revenue per barrel -2016 & 2017 Revenue per barrelAverage Brent oil priceOperating netback per barrel ($) 05101520253035404550FY 2016H1 2017 Operating netbackOperating costsTransport costsBroughtforward cashJan 17 EBITDAO ther w/cmovementsAssetacquisitionsCapexTax/fi nancingCash at 30 June 20175m16m1m29m11 PRODUCTIONPRODUCTION H1 2017 average production of 4,475 BOPD Average production for August 5,834 BOPD FY 2017 exit rate of +7,000 BOPD driven by increased production from the ongoing, low-cost drilling programme at Platanillo and CPO-5, delivering FY 2017 average production of 5,000 BOPD Focus is to increase production to 20,000 BOPD in the medium term Diversifying production base from 1 to 3 fields by end of 2018 Production to fund exploration programme2017 exit production2017 production6,3007,000+BOPD01,0002,0003,00 04,0005,0006,0007,0008,0009,00010.

8 000 PRODUCTION121 Growing Low Cost Production Base focus on Putumayo core assetsaround OBA Prime position in under explored basin. Low cost onshore operation with short lead time from exploration to production Maximisevalue from producing assets Plan to increase production to 20,000 bopdin the medium term through ongoing development and explorationwhile growing OBA throughput,diversifyingproduction base from 1 to 3 fields by end of 20182 Own Strategic Export Infrastructure Amerisur sOBA pipeline, direct from its Platanillofield to the Ecuadorian export pipeline system was commissioned in October 2016 Provides a reliable, low cost route ( $15, netbacks of $30 at $45 oil) to commercialisationwith technical capacity of 50,000 to support future growth Ability to growOBA throughput through focused investment3 Extensive Growth Portfolio 12 blocks covering ,000 Ha (gross)

9 Predominantly in the prolific Putumayo -proven oil basin with light to heavy oil gradation in excellent reservoirs,big field potential in Colombian terms Significant future upside at Platanillo T and N sand Advance light oil prospects first, followed by heavy oil Exploration portfolio of more than 26 identified prospects targeting 1,497 mmboof unriskedresources Up to 16 fully funded wells to theend of 2018 4 Robust Financial Position Fully funded workprogrammeat $45 oil and well positioned to pursue organic and inorganic growth continuing to consider acquisitions in Putumayo which have strong strategic fit Debt free balance sheet and cash of $29m asat 30 June 2017 , positive operating cashflow5 Experienced Board and Management Team Experienced and strengthened Board with CEO and management based in Colombia enabling streamlined decision making Extensive experience of operating in country with strong community relations developed over thecourse of adecadeINVESTMENT HIGHLIGHTSFINANCIALLY AND OPERATIONALLY WELL PLACED WITH A CLEAR STRATEGY TO MAXIMISE POTENTIAL OF EXTENSIVE PORTFOLIO AND TO CONTINUE TO DELIVER SHAREHOLDER VALUE13 END