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Amerisur Resources PLC  -  AMER   

Board Changes and Remuneration Update

Released 07:00 03-Jan-2017

RNS Number : 1253T
Amerisur Resources PLC
03 January 2017

3rd January 2017

Amerisur Resources Plc

Board Changes and Remuneration Update


Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, announces the retirement from the Board of executive Directors Victor Valdovinos and George Woodcock effective from 31st March 2017.


Giles Clarke, Chairman of Amerisur commented:

"I would like to thank Victor and George for their significant contribution to the growth of Amerisur."


In addition, as part of an external board evaluation and succession planning process, the Board has appointed a leading executive search firm to source two additional independent non-executive Directors: one with significant City experience; and one with considerable oil industry experience.  This process is being overseen by Christopher (Chris) Jenkins, an independent non-executive Director, who has been appointed to the Nomination Committee. A further update will be made as to progress in due course, and the activities of the search firm and Nomination Committee will be reported upon within the next Annual Report, as per The UK Corporate Governance Code (the 'Code') Provision B.2.4.


Following the changes, the Board of Amerisur will have two executive Directors, a Chairman and six non-executive Director members, which will see the Board exceed the expected level of independent director representation for an AIM listed company. The ongoing Board refreshment is intended to maintain an appropriate balance of skills and experience as suggested by Principle B.2 of the Code, something shareholders have encouraged.


In addition, the Company's Remuneration Committee is conducting a complete review of the Company's remuneration policy and practices with the support of a respected third party remuneration consultancy.  The Remuneration Committee does not intend to make any option awards in 2017 except to a select number of Colombia based personnel, and the Chairman has indicated that he wishes no longer to receive options in the Company. In addition, as a commitment to ongoing transparency for shareholders, the Board confirms that it will again be voluntarily submitting the Remuneration Report to a shareholder vote at the AGM to be held in May. 






Billy Clegg / Georgia Edmonds

Tel: +44 (0)203 757 4980



Callum Stewart / Ashton Clanfield / Nicholas Rhodes

Stifel Nicolaus Europe Limited

Tel: +44 (0)20 7710 7600

Chris Sim / George Price

Tel: +44 (0)207 597 4000


Darrell Uden / Marcus Jackson

Tel: +44 (0)207 653 4000

RBC Capital Markets



Notes to editors

Amerisur Resources is an independent full-cycle oil and gas company focused on South America, with assets in Colombia and Paraguay and production from the Platanillo field in southern Colombia. In 2016 Amerisur successfully built and is 100% owner of the strategic OBA oil transfer line into Ecuador.


In Colombia, the Company is operator and has a 100% working interest in the Platanillo block which includes the Platanillo field.  The Company has a strong position in the Putumayo basin and has a cluster of near term activity assets around the OBA export line including the Platanillo block, Put-8, Put-9, Put-12 and Coati.  It has a diverse portfolio of longer term exploration assets. 


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Board Changes and Remuneration Update - RNS