Amerisur Resources shares surge on oil export deal

Shares in Amerisur Resources rose almost 10% early on Friday, after oil and gas explorer signed a deal that will link the company’s Colombian project to the oil export network.

The company said work on the project will be carried out by Petroamazonas, which runs the Amazonas pipeline network, and the pipeline close to the border with Ecuador is expected to be in operation by the end of the year.

Amerisur said Petroamazonas will charge a transport tariff of $1.09 a barrel and that it agreed to commit a minimum of 5,000 barrels of crude a day.

Group chairman Giles Clarke hailed the deal as a “very major step forward”.

"I want to congratulate the Amerisur team on this fundamentally important milestone for the company which opens numerous possibilities for our shareholders,” he said.

“As was the case with the Channel Tunnel, international bilateral infrastructure projects are often simple to conceive but incredibly complicated to make reality.”

Amerisur Resources shares were up 9.85% to 36.25p at 08:49 on Friday.