LONDON (Alliance News) - Andes Energia PLC narrowed its loss in the first-half, the company said Tuesday, on the back of a big rise in revenue in the period.
Andes said its pretax loss for the period narrowed to USD161,000 in the six months to June 30 against a loss of USD3.1 million a year earlier.
That came on the back of a big rise in revenue in the period, up to USD20.4 million from USD4.3 million a year ago, offsetting a rise in costs over the same period, said the company.
Andes Energia's average daily production reached 1,510 barrels per day in the first six months, up from 910 for 2013, and reached 1,590 in June 2014.
Andes also made a shale oil discovery in Vaca Muerta from its Las Varillas X-1 well in the El Manzano West block in Argentina in the period. Chief Executive Alejandro Jotayan said this was seeing "increasing activity and industry interest."
He said the site is the "only shale outside of the US to be producing and is attracting investment and commitment from majors and international oil companies as well as investors."
In the next 15 months, the company said it intends to continue with its drilling plan for Chachahuen in Argentina; intends to drill and have production from Vaca Muerta; and intends to commence drilling at its assets in Colombia.
Andes Energia shares were trading 4.9% higher at 42.5 pence per share Tuesday afternoon.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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