LONDON (Alliance News) - Andes Energia PLC Friday revealed that it almost swung into profit in 2013, on the back of a significant increase in revenues and production, boosted by recent acquisitions.
For 2013, the Latin American oil and gas exploration and production group reported a pretax loss of USD94,000 compared with a pretax loss of GBP4.4 million in 2012, as revenues rose to USD22.5 million, up from USD4.8 million a year earlier, on the back of a significant increase in its production rate, having acquired MGM International SRL, Kilver SA and Ketsal SA.
The group produced 1,400 barrels per day in 2013, compared with 200 barrels per day in 2012, with a conventional 2P reserve base of 20 million barrels of oil and certified resources of 600 million barrels of oil equivalent, mainly in the Vaca Muerta formation in Argentina.
"2013 was a significant year for Andes as we began to develop our main conventional field Chachahuen, made a conventional discovery in El Manzano Block, executed a number of transactions to increase our production and reserves levels," said Chief Executive Alejandro Jotayan in a statement.
Since the start of 2014, the group began drilling at the Las Varillas x-1 exploration well in the El Manzano West block of the Neuquen basin in Argentina. The new well is part of a joint venture with YPF SA, and is located 1.5 kilometres from the successful Mirador del Valle x-1 well discovery made in November.
Andes Energia shares were trading 5.3% higher at 51.60 pence Friday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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