LONDON (Alliance News) - Andes Energia PLC Monday said its subsidiary Kilwer SA has been awarded a new exploration permit in the Itapua Department in the southeast region of Paraguay.
The Latin American exploration and production group said the exploration block covers an area of 825,000 acres and has been awarded to a 50/50 consortium between Kilwer, a wholly owned subsidiary of Andes, and Integra Natural Resources LLC.
The company, which mainly operates in Argentina, said that the market-friendly policies of the Paraguayan government and the prospectivity of the area make it very enthusiastic about the potential of Paraguay.
Andes Energia shares were up 1.1% to 22.50 pence in early trading Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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