LONDON (Alliance News) - Andes Energia PLC Wednesday reported a swing to a pretax profit for the first half of 2015, boosted by higher levels of average production across its projects.
The company reported a pretax profit of USD485,000, swung from a pretax loss of USD161,000 a year before, as revenue rose to USD32.5 million from USD20.4 million.
It saw a 90% increase in average daily production to 3,226 barrels of oil equivalent per day in the first half, compared to 1,700 barrels in the previous year. Revenue was also boosted by the company's acquisition of a 51% interest in Interoil, which contributed USD9.8 million in the period.
"Andes continued growing through the development of its assets and acquisitions, taking advantage of market uncertainties. Our financial position and capital structure has improved and our short term prospects look encouraging with a planned 78 well program in Argentina over the next 12 months. This will allow us to increase significantly our production. Furthermore, the upcoming Argentinean Presidential elections could act as a catalyst for new and increased investment in the country, which will no doubt help drive value from our 250,000 net acres in the Vaca Muerta," said Chief Executive Officer Alejandro Jotayan in a statement.
Shares in Andes Energia were untraded Wednesday afternoon. It last closed at 23.14 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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