24 Nov 2015 07:00
24 November 2015
ANDES ENERGIA PLC
("Andes" or the "Company")
(AIM: AEN; BCBA: AEN)
Statement re: Argentina's presidential election
The Board of Andes Energia celebrates the democratic elections in Argentina and welcomes Mauricio Macri to office as the newly appointed President of Argentina.
The Board is confident Mauricio Macri's pro-business policies and administration will benefit the Argentinian oil and gas industry, and will attract foreign capital into the country and therefore into Argentina's important Vaca Muerta shale deposit, where Wood Mackenzie is expecting a doubling of production by 2018 and where Andes Energia has 250,000 net acres.
Ends
Enquiries:
Andes Energia plc |
Nicolas Mallo Huergo, Chairman Alejandro Jotayan, CEO Billy Clegg, Head of Communications
|
T: +54 11 4110 5150
T: +44 20 3757 4983 |
Joint brokers; Westhouse Securities |
Antonio Bossi David Coaten
|
T: +44 20 7601 6100 |
GMP Europe LLP | Rob Collins Emily Morris
| T: +44 20 7647 2800 |
Macquarie Capital (Europe) Ltd
Corporate communications: Camarco | Jon Fitzpatrick Fergus Marcroft Guy de Freitas
Georgia Mann
| T: +44 20 3037 2000
T: +44 20 3757 4986 |
Note to Editors:
Andes Energia plc is an oil and gas exploration and production company focused on onshore assets in South America with a market capitalisation of circa £132m. The Company has its main operations in Argentina and Colombia.
The Company has approximately 25 MMbbls of conventional 2P reserves, and it also has certified prospective resources of 640 MMboe, primarily in the Vaca Muerta unconventional development in Argentina and over 7.5 million acres across South America.
The Company has approximately 250,000 net acres in the Vaca Muerta formation, which is the second largest shale oil deposit in the world and the only producing shale oil deposit outside of the USA, currently producing 45,000 boepd. Over 300 wells have already been drilled and fracked in the Vaca Muerta formation.
Andes is the only AIM quoted company on the London Stock Exchange with exposure to the Vaca Muerta shale.
The Company currently produces approximately 3,200 boepd in Argentina and Colombia from 6 conventional fields in Argentina and 2 in Colombia, with positive cash flows generated.