9 Dec 2016 07:00
9 December 2016
Andes Energia plc
("Andes" or "the Company")
Appointment of Joint Broker
The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce that Panmure Gordon (UK) Limited ("Panmure") has been appointed as Joint Broker and Joint Financial Adviser to the Company alongside Stockdale Securities Limited. The appointment is with immediate effect.
Nicolas Mallo Huergo, Chairman of the Company, commented: "Panmure has a strong presence in the natural resources sector and complements Stockdale very well and we look forward to working with our advisers in pursuing the next stage of our growth."
For further information please contact:
Andes Energia plc |
Nicolas Mallo Huergo, Chairman Alejandro Jotayan, CEO Billy Clegg, Head of Communications |
T: +541155309920
|
Stockdale Securities | Antonio Bossi David Coaten
| T: +442076016100 |
Panmure Gordon
| Adam James Atholl Tweedie Tom Salvesen | T: +442078862950 |
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 £130m. 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 North America, 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 3,500* boepd in Argentina and Colombia from six conventional fields in Argentina and two in Colombia, with positive cash flows generated.
*Includes 100% of Interoil's net reserves and production