18 Mar 2014 07:00
18 March 2014
Andes Energia plc
("Andes" or "the Company")
Directorate Change
The Board of Andes (AIM: AEN; BCBA: AEN) announces its Director, Alan Stark, VP E&P, has resigned as a director of the Company to concentrate on the development of his consultancy business.
Nicolas Mallo Huergo, Chairman of the Company, commented: "We express our gratitude to Alan for his contribution. My board colleagues and I wish him every success in the development of his business and look forward to utilising his services in the future."
For further information please contact:
Andes Energia plc | Nicolas Mallo Huergo, Chairman Alejandro Jotayan, CEO Billy Clegg, Head of Communications
| T: +541141105150
T: +442079691828 |
Westhouse Securities | Antonio Bossi David Coaten
| T: +442076016100 |
GMP Europe LLP
| Rob Collins Liz Williamson
| T: +442076472800 |
Buchanan
| Tim Thompson Ben Romney | T: +442074665000 |
Note to Editors:
Andes Energia is an oil and gas company focussed on onshore South America with a market capitalisation of circa £314m. The Company has operations in Argentina, Colombia, Brazil and Paraguay, representing three of the largest economies and three of the four largest oil producing nations in South America.
The Company has 20MMbbls of conventional 2P reserves in Argentina and certified resources of 600MMBoe, primarily in the Vaca Muerta unconventional formation in Argentina and 7.5million acres across South America.
The Company has approximately 2 million net acres in unconventional plays including 213,000 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. Over 250 wells have already been drilled and fracked in the Vaca Muerta formation.
Andes is the only AIM company on the London Stock Exchange with exposure to Vaca Muerta.
The Company currently produces 1,400 bbls per day in Argentina from 7 conventional fields, with positive cash flows generated. Andes Energia, with its partner YPF, has 30 wells planned over the next 12 months, which are fully funded by the field production cash flow.