27 Oct 2014 07:00
27 October 2014
Andes Energia plc
("Andes" or "the Company" or "the Group")
Issue of shares
Further to the announcement released on 2 September 2014, the Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce that under the terms of the agreement with Trayectoria Oil & Gas ("TOG"), the repayment of US$7,000,000 of Andes's existing debt has now been completed and has been satisfied by the issue of 8,915,661 new ordinary shares at a price of 47 pence per share.
Application for Admission and Total Voting Rights
Application has been made for the 8,915,661 new ordinary shares to be admitted to AIM, which is expected to become effective on 31 October 2014.
Following admission of the 8,915,661 new ordinary shares, the total number of issued ordinary shares will be 523,723,129 ordinary shares. The Company does not hold any ordinary shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information please contact:
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 |
Westhouse Securities | Antonio Bossi David Coaten
| T: +44 20 7601 6100 |
GMP Europe LLP | Rob Collins Liz Williamson Emily Morris
| T: +44 20 7647 2800 |
Camarco | Georgia Mann
| T: +44 20 3757 4986 |
Buchanan
| Ben Romney | T: +44 20 7466 5000 |
Note to Editors:
Andes Energia is an oil and gas company focussed on onshore South America with a market capitalisation of circa £217 million. The Company has operations in Argentina and Colombia, with additional acreage in Brazil and Paraguay, representing three of the largest economies and three of the four largest oil producing nations in South America.
The Company has 20 million bbls of conventional 2P reserves in Argentina and certified resources of 659 million boe, primarily in the Vaca Muerta unconventional formation in Argentina and 7.5 million acres across South America.
The Company has approximately 2 million net acres in unconventional plays including 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. 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 1,590 bbls per day in Argentina from 6 conventional fields, generating positive cash flows.