PGR.L Regulatory News (PGR)

21 Jul 2008 07:00



Andes Energia plc

("AEN" or the "Company")

Management team and press comments

Management Team

The Board of Andes Energia, the Latin American energy group is pleased to announce the appointment of Juan Carlos Esteban as Chief Executive Officer of its wholly owned subsidiaries Andes Oil S.A. and Integra Oil S.A., effective 1 August 2008. 

Juan Carlos Esteban joins the Company from YPF, where he has been since 1985. He is a civil engineer and a petroleum production engineer and has held a number of senior positions at YPF.

At YPF he was responsible for production activities in Argentina and Bolivia and for the operations of the YPF's fields in North Mendoza and Malargüe in the Cuyo and Neuquén basins leading a team of 100 employees with annual production of 17 million boe.

He was also responsible for the development of the Cañada Dura field in the Cuyana basin with developed reserves of 23 million boe. Juan's extensive experience also includes his role as production manager of four producing fields with a total of 1,375 wells and combined primary peak production in excess of 160,000 boe per day in the Neuquen basin in Argentina.

Press comments

The Company notes some recent press articles in relation to a possible issue of equity and states that it has no plans for an equity fundraising.

Luis Alvarez Poli, CEO of AEN said: "Having secured the rig for the Confluencia well earlier this month, and with drilling due to commence shortly, the appointment of Juan Carlos is very timely - given his significant knowledge base and experience of the area.

"The combination of assets, resources and skills we now have in the area means that we have the foundations in place to carry out our business plan and drive the business forward without needing to access the capital markets."

Enquiries:

Note to Editors:

Andes is a Latin American energy group, with electricity distribution, hydro-electric power and oil and gas interests in Argentina. The Company's focus is on the Argentinean energy sector, which it believes offers premium assets at undervalued prices.