18 Feb 2015 08:12
18 February 2015
Andes Energia plc
("Andes" or "the Company")
Mandatory Offer - Interoil Exploration and Production ASA
On 20 January 2015, the Company announced that it had assumed an obligation to launch a mandatory offer within four weeks for the existing shares in Interoil Exploration and Production ASA ("IOX") at NOK 0.11 per IOX share.
Further to that announcement, Andes is pleased to announce that the offer document published in connection with the mandatory offer has been reviewed and approved by Oslo Børs in accordance with Section 6-14 of the Norwegian Securities Trading Act and is being made available to shareholders of IOX today.
For further information please contact:
Andes Energiaplc | Nicolas MalloHuergo, Chairman Alejandro Jotayan, CEO Billy Clegg, Head of Communications
| T: +54 11 4110 5150
T: +44 20 3757 4983 |
Macquarie Capital (Europe) Ltd | Jon Fitzpatrick Fergus Marcroft Nick Stamp
| T: +44 20 3037 2000
|
Westhouse Securities | Antonio Bossi David Coaten
| T: +44 20 7601 6100 |
GMP Europe LLP | Rob Collins Emily Morris
| T: +44 20 7647 2800 |
Camarco | Georgia Mann
| T: +44 20 3757 4986 |
Note to Editors:
Andes Energia is an oil and gas company focussed on onshore South America with a market capitalisation of circa £150 million. 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 25.5MMbbls of conventional 2P reserves in Argentina and Colombia and certified resources of 600MMBoe in Argentina, primarily in the Vaca Muerta unconventional formation and 7.75 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 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 3,200 bbls per day from 7 conventional fields in Argentina and 2 conventional fields in Colombia, generating positive cash flow. Andes Energia, with its partner YPF, has 30 wells planned over the next 12 months, which are funded by field production cash flow.