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Repsol settlement

29 Nov 2013 07:00

RNS Number : 2374U
Andes Energia PLC
29 November 2013
 



 

 

Andes Energia plc

("Andes" or "the Company")

 

Argentina - Repsol settlement for expropriation of YPF

 

The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to note the announcements by the Argentine Government and Repsol regarding the proposed agreement reached with Repsol for compensation following the expropriation of YPF last year.

 

Settlement

 

The Argentine Government and Repsol have announced that they have reached an agreement in principle for compensation for the expropriation of YPF last year. The proposed settlement will consist of a payment to be satisfied by the issue of Argentine bonds with both parties agreeing to drop all legal claims. Press reports have indicated that Repsol has been offered a US$5 billion 10 year bond.

 

Nicolas Mallo Huergo, Chairman of the Company, commented:"This news represents a dramatic positive change for the Argentine oil and gas business environment. Together with the recent settlement of the CIADI claims of Vivendi Universal S.A., National Grid PLC, Continental Casualty Company, Bank of America Corp. and Azurix, this represents a considerable commitment to establish Argentina's presence in the international financial markets. We believe these steps will stimulate substantial foreign investment in the country, particularly in the oil and gas sector. Andes has an extensive and high quality land position for conventional and unconventional resources and a recognized management team with the proven ability to develop projects with success."

 

For further information please contact:

Andes Energia plc

Nicolas Mallo Huergo, Chairman

Alejandro Jotayan, CEO

Billy Clegg, Head of Communications

 

T: +541141105150

 

T: +442074955326

Westhouse Securities

Antonio Bossi

 

 

T: +442076016100

Buchanan

 

 

Tim Thompson

Ben Romney

T: +442074665000

Note to Editors:

Andes is a Latin American oil and gas group, with interests in Argentina, Colombia, Paraguay and Brazil. The Company's focus is on the oil and gas sector in South America, which, it believes, offers premium assets at undervalued prices.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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