25 Jun 2015 16:02
25th June 2015
Andes Energia plc
("Andes" or "the Company")
Result of AGM
Andes Energia is pleased to announce that all resolutions put to shareholders at today's Annual General Meeting were duly passed.
Ends
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 |
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 |
Qualified Person Review
In accordance with AIM guidance for mining, oil and gas companies, Mr. Juan Carlos Esteban has reviewed the information contained in this announcement. Mr. Juan Carlos Esteban, an Officer of the Group, is a petroleum engineer with over 20 years of experience and is a member of the SPE (Society of Petroleum Engineers).
Note to Editors:
Andes Energia is an oil and gas company focussed on onshore South America with a market capitalisation of circa £174m. The Company has its main operations in Argentina and Colombia.
The Company has 26MMbbls of conventional 2P reserves, and it also has certified prospective resources of 659MMboe, 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 the USA. Over 300 wells have already been drilled and fracked in the Vaca Muerta formation.
Andes is the only AIM quoted company on the London Stock Exchange with exposure to the Vaca Muerta formation.
The Company currently produces 3,300 bbls per day in Argentina and Colombia from 6 conventional fields in Argentina and 2 in Colombia, with positive cash flows generated. Andes Energia, with its partner YPF, has 30 wells planned over the next 12 months..