21 Oct 2016 15:23
21 October 2016
Andes Energia plc
("Andes" or "the Company")
Share Price Movement
The Board of Andes (AIM: AEN; BCBA: AEN), the producer and explorer in Argentina and Colombia, notes the recent share price increase and announces that the Company knows of no specific reason for the share price increase.
For further information, please contact:
Andes Energia plc |
Nicolas Mallo Huergo, Chairman Alejandro Jotayan, CEO Billy Clegg, Head of Communications
|
T: +54 11 5530 9920
|
Stockdale Securities | Antonio Bossi David Coaten
| T: +44 20 7601 6100 |
Camarco | Gordon Poole
| T: +44 20 3757 4980 |
Note to Editors:
Andes Energia plc is an oil and gas exploration and production company focused on onshore assets in South America with a market capitalisation of circa £95m. The Company has its main operations in Argentina and Colombia.
The Company has approximately 25* MMbbls of conventional 2P reserves, and it also has certified prospective resources of 640 MMboe, primarily in the Vaca Muerta unconventional development in Argentina and over 7.5 million acres across South America.
The Company has approximately 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, currently producing 45,000 boepd. 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 shale.
The Company currently produces approximately 3,525* boepd in Argentina and Colombia from six conventional fields in Argentina and two in Colombia, with positive cash flows generated.
*Includes 100% of Interoil's net reserves and production