PGR.L Regulatory News (PGR)

23 Jan 2008 12:19

Andes Energia PLC23 January 2008 23 January 2008 Andes Energia plc ("Andes" or "the Company") Tariff Increase and SODEM S.A. Acquisition Andes Energia plc (AIM:AEN), the Latin American energy group, is pleased toannounce that the Government of Mendoza has passed a decree authorising EDEMSAto adjust electricity tariffs by an increase in the range of between 10% and 27%to be implemented on 1 February 2008. The Government also announced that furtheradjustment will be approved and granted in the year. In addition, and further to the announcement on 10 December 2007, Andesannounces that it has given notice of its intention to acquire a further 50 percent. indirect interest in SODEM S.A. ("SODEMSA"). On completion of the acquisition, Andes will own the entire issued share capitalof SODEMSA, which has a 51 per cent. controlling interest in EmpresaDistribuidora de Electricidad de Mendoza S.A ("EDEMSA"), the main electricitydistribution company in the Province of Mendoza. Luis Alvarez Poli, Chief Executive Officer of Andes commented, "The tariffadjustment and the completion of the acquisition of 100% of SODEMSA consolidatesAndes's strategy. The two electricity assets, EDEMSA and HASA, provide Andeswith a unique partnership with the Governments of Mendoza and Chubut, puttingthe Company in a privileged position to expand its energy portfolio in therapidly growing Argentinean electricity market". Enquiries: Andes Energia plc Luis Alvarez Poli, Chief T: 020 7495 5326 Executive Officer Nigel Duxbury, Finance Director Arbuthnot Securities James Steel T: 020 7012 2000 Antonio Bossi Bishopsgate Communications Maxine Barnes T: 020 7562 3350Limited Nick Rome Notes to EditorsAndes Energia is a Latin American energy group, with electricity distribution,hydro-electric power and oil and gas interests in Argentina. The Company joinedAIM through a reverse takeover of Ragusa Capital plc. The Company's focus is onthe Argentinean energy sector, which it believes offers premium assets atundervalued prices This information is provided by RNS The company news service from the London Stock Exchange