9 Jan 2015 07:00
9 January 2015
Andes Energia plc
("Andes" or "the Company" or "the Group")
Transaction Fee
Further to the announcement on 30 December 2014, under the terms of the agreement with Andes (AIM: AEN; BCBA: AEN), an adviser's fee of £172,000 is due on completion. The agreement provided for the fee to be satisfied by the issue of Andes ordinary shares ("Ordinary Shares") at a price of 43 pence per share.
The Board of Andes has, therefore, agreed to issue 400,000 new Ordinary Shares in satisfaction of this fee. The shares are subject to a lock-in period of 18 months in respect of 50% of the shares and 24 months for the remaining 50% balance.
Application for Admission and Total Voting Rights
Application has been made for the 400,000 new Ordinary Shares to be admitted to AIM, which is expected to become effective on 14 January 2015.
Following admission of the 400,000 new Ordinary Shares the total number of issued Ordinary Shares will be 551,983,551 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
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 |
Note to Editors:
Andes Energia is an oil and gas company focussed on onshore South America with a market capitalisation of circa £183m. 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 20MMbbls of conventional 2P reserves in Argentina and certified resources of 600MMBoe, 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 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 1,700 bbls per day in Argentina from 7 conventional fields, generating positive cash flow. Andes Energia, with its partner YPF, has 30 wells planned over the next 12 months, which are funded by the field production cash flow.