TIDMAEN

RNS Number : 9636A

Andes Energia PLC

02 October 2015

2 October 2015

ANDES ENERGIA PLC

("Andes" or the "Company" or with its subsidiaries the "Group")

Brazil

Andes (AIM: AEN; BCBA: AEN), the Latin American E&P group, announces the termination of its joint venture agreement in Brazil.

We have previously indicated that Brazil was not the focus of our development activities and we have now, mutually agreed with our partner in Brazil, to terminate the joint venture agreement without further obligations.

Enquiries:

 
 
   Andes Energia                Nicolas Mallo Huergo,     T: +54 11 4110 
   plc                          Chairman                  5150 
                                Alejandro Jotayan, 
                                CEO                       T: +44 20 3757 
                                Billy Clegg, Head         4983 
                                of Communications 
 Joint brokers; 
  Westhouse Securities          Antonio Bossi             T: +44 20 7601 
                                David Coaten              6100 
 GMP Europe LLP               Rob Collins               T: +44 20 7647 
                               Emily Morris              2800 
 Macquarie Capital            Jon Fitzpatrick           T: +44 20 3037 
  (Europe) Ltd                 Fergus Marcroft           2000 
                               Guy de Freitas 
 
 
  Corporate communications:    Georgia Mann 
  Camarco                                                T: +44 20 3757 
                                                         4986

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 GBP140m. 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 the USA, 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 3,226* boepd in Argentina and Colombia from 6 conventional fields in Argentina and 2 in Colombia, with positive cash flows generated.

*Includes 100% of Interoil's net reserves and production in which Andes holds a 51% interest

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 02, 2015 02:00 ET (06:00 GMT)

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