Andes Energia PLC Group Production Update (8725N)
February 03 2016 - 2:00AM
UK Regulatory
TIDMAEN
RNS Number : 8725N
Andes Energia PLC
03 February 2016
3 February 2016
Andes Energia plc
("Andes" or "the Company")
Group Production Update
Further to the operational update on the Chachahuen licence
issued on 25 January, the Board of Andes (AIM: AEN; BCBA: AEN) is
pleased to provide an update on current production at a Group level
based on the December 2015 sales and production reports.
Group production for December 2015 was 3,287* bpd.
Argentine licences production update for the month of December
2015:
-- In Chachahuen, Chanares Herrados, Puesto Pozo Cercado, Vega
Grande, La Brea and El Manzano average production was 2,036 bpd net
to Andes
Colombian licences production update for the month of December
2015:
-- In Mana and Altair average production was 1,251 boepd (62%
Oil) net to Interoil, in which Andes holds a 26% interest
Nicolas Mallo Huergo, Chairman, commented: "We are pleased to
see overall production continuing to grow."
For further information please contact:
Andes Energia plc Nicola Mallo Huergo, Chairman T: +54 11 4110 5150
Alejandro Jotayan, CEO
Billy Clegg, Head of Communications
Macquarie Capital (Europe) Jon Fitzpatrick T: +44 20 3757
2000
Fergus Marcroft
Guy de Freitas
Stockdale Securities Antonio Bossi T: +44 20 7601 6100
David Coaten
Camarco Gordon Poole T: +44 20 3757 4980
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 30 years of
experience and is a member of the SPE (Society of Petroleum
Engineers).
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 GBP112m. 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 3,300* 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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