Andes Energia PLC Loan conversion & issue of shares (8625A)
December 30 2014 - 2:00AM
UK Regulatory
TIDMAEN
RNS Number : 8625A
Andes Energia PLC
30 December 2014
30 December 2014
Andes Energia plc
("Andes" or "the Company" or "the Group")
Loan conversion, issue of shares and total voting rights
The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce
that the lender of a convertible loan that the Company assumed the
obligation for at the time of the acquisition of Ketsal S.A., has
exercised its option to convert the amount outstanding of
US$9,073,973 into Andes ordinary shares ("Ordinary Shares"). Under
the terms of the agreement with the Company the amount outstanding
will now be satisfied by the issue of 13,093,756 new Ordinary
Shares at a price of 43p per Ordinary Share. 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 13,093,756 new Ordinary Shares
to be admitted to AIM, which is expected to become effective on 31
December 2014.
Following admission of the 13,093,756 new Ordinary Shares the
total number of issued Ordinary Shares will be 551,583,551 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 T: +54 11 4110
Alejandro Jotayan, CEO 5150
Billy Clegg, Head of Communications
T: +44 20 3757
4983
Macquarie Capital (Europe) Jon Fitzpatrick T: +44 20 3037
Ltd Fergus Marcroft 2000
Nick Stamp
Westhouse Securities Antonio Bossi T: +44 20 7601
David Coaten 6100
GMP Europe LLP Rob Collins T: +44 20 7647
Emily Morris 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 GBP183m. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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