Andes Energia PLC Brazil (9636A)
October 02 2015 - 2:00AM
UK Regulatory
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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