30th Jun 2017 07:00
30 June 2017
Andes Energia plc
("Andes" or "the Company")
Further comment re: possible transaction
Andes Energia (AIM: AEN; BCBA: AEN) provides an update following the earlier announcement and the suspension of trading of the Company's shares. Andes confirms that it is in discussions with Mercuria Energy Group Limited ("Mercuria") about a possible transaction which would under the AIM rules constitute a reverse takeover of the Company and result in a combination of the Andes assets and the Argentine exploration and production assets of Mercuria.
Shareholders are advised that there can be no certainty that the discussions between the parties will lead to any agreement concerning the possible transaction or as to the timing or terms of any such transaction and there can be no assurance that, even if an agreement is reached, any such transaction would be completed. A further update will be provided to shareholders in due course.
Ends
For further information, please contact:
Andes Energia plc |
Nicolas Mallo Huergo, Chairman Billy Clegg, Head of Communications
|
T: +54 11 5530 9920 T: +44 20 3757 4980
|
Stockdale Securities | Antonio Bossi David Coaten
| T: +44 20 7601 6100 |
Panmure Gordon | Adam James | T: +44 207 886 2500 |
Atholl Tweedie | ||
Tom Salvesen | ||
Camarco | Gordon Poole
| T: +44 20 3757 4980 |
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 £390m. The Company has its main operations in Argentina and Colombia.
The Company has approximately 21* MMbbls of conventional 2P reserves, and it also has certified prospective resources of 484 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 1,000 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.
*Includes 100% of Interoil's net reserves and production in which Andes has a 26.02% interest
Related Shares:
PGR.L