Andes Energia PLC Further comment re: possible transaction (6650J)
June 30 2017 - 1:00AM
UK Regulatory
TIDMAEN
RNS Number : 6650J
Andes Energia PLC
30 June 2017
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, T: +54 11
Chairman 5530 9920
Billy Clegg, Head T: +44 20
of Communications 3757 4980
Stockdale Securities Antonio Bossi T: +44 20
David Coaten 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 GBP390m. 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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