Andes Energia PLC Further comment re: possible transaction (6650J)

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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June 30, 2017 02:00 ET (06:00 GMT)