Andes Energia PLC Group Production Update (7581F)

TIDMAEN

RNS Number : 7581F

Andes Energia PLC

01 August 2016

1 August 2016

Andes Energia plc

("Andes" or "the Company")

Group Production Update

The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to provide an update on current production at a Group level based on the June 2016 sales and production reports.

Group production for June 2016 was 3,310* boepd (May 2016: 3,489* boepd).

Argentine licences production update for the month of June 2016:

-- In Chachahuen, Chanares Herrados, Puesto Pozo Cercado, Vega Grande, La Brea and El Manzano average production was 2,237 bpd net to Andes

Colombian licences production update for the month of June 2016:

-- In Mana and Altair average production was 1,073* boepd (59% oil) net to Interoil, in which Andes holds a 26% interest

For further information please contact:

   Andes Energia plc                     Nicola Mallo Huergo, Chairman             T: [phone] 

Alejandro Jotayan, CEO

Billy Clegg, Head of Communications

Stockdale Securities Antonio Bossi T: [phone]

David Coaten

Camarco Gordon Poole T: [phone]

Qualified Person Review

In accordance with AIM guidance for mining, oil and gas companies, Mr. Juan Carlos Esteban has reviewed the information contained in this announcement. Mr. Juan Carlos Esteban, an Officer of the Group, is a petroleum engineer with over 30 years of experience and is a member of the SPE (Society of Petroleum Engineers).

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 GBP110m. 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 North America, 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 3,300* boepd in Argentina and Colombia from six conventional fields in Argentina and two in Colombia, with positive cash flows generated.

*Includes 100% of Interoil's net reserves and production

This information is provided by RNS

The company news service from the London Stock Exchange

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August 01, 2016 02:00 ET (06:00 GMT)