Share Name Share Symbol Market Type Share ISIN Share Description
Asia Energy LSE:AEN London Ordinary Share GB00B7LHJ340 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.875p +8.16% 51.375p 51.00p 51.75p 51.75p 45.75p 45.75p 304,304 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 45.3 -8.4 -1.8 - 311.08

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Date Time Title Posts
27/4/201717:26Andes Energia Plc- Latin American diversified Energy Co713.00
06/3/201719:48Andes Energia: new Argentinian oil discovery company66.00
16/6/200715:14Asia Energy - Coal and Power for Bangladesh8,327.00
31/10/200613:01Keep an eye on this "Golden Share" for Long term Return87.00

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Andes Energia Daily Update: Asia Energy is listed in the Electricity sector of the London Stock Exchange with ticker AEN. The last closing price for Andes Energia was 47.50p.
Asia Energy has a 4 week average price of 31.50p and a 12 week average price of 21.25p.
The 1 year high share price is 51.75p while the 1 year low share price is currently 14p.
There are currently 605,504,802 shares in issue and the average daily traded volume is 320,214 shares. The market capitalisation of Asia Energy is £311,078,092.03.
bc4: Yeah heartbroken oh but the share price went up 8.8% so life goes on
falklands: While all this is true have you seen the cash on account and have you seen the cash needed to go forward next 12 months Maybe the share price is falling because AEN need an issue even with production which is only increasing 700bopd to 2100 in 2015
simon gordon: LEX in the FT: Readers can decide for themselves whether Argentina is run by a populist seemingly determined that her people do not participate in an economic golden age for Latin America. What is certain is that the renationalisation of YPF by the government of President Cristina Fernández will guarantee that it is not only the share prices of YPF and 57 per cent-owner Repsol that are heading south. Argentina simply cannot afford the $25bn a year needed to develop new fields containing up to 22bn barrels of shale oil and gas. Which oil company will now lend its expertise? It is already embarrassing that long-suffering but energy-rich Argentina has to spend 7 per cent of its annual budget on energy imports. It is wrong, however, for Ms Fernández to blame Repsol. Last year YPF accounted for a quarter of the Spanish company's operating income but a third of its total investment. On the face of it, therefore, the 20 per cent fall in Repsol's share price since the start of the year looks about right. But it will fall more on Tuesday because YPF was expected to double its production over the next decade. Repsol can kiss that goodbye. And Argentina can kiss goodbye being treated seriously again by investors for another generation.
shuell: From the FT. DYOR - "However, investors should not be fooled: Repsol's chances of getting much for the nationalised YPF stake are very limited. The risks that it could face additional claims from YPF creditors are not negligible. Investec says sell. Its analysts have done their sums and written down the value of Repsol's 57.4 per cent controlling interest in YPF to zero. That takes €9.63 off the share price and Investec's fair value price down to €15.63. "Our hopes that Argentina was sabre rattling on YPF now look misplaced." Argentine president Cristina Fernández's announced the decision to expropriate 51 per cent of Repsol's holding came without saying anything about compensation. In the escalating war of words between Repsol and Buenos Aires, the Spanish company's stock has fallen 32 per cent since the beginning of 2012, reflecting what Investec estimates to be a 50 per cent drop in the value of the YPF stake to $2bn." This matters to Repsol – YPF accounted for 21 per cent of group profits and 34 percent of investment in 2011. Meanwhile, Macquarie warned that shareholders' problems may not be limited to the loss of the YPF equity. It warned that Repsol could face pressure from YPF creditors with debts of €2.2bn at the end of 2011 – for example, via cross-default provisions and/or guarantees from the parent company.
simonparker5: shuell it will mean a big unjustified fall in the share price as has been seen this morning.
stluke: Well after a pretty shocking share price retracement on nothing more then general market sentiment the tide seems to have turned so have increased my holding here today at price I didn't think we would be re-visiting. Newsflow should start to pick up soon so look forward to a update including O&G exploration and production.
shuell: What is going on with this share price? There seems to be good news and yet it is just sells going through?
stluke: Taken from iii posted a month or so back, broker coverage of AEN which gives a very good overview of company. Andes' strategy is to create a fully integrated South American energy business. The group has downstream operations in the electricity distribution and hydroelectric power generation sectors complemented by an exciting portfolio of oil and gas exploration assets. With the management also evaluating oil and gas production projects which will enable the group to participate at every level of the energy supply chain, we believe that Andes' longer term prospects are very attractive. Year end Revenue EBITDA PBT PAT* EPS* PER Dec US$ US$ US$ US$ p x FY 2008A 138,087 9,670 (12,523) (9,620) -4.4 -6.8 FY 2009A 138,644 18,754 3,624 (533) -0.3 -103.6 FY 2010E 165,775 28,834 18,165 5,490 2.9 10.3 FY 2011E 177,387 29,195 19,511 5,998 3.1 9.8 FY 2012E 189,820 30,674 21,560 6,644 3.4 8.8 *Attributable to Andes Energia · EDEMSA has been consistently profitable since the third tariff review at the end of 2009 and the refinancing of the EDEMSA bonds in June 2010 has strengthened the group balance sheet significantly. As such, we anticipate a strong set of group results for 2010. · Andes' oil and gas exploration portfolio has a considerable degree of upside potential which we believe is not reflected in the current share price. The group has the opportunity to realise some of this value through farm out agreements in the near term as well as through the drill bit, funds permitting. · We anticipate that Andes will exercise its option to acquire up to 50% of the Vega Grande oil field in 2011. This will provide the group with both production and reserves and advance Andes 'strategy to become an integrated energy player. Based on our sum of the parts valuation, we are initiating coverage of Andes with a short term price target of 54p per fully diluted share. Given that we have used highly conservative criteria to determine our initial valuation, we are confident that there will be significant upside for the share price over the course of 2011. Executive summary Andes' long term strategy is to build a fully integrated South American energy company. In the downstream segment, the group has significant interests in both electricity distribution and hydroelectric power generation. In the upstream, Andes has a highly prospective portfolio of oil and gas exploration assets. Going forward, the management is evaluating projects which will add oil and gas production to the group's portfolio and enable Andes to participate at every level of the energy supply chain. Most of Andes' income is generated by its 51% indirect controlling interest in Argentine electricity distribution business, EDEMSA, based in Mendoza Province. EDEMSA has been profitable since the end of 2009 when local government controlled tariff increases enabled margins to recover sharply. Although the next formal tariff review is not expected until 2013, we are confident that the government will recognise inflation linked tariff adjustments in the interim period and EDEMSA will continue to provide solid returns to Andes. EDEMSA is exposed to exchange rate fluctuations given that its income is in Argentine Pesos and its borrowings are US dollar denominated. However, Andes restructured its debt in June 2010, reducing both its ongoing financing costs and its currency exposure to a significant degree. As a consequence, Andes' balance sheet is now substantially stronger compared to 2009 and we expect that group gearing will be less than 55% at the end of 2010. Andes also has a 47% indirect controlling interest in HASA, a hydroelectric plant operator located in Chubut Province. Although a small part of Andes' overall business, HASA is debt free and provides a solid income stream to the group. We believe that Andes' oil and gas exploration portfolio has a substantial degree of upside potential. As yet, the group has not booked any proven reserves. However, two licences have contingent resources and an additional two blocks are located adjacent to a number of existing discoveries. The potential of these latter two licences is such that YPF, a subsidiary of Repsol YPF S.A. (NYSE ticker: REP), Argentina's largest oil producer, farmed into the acreage in November 2010 on terms favourable to Andes. We do not rule out subsequent farm in deals on Andes' other exploration acreage which could accelerate exploration activity across the whole portfolio. Andes owns an option to acquire up to 50% of the Vega Grande oil production licence located in Mendoza Province. Although the timing of such a move is yet to be determined, the exercise of this option would provide Andes with both production and reserves and advance the group's strategy to become an integrated energy player. Andes receives a management fee from EDEMSA and a dividend from HASA which provide modest working capital of approximately US$3m per annum. However, in order to exercise the option on Vega Grande and progress a wider work programme on the group's other oil and gas assets, the group will need substantially larger sums and we have therefore not ruled out the possibility of future equity raisings. We have valued Andes on a sum of the parts basis using a raft of highly conservative criteria. On the basis of the current issued equity, we believe that Andes is worth over 58p per share. All of Andes outstanding warrants are currently under water. However, for the purposes of consistency going forward, we believe the most prudent approach would be to value the group on a diluted equity basis. As such, are initiating coverage with an initial valuation and short term price target of 54p per fully diluted share. Valuation At this stage, we have disregarded a price to earnings ratio (PER) valuation for Andes given that it would not attach any value to the company's oil and gas assets which do not currently generate any income. In addition, a PER which is an ideal tool for comparative peer group analysis is also not particularly useful in Andes' case given that Andes has a unique integrated structure of upstream and downstream assets which is unlike any listed peers. We have therefore elected to conduct a sum of the parts valuation based on Andes' discrete business units. Our findings are outlined in the summary below. Summary valuation of Andes Energia Asset Estimated value Value per share Value per share (US$) Undiluted Fully diluted Utilities EDEMSA (Andes: 51%) $90.1m 46.0p 37.1p HASA (Andes: 47%) $7.7m 3.9p 3.2p Oil and gas Confluencia and Laguna le Loro $27.9m 14.7p 11.9p Vega Grande option - - - Other exploration assets - - - Outstanding warrants $15.8m - 6.5p Less parent company net debt ($12.3m) (6.3p) (5.1p) Aggregate valuation $129.2m 58.3p 53.6p Source: OPLC estimates Huge upside potential We are using our fully diluted valuation per share as our primary reference point. This is based on a total equity base of 151.8m shares including 29.3m outstanding warrants. These warrants, most of which are exercisable in October 2012, have an exercise price of 54p per share and would provide US$15.8m of additional cash to the company. It should also be noted that our analysis ascribes direct value to only two blocks within Andes' portfolio of nine oil and gas licences. At present, we believe it reasonable to attribute a heavily risked valuation to the Confluencia and Laguna el Loro licences which have contingent resources ascribed to them. However, given the early stage nature of many of Andes' oil and gas assets, our valuation does not reflect the potential value of the rest of Andes' exploration portfolio, much of which is located in highly prospective areas, adjacent to existing discoveries in a number of Argentina's major hydrocarbon basins. We have also ascribed no value to Andes' option on the Vega Grande field given that the exercise price, timing and equity interest in the asset have yet to be established. Finally, the larger proportion of Andes' debt resides in EDEMSA and is accounted for in our DCFbased valuation of this division. However, the balance resides in the parent company and is therefore debited from our aggregate valuation.
stluke: Agreed high volume days that see the share price increase by 7.5% have to be viewed as extremely positive, hopefully we can make a decisive move above 30p tomorrow. The results this week are important to confirm the turn around in the company but will just be the start of much more to come especially on the exploration side of things.
edmondj: "Coal policy" is a weasel word for moving the goalposts, which is what tends to happen in these situations - when governments wake up to the fact that they have an asset others want. The AEN share price goes from 75p to 900p merely on projections. But investors had to take a high risk for the asset to have even a basic chance of re-valuing, and as the current trend shows it can easily reverse.
Andes Energia share price data is direct from the London Stock Exchange
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P:32 V: D:20170427 20:48:55