Andes Energia PLC Holding in Interoil (4834F)
May 18 2017 - 2:01AM
UK Regulatory
TIDMAEN
RNS Number : 4834F
Andes Energia PLC
18 May 2017
Andes Energia plc
("Andes" or "the Company" or "Group")
Interoil
Andes announces that it has entered into an agreement (the
"Agreeement") with Canacol Energy Ltd. ("Canacol") and Andes
Interoil Limited ("AIL") in relation to its holding in AIL. AIL is
currently owned 51% by Andes and 49% by Canacol and is the joint
holding company for shares in Interoil Exploration and Production
ASA ("Interoil"). Pursuant to the Agreement, Canacol shall transfer
all its shares in AIL to Andes against Andes transferring to
Canacol 16,172,052 shares in Interoil currently held through
AIL.
Following these transactions, Andes' economic interest in
Interoil will remain unchanged at 26% of the total share capital
and votes of Interoil but the 16,832,136 shares in Interoil
representing such interest will be held through its wholly owned
subsidiary AIL. Canacol will continue to hold 16,172,052 shares in
Interoil, equal to 25% of the total share capital and votes of
Interoil.
Furthermore, following proposed changes to the composition of
the board and senior management of Interoil, it has been determined
that, subject to these changes being implemented, the Company will
no longer be deemed to control Interoil. Therefore Interoil will no
longer be fully consolidated and going forward Andes's 26% share of
the results and net assets of Interoil will be equity accounted, in
the consolidated results of the Group.
For further information, please contact:
Andes Energia plc Nicolas Mallo Huergo, T: +54 11
Chairman 5530 9920
Billy Clegg, Head
of Communications
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 GBP206m. 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.
*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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