Andes Energia PLC Appointment of Macquarie and debt facility (4508Z)
11 December 2014 - 6:00PM
UK Regulatory
TIDMAEN
RNS Number : 4508Z
Andes Energia PLC
11 December 2014
11 December 2014
Andes Energia plc
("Andes" or "the Company")
Appointment of Financial Adviser and Joint Broker
and
US$5,000,000 debt facility
The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce
that Macquarie Capital (Europe) Limited ("Macquarie") has been
appointed as Financial Adviser and as Joint Broker to the Company
alongside GMP Securities Europe LLP ("GMP") and Westhouse
Securities Limited ("Westhouse"). The appointment is with immediate
effect.
The Board is further pleased to announce that it has entered
into a US$5,000,000 debt facility (the "Facility") with Macquarie
Capital Group Limited. The proceeds are to be used to support Andes
through its exploration and development programmes throughout South
America. The Facility carries interest at a rate of LIBOR plus
9.5%, which can be capitalised, and is repayable 1 year from the
date of draw down, with the option to extend by 1 year, subject to
the lender's consent. Andes has also issued Macquarie Capital Group
Limited 7.5 million warrants with an exercise price of 43p per
share.
Alejandro Jotayan, CEO of the Company, commented: "Macquarie's
appointment as Financial Adviser and as Joint Corporate Broker,
alongside GMP and Westhouse, puts the Company in a strong position
as it continues to develop its material asset base. The Facility
provides Andes with additional funding flexibility and further
strengthens our ability to fast track various activities. We are
delighted to welcome members of the Macquarie Group, a leading
international financial institution with an excellent reputation
and depth of experience in natural resources, as joint broker and
lender to the Company. We see their involvement as a major
indication of the strength of Andes and its projects."
For further information please contact:
Andes Energia plc Nicolas Mallo Huergo, Chairman T: +54 11 4110
Alejandro Jotayan, CEO 5150
Billy Clegg, Head of Communications
T: +44 20 3757
4983
Macquarie Capital (Europe) Jon Fitzpatrick T: +44 20 3037
Ltd Fergus Marcroft 2000
Nick Stamp
Westhouse Securities Antonio Bossi T: +44 20 7601
David Coaten 6100
GMP Europe LLP Rob Collins T: +44 20 7647
Liz Williamson 2800
Emily Morris
Camarco Georgia Mann T: +44 20 3757
4986
Note to Editors:
Andes Energia is an oil and gas company focussed on onshore
South America with a market capitalisation of circa GBP210m. The
Company has operations in Argentina, Colombia, Brazil and Paraguay,
representing three of the largest economies and three of the four
largest oil producing nations in South America.
The Company has 20MMbbls of conventional 2P reserves in
Argentina and certified resources of 600MMBoe, primarily in the
Vaca Muerta unconventional formation in Argentina and 7.5 million
acres across South America.
The Company has approximately 2 million net acres in
unconventional plays including 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 the USA.
Over 250 wells have already been drilled and fracked in the Vaca
Muerta formation.
Andes is the only AIM company on the London Stock Exchange with
exposure to Vaca Muerta.
The Company currently produces 1,700 bbls per day in Argentina
from 7 conventional fields, with positive cash flows generated.
Andes Energia, with its partner YPF, has 30 wells planned over the
next 12 months, which are fully funded by the field production cash
flow.
Macquarie Capital (Europe) Limited is authorised and regulated
by the Financial Conduct Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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