Argentina - Andes Energia

Conventional & Shale Oil
Production and Exploration
Argentina-Colombia AIM: AEN
www.andesenergiaplc.com.ar
April 2015
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PAGE 2
Corporate Profile
Andes Energia is a South American focused oil company with the largest acreage
position in the Vaca Muerta shale owned by a public independent company, and a
strong production growth record in conventional plays (Argentina and Colombia).
Strong production growth
Colombia
 11 licences
 51% holder of Interoil E&P ASA
(Net production of 1,500bbls/d
and 5.7MM 2P reserves)
 Development & Exploration
programme
Solid 2P Reserve base
Production bbls/day (exit)
4.000
3.500
3.000
3,5
InterOil (fully consolidated)
Oil Production (exit rate)
2.500
2,2
2.000
1.500
Argentina - Conventional
 Net production of ~1,850bbls/day
 Well programme to grow net
production to >2,000 –
3,000bbls/day
20,0
1.000
500
Andes 2P
InterOil Oil 2P
2011
2012
2013
2014
2015F
InterOil Gas 2P
Net acres (m acres)
Major position in Vaca Muerta shale play1
1,6
1,4
1,2
1,0
0,8
0,6
0,4
0,2
Capex
Shell
Energy Ops.
Pan Am. En.
Madalena
Azabache
Chevron
Americas Petr.
ExxonMobil
Pluspetrol
Wintershall
Andes Energia
1. Indicative only based on company research
Total
Petrobras
YPF
-
Argentina – unconventional
 6 blocks, 250k acres in the Vaca Muerta
 4 blocks in strategic partnership with YPF
 4 discoveries
 Recently commenced first shale production
PAGE 3
Argentina
Summary of Andes’ Portfolio
Andes holds a land position of +6 million net acres throughout Argentina, with 20 M boe
of 2 P reserves, +600 Mboe of resources, production of ~1,850bbls/day and a privileged
position in Vaca Muerta, Agrio and other unconventional plays in the country

Andes holds 6.2 m net acres, 24 licences, 13 of them in partnership with YPF

+100 wells producing ~1,850 bbls/d and 20 MM bbl of 2P reserves (net)

Participation in 80 additional wells in conventional development (funded from cashflow)

High net backs and strong cashflow given Argentinean domestic oil price of US$77/bbl

6 licences in Vaca Muerta shale, net acreage of 250,000 acres largely in the oil window

4 discoveries ready to be developed, 2 in production and 2 additional blocks to explore
No of 2P Reserves
licences
(MMbbl)
Resources
(MMbbl)
Production
(bbls/day)
Net acres
17,5
368.7
~1,850
420,393
4
1.6
-
-
1,384
Neuquén
2
0.2
171
-
39,230
Unconventional
exploration
Rio Negro
1
N/A
32
-
124,788
Unconventional
exploration
Chubut
7
N/A
16.7
-
2,771,402
Exploration
Salta
3
0.3
50
-
2,865,439
23
19.6
638
1,800
~6.2m
Type
Province
Conventional
production / shale
development
Mendoza
6
Conventional
development
Mendoza
Shale oil
development
Total
PAGE 4
Argentina
Country Overview
Argentina provides a regulated oil price of US$77/bbl, attractive fiscal terms and
incentive programmes. Local top management and experience is critical to understand,
success and reach benefits from the particularities of the country.
Argentina oil and gas industry
Typical Fiscal Terms

Well established service industry and skilled workforce
Oil price (Feb 2015)
US$77/bbl

Existing infrastructure with spare capacity
Royalties
12% – 15%
revenue

No social or security issues
Corporate / Profit tax
35%

Royalties payable to provinces which regulate industry, interested in production
increase
Andes typical net back
Circa
US$35/bbl

New Hydrocarbon Law has improved regulatory and fiscal understanding
between Federal and Provincial Governments

National energy demand outstrips domestic supply (gas mainly)

Presidential elections scheduled for 2015 with pro-business frontrunners, which
recognize the necessity to attract foreign investment to reduce the energy deficit
Fiscal terms

Oil prices in Argentina are set by the government for product sold into the
domestic oil market. Crude oil imports need regulator’s approval.

Regulators in Argentina have set February 2015 on oil pricing at ~US$77/bbl

Forward pricing of oil in Argentina is expected to continue at ~US$77/bbl or
even higher, and be relatively insensitive to Brent pricing downside

Low Royalty level (between 12%-15%, on average)
PAGE 5
Argentina
Conventional Production and Development
Andes currently producing 1,850 bbls/day in Argentina with significant production
increase expected in the near term through aggressive drilling campaign and
development of new fields

Currently producing 1,850 bbls of oil per day from 5
main producing regions
2.000
1.800
— Ute-Petsa: Mature and stable oil production.
— Vega Grande: Steady conventional and VM
production.
— La Brea: Increasing conventional production &
significant VM resources.
— El Manzano: Development of a new area
targeting Agrio Fm
Net Oil Production (bbls/day)
— Chachahuen: Large development programme.
1.600
1.400
1.200
1.000
800
600
400

Significant growth expected from Chachahuen
— Ambitious 80 well programme underway
200
Development of La Paloma field (discovered, but not
in production yet)

Workover campaign in Vega Grande, La Brea, El
Manzano and Chañares

Recent acquisition of a workover and a pulling rig.
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14

VEGA GRANDE (AEN - 100%)
LA BREA (AEN - 100%)
EL MANZANO OESTE (AEN - 100%)
CHACHAHUEN (AEN 20%)
UTE-PETSA (AEN 49.92%)
PAGE 6
Argentina
Conventional – Chachahuen (Andes 20%)
Low cost, low risk, quick payback, high return, repeatable development
— Chihuido 148kbbls/d, Huantraico 62kbbls/d, Puesto
Hernandez 46,000 bbls/d1
Huantraico
Peak 62kbbls/d
— Wells at depth of <1,000 mt; US$1.1 million/well
Development
area
— Initial productivity of 100 bbls/d
30
1500
1000
20
500
10
May-13
0
Jan-13
0
Mar-13
Seismic programme to identify 100 possible additional well
targets (estimated) could reach 10,000 bbls/day
40
Nov-12

50
2000
Jul-12
Expected to reach and maintain 5,000 bbls/day in 1 year
60
2500
Sep-12

3000
May-12
80 additional wells planned to be drilled in the 2P reserves
Gross production (bbls/d)
Number of wells in production
Jan-12

70
3500
Mar-12
Current total production of 3,500 bbls/d (700bbls/day net to
Andes) with ~70 producing wells
4000
Nov-11

Chachahuen Gross Production
Net Oil Production (bbls/day)
— Recovery of 100,000 bbl/well, 30% within first to
second year
Wells in production
Low cost, low risk, quick payback, high return, repeatable
development
Discovered in 2004 by
Petroandina produces
24kbbls/d
Defiladero
Bayo Fied
Nov-14

Chihuido S
Negra
Peak 148kbbls/d
Jul-14
Youngest conventional field in the country and the only one
with growing production. Will be the source of Andes’
production growth in Argentina
Sep-14

May-14
Historically was not developed given political and business
disputes (now resolved)
Jan-14

Note:1. Peak production rates
Mar-14
Located on trend to Argentina’s largest producing fields
Nov-13

Jul-13
Operated by YPF (70%), Andes (20%), other (10%)
Sep-13

PAGE 7
Argentina
Conventional – Chachahuen (Andes 20%)
Relationship between productivity and low well cost make this a low risk, high return
and quick payback development
Development
zone x-2
Development
zone x-5
Wells x-2 Zone
Monthly decline
EUR
Life
Total wells planned


US$1.1 m
100 bbls/day
2.3-2.6%
101Mbbls
120 months
Proved developed
80
The Chachahuen development gives Andes the
opportunity of a continue increase in its total
production over the next 3-5 years and once mature
will provide the cash flow for other developments
The block offers an additional heavy oil play to be
developed in the future (licence expires in 2036 with
a right to extend the concession until 2046)
6.000
2015 Development
2016 Development
/2017
+2017 upside
5.000
4.000
3.000
2.000
1.000
Unrisked production
forecast (100% WI)
ene-14
abr-14
jul-14
oct-14
ene-15
abr-15
jul-15
oct-15
ene-16
abr-16
jul-16
oct-16
ene-17
abr-17
jul-17
oct-17
ene-18
abr-18
jul-18
oct-18
ene-19
abr-19
jul-19
oct-19
ene-20
abr-20
jul-20
oct-20
Initial Rate (avg)
Net Oil Production (bbls/day)
Drill and complete
PAGE 8
Argentina
Vaca Muerta – Overview
VENEZUELA
GUYANA
SURINAME
FRENCH GUIANA
COLOMBIA
The Vaca Muerta is the world’s third largest shale resource and the only oil
producing shale outside of the USA
ECUADOR
PERU
BOLIVIA
BRAZIL
PARAGUAY
Producing wells
Potential size1
CHILE
URUGUAY
ARGENTINA
Neuquén
Basin
The only oil
producing shale
outside of the USA
27 Bnbbls Oil
802 Tcf Gas
FALK.
Drilling activity2
ARGENTINA
Dry Gas
Window
Volatile Oil
Window
Black Oil
Window
2011-2014: 400 wells
2015: 500 wells
Recent transactions3
CHILE
New investment2
>$10bn by 2017
Recent investors
Wet Gas &
Condensate
Window
>$5,000 –
$10,000/acre
Source: 1. Secretaria de Energia / U.S. Energy Information Administration (DOE) /
Advanced Resources International (ARI), 2013; 2. Company research; 3. IHS Herold
PAGE 9
Argentina
Vaca Muerta – Andes’ Position
The largest acreage position in Vaca Muerta owned by a London-listed independent
company and one of the highest quality portfolios, with 90% in the proved oil window
Vega Grande
100%
La Brea
100%
Malargue
Andes’ Vaca Muerta shale acreage ranking1
20%
70%
Net acres (m acres)
1,6
40%
60%
El manzano West
Vaca Muerta
Drilled, fracked
and tested
1,4
1,2
1,0
27%
63%
Corralera
Vaca Muerta
Production test
0,8
0,6
0,4
0,2
27%
63%
Mata Mora:
Vaca Muerta
Production test
Andes Licences
Note: 1. Indicative only based on company research made by Macquarie Capital
PAGE 10
Capex
Shell
Energy Ops.
Pan Am. En.
Madalena
Azabache
Chevron
Americas Petr.
ExxonMobil
Pluspetrol
Wintershall
Andes Energia
Andes Discoveries
Total
Petrobras
YPF
0,0
Argentina
Vaca Muerta – Andes’ Licences
6 licences, 4 discoveries, 2 producing wells, +500 million barrels of certified resources
Licence
Ownership
Vega Grande
La Brea
Malargue
100%
100%
20%
Net Acreage
Highlights
72,000 acres
 Successful VG x-1 well tested in
December 2014
 Current production from Vaca
Muerta of 80bbls/day
36,000 acres
 Close to producing Vega Grande
licence
 +100mmboe VM certified resources
77,000 acres
 North side of the basin derisked by
recent discoveries.
70%
El Manzano
West
40%
60%
26,000 acres
27%
Corralera
Mata Mora
63%
27%
63%
Note: Conventional operations in Vega Grande, El Manzano and Corralera not included in this section;
24,000 acres
15,000 acres
 Siginificant potential to fully develop
Vaca Muerta
 Recent discovery and test, currently
producing
 Well drilled in 2012 with Vaca
Muerta presence and test
 Very close to the Loma Campana
shale development with 300 wells
drilled
 Tested oil from Vaca Muerta, high
overpressure
PAGE 11
Argentina
Vaca Muerta – Recent farm-outs
Recent transactions in the Vaca Muerta have implied values to over $10,000/acre
Buyer
Seller
Assets
Amarga Chica
Block (oil)
Parva Negra
Block (Gas)
Chihuido de la
Sierra Negra
Sudeste (oil &
gas)
GyP
$475m
US$/acre Comments
 Petronas contributing $475m of
$550m over 3 annual phases
$10,000
 30 wells planned in 3 year pilot
 50:50 JV (YPF operator)
$54m
$1,000
 Acquisition of 42.5% in the block from
Petrobras
 Gas y Petroleo de Neuquén has 15%
$140m
$2,800
 Four-year 50:50 exploration project to
drill and analyze 7 vertical and 2
horizontal wells
4 Blocks (gas)
$550m
 Two investments of $250m and
$300m from the partners
n/a
 Includes both drilling and processing
facilities
Interests in 3
Concessions
and 5 UTE
Contracts
$217m
n/a
 Sale of interests for cash
 Parties to jointly explore acreage
n/a
n/a
 Wintershall farms-in to 50% and
assumes operatorship
 $110m in first exploration phase
Aguada
Federal Block
El Orejano
Block (gas)
Loma La Lata
Norte & Loma
Campaña (oil)
Source: News reports; IHS Herold
Value (US$m)
$120m
$1,240m
 Initial 16 well programme
$11,000  50:50 joint venture with YPF
operating
$12,900
 Continuation of previous joint
operations
 Initial outlays of $1.24bn
PAGE 12
Argentina
Vaca Muerta – Mata Mora (AEN 27%)
Mata Mora is one of Andes’ key Vaca Muerta licences, given the proximity of
Chevron / YPF’s US$1.2bn JV in Loma Campana, and Shell and BP’s licences

YPF 63% operator, Andes
27%, GyP Neuquen 10%

14,945 acres net to Andes

Located in close proximity to
the most active region in the
Vaca Muerta, which account
for more than 70% of the wells
drilled

Loma La
Lata Norte
Loma Campana
Cruz de
Lorena
Current shale
development 300
wells drilled – US$1.2bn JV
Coiron
Located close to the most
important oil & gas pipeline
hub in the country
— YPF/Chevron US$1.2bn
JV at Loma Campana /
Loma La Lata Norte
Mata
Mora
— Chevron acquisition
implied ~US$12,900/acre1
Lindero
Atravesado
Source: 1. IHS Herold
Sierras
Blancas
PAGE 13
Argentina
Vaca Muerta – Corralera (AEN 27%)
Andes Corralera block is located in proximity to a number of majors with multi-billion
US$ investment programmes

YPF 63% operator, Andes
27%, GyP Neuquen 10%

24,286 acres net to Andes

Located in close proximity to a
number of key Vaca Muerta JV
drilling programmes and main
conventional oil fields in the
basin

Just to the north of El Trapial,
main producing field of
Chevron in the country

Located in the transition of the
gas window to the oil window

Located close to gas and oil
pipelines to domestic and
export markets (Chile)

Shell sell down to Total La
Escalonada / Rincon de las
Cenizas for US$6,200/acre
April 20141
1. Source Herolds
Ranquil Norte
Corralera
El TrapialCuramched
Cerro
Las
Minas
La
Escalonada
Aguila
Mora
Narambuena
PAGE 14
Argentina
Vaca Muerta – Typical Economics
The Vaca Muerta has strong analogues with certain US shale plays and is
already experiencing greater understanding and improved drilling and
fracking costs
Technical metrics1
Horizontal
Cost (LHS)
8
US$5-7m
7
US$7-10m
EQ / Site
Drilling Cost (US$m)
Well cost
IP Rates
300
350 –
800boepd
US$m
6
5
Completion
4
3
2
EUR
0.5mmboe
1 mmboe
Drilling
Time (RHS)
12
50
10
45
8
40
6
35
4
30
2
25
1
-
-
20
2011
2012
2013
2014
Comparison with US shale plays1
Play
TOC (%)
Thickness (m)
Reservoir Pressure (psi)
Vaca Muerta
3 – 10%
50 – 450m
4,500 – 9,500
Barnnett
4 – 5%
60- 90m
3,000 – 4,000
Haynesville
0.5 – 4%
60 – 90m
7,000 – 12,000
Marcellus
2 – 12%
10 – 60m
2,000 – 5,500
Eagle Ford
3 – 5%
30 – 100m
4,500 – 8,500
Wolfcamp
3%
200 – 300m
4,600
Notes: 1. Source YPF; Exxon
PAGE 15
Drilling Time (Days)
Vertical
Development of costs/time1
Typical Vaca Muerta well costs1,2
Colombia
Investment Grade Country
Andes has an expanded presence in Colombia including 1,500 boepd
production following the acquisition of a stake in Interoil
Colombian political environment

Sound macroeconomic policies.

Democracy with a strong institutional framework. Security has
improved.

Pro-business environment. Openness to investment and trade
(investment grade country, candidate to OECD).

Presidential elections in June 2014 – Santos re-elected for 2nd term.
Colombian oil & gas industry



Typical fiscal terms
Prolific geology with a high exploratory discovery rate.
Potential for new discoveries, mainly in the Llanos basin, the most
prolific basin in the country.
Colombia has doubled its production in the last six years, reaching 1
mmboe/d and has transformed itself into a net energy exporter (50%
of its oil & gas production).

Opportunity to consolidate small companies (there are more than
100 small companies)

Potential for unconventional, but no experience in the country.

New regulation allowing to postpone commitments
Oil price (Average 2014)
Royalties
Corporate / Profit tax
US$Brent –
linked price
5% – 25%
revenue
25-30%
PAGE 16
Colombia
Andes Portfolio
Andes holds a number of exploration permits located near some of Colombia’s
Block
Phase
Partner names
most prolific oil fields
Interoil
Puli B
Production
InterOil* -%
Ecopetrol 100%
Ambrosia
Production
InterOil* 70%
Ecopetrol 30%
Mana
Production
InterOil* 70%
Ecopetrol 30%
Altair
Production
InterOil* 50%
Pangea Energy 40%
Erazo Valencia y Cia 10%
Rio Opia
Production
InterOil* 70%
Ecopetrol 30%
COR 6
Exploration
InterOil* 50%
Pangea Energy 50%
LLA12
LLA 47
Exploration
InterOil* 50%
Pacific Rubiales 50%
LLA49
Andes
LLA 3
Exploration
Andes* 70%
Integra Oil & Gas 30%
LLA 12
Exploration
Andes * 70%
Integra Oil & Gas 30%
VMM 8
Exploration
Andes * 70%
Integra Oil & Gas 30%
LLA 49
Exploration
Andes* 70%
Integra Oil & Gas 30%
LLA 51
Exploration
Andes* 70%
Integra Oil & Gas 30%
LLA 79
Exploration
Andes* 70%
Integra Oil & Gas 30%
LLA 2
Exploration
Andes* 70%
Integra Oil & Gas 30%
LLA 28
Exploration
Andes* 70%
Integra Oil & Gas 30%
YD LLA 5
Exploration
Andes* 70%
Integra Oil & Gas 30%
YD LLA 2
Exploration
Andes* 70%
Integra Oil & Gas 30%
YD LLA 8
Exploration
Andes* 70%
Integra Oil & Gas 30%
VMM 8
LLA51
LLA3
YD LLA 2,
5, 8
LLA79
LLA79
Altair
LLA 47
YD LLA5
Ambrosia
Puli C
Rio Opia
YD LLA8
Mana
LLA 28
LLA2
COR 6
YD LLA2
Andes Blocks
Note: * operator
Interoil Blocks
PAGE 17
Colombia
Interoil Acquisition
Andes acquired 51% of Interoil in January 2015

Operated portfolio of four licences in Colombia

Puli-C is the main producing block
Oslo Stock
Exchange
— Significant upside through increasing recovery
factor from 7% to target 14% (would add another
7.7mmboe reserves)

51%
49%
LLA-47 exploration block with large upside potential
— Reserve potential of more than 30mmboe based on
extensive 3D seismic
Altair currently producing 100 bopd from 1 well, with
upside potential through worker overs and further
drilling
Stable Production Base
2500
Solid reserve base (11 years)
2000
Oil
500
18
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
Q4 2012
0
Q3 2012
Oil 2P
Gas
1000
Q2 2012
3,5
Gas 2P
1500
Q1 2012
2,2
Boe/day

PAGE 18
Colombia
Interoil Acquisition – Restructuring
Andes has restructured the Interoil balance sheet to take advantage of a stable
cash flow and local operational capacities.
Debt restructure


Replaced existing US$50m debt to new
US$32m Bond loan
120
Extended debt maturity to 2020 (bullet)
Annual reduction in bond interest cost is
~US$4.3m per annum. No interest in cash first
2 years
US$/boe

Operating netback per barrel1
100
9
8
8
80
27
18
18
Royalty
60
40
75
69
Direct
Operating Cost
75
Net Back
20
Stable cashflow
0
2012


Stable cashflow to fund exploration
programme
35
Huge upside in case oil price recovers
25
Local Operational Capacities
30
2014
31
31
28
18
20
18
EBITDAX
15
10

Interoil operates 3,000 boe/d
5

Partner with Ecopetrol (National Company)
0
Capex
6
2012

2013
EBITDAX and Capex2
US$m

High net backs in Colombia helped by lower
royalties
2013
2014
Established in the country 15 years ago
19
1. Netback before exploration, G&A and taxes 2. EBITDA adjusted for exploration expenses. Exploration not included in capex
PAGE 19
Forward Plan
Production
(exit)
FY2011
FY2014
FY2017
100bbls/day
3,300bbls/day1
>10,000bbls/day
targeted
2P Reserves
6mmboe
25.7mmboe1
Conventional
Reserve growth
and replacement
Conversion of 659
mmboe resources
to 2P
Wells drilled
-
70 conventional
4 unconventional
+100/year
conventional and
unconventional
Capex (net)
US$2m
US$15m
Capex scaled to
success rate
No discoveries
250,000 acres
4 discoveries, 2
wells producing
Partnership with
YPF
Farm-out to major
partner to start a
massive
development
Vaca Muerta
Develop Reserves
& Resources
Increase
value of
the assets
Cash-flow
Production
Local Management focus on local relationships and control of the operations on the ground
Andes will increase its leadership among the independent public companies in Vaca Muerta
1. Includes Interoil consolidated
PAGE 20
Andes Energia
Key Takeaways

Strong production performance from conventional
— Diversified production base of over 150 wells and 8 fields (participation between 20%-100%) in Argentina and Colombia
— 1,850 boepd from Argentina and 1,500 boepd from Colombia, and increasing
— Production increased by 10 times in the last two years
— Development plan in Chachahuen has delivered outstanding results and continues to beat expectations and support
growth
— Development plan for La Brea and El Manzano (targeting Agrio Fm shale)
— Development of current reserves can increase the production a 50%.
— Current Conventional Exploration upside could more than double present reserves and multiply production by 3 or 4

Developing world class position in the Vaca Muerta.
— Current shale resources are 20 times the present reserve base and could multiply by 20 current production

Benchmark with other Independent public companies operating in Vaca Muerta:
— Largest acreage position in proved VM acreage and highest quality assets, located 90% in the oil window (more profitable
than gas)
— Highest number of shale oil discoveries, 500 million equivalent oil barrels of certified resources
— The only one currently producing from Vaca Muerta
— The only one with a local top management and with a group of well established local shareholders. No cultural barriers; no
complexities with unions and regulators and no difficulties to execute.
— The only company partnered with YPF in 4 licenses (the most active player in Vaca Muerta)
PAGE 21
Management Team
Nicolas Mallo Huergo
Alejandro Jotayan
Juan Carlos Esteban
Offices
Chairman
Lawyer & Master in Law
CEO & Board member
Engineer & MBA
COO & Board member
Engineer
German Ranftl
20 years experience in the
energy sector, ex Repsol-YPF:
Head of Oil & Gas Strategy and
Business Development; ex
Tenaris: Planning & Control
Manager.
Experienced in shale exploration
and development in Vaca
Muerta, with Repsol YPF.
35 years experience in the oil
industry, ex Repsol-YPF: Head
of Technical Staff; Field
Development & Operation
Manager.
Buenos Aires &
Mendoza (Argentina)
Bogota (Colombia)
London
CFO & Board member
Accountant
Ex ING Bank Corporate
Finance VP
Pablo Arias
Planning Manager & Interoil
CFO
Economist & MBA
Ex JP Morgan
Non-Executive Directors
Matthieu Milandri
Mercuria Energy Investment
Director, former CFO of Candax
Energy Inc.
M. Marnetti,
M. Gait & R. Maricich
Geosciences Senior
Staff Argentina
David Jackson
30 years in international banking
including Standard Chartered.
Nigel Duxbury
Chartered accountant and with
experience of a number of AIM
companies.
Javier Alvarez
Overseas Director of the British
Argentine Chamber of
Commerce.
Carolina Landi
Lawyer
PAGE 23
Interim results & Summary
Six months ended 30th June 2014
Full 2014 year will be published in May
30th June 2014 (6 months)
30th June 2013 (6 months)
Revenue
20.4
4.3
Gross profit
7.3
1.3
EBITDA
4.3
(0.3)
Capex
3.9
0.2
8
10
US$ million
Cash/restricted cash
Andes Energia Company Snap Shot (Consolidated)
Asset Locations
Focus on Argentina and Colombia.
Current Production
3,350 bbl/d from conventional oil fields
Reserves
26 mmbbl 2P
Resources
659 mmboe* (mostly attributed to Vaca Muerta)
Vaca Muerta Acreage
250,000 acres, largely in the oil window
Total acreage
7,000,000 acres in 2 countries, 6 different producing basins
* Ryder Scott
PAGE 24

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