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Andes Energia produced 3,310 boepd in June

Published: 07:45 01 Aug 2016 BST

Stack of barrels
Andes currently produces around 3,300 boepd in Argentina

Argentina and Colombia focused oiler Andes Energia PLC (LON:AEN) told investors it produced 3,310 boepd (barrels oil equivalent per day)  in June this year compared to 3,489 boepd the month before (May).

At its Argentinian licences - Chachahuen, Chanares Herrados, Puesto Pozo Cercado, Vega Grande, La Brea and El Manzano - the average production was 2,237 bpd net to Andes.

In Colombia, at Mana and Altair average production was 1,073 boepd (59% oil) net to Interoil, in which the firm holds a 26% interest.

Andes currently produces around 3,300 boepd in Argentina and Colombia from six conventional fields in Argentina and two in Colombia, where positive cash flows have been generated.

Andes has around 250,000 net acres in the Vaca Muerta formation - the second largest shale oil deposit in the world.

More than 300 wells have already been drilled and fracked in the Vaca Muerta formation.

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