19 September 2016
Andes Energia plc
("Andes" or "the Company")
The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce the appointment to the Board of Sir Michael Rake as an independent non-executive director with effect from today.
Sir Michael Rake, Non-executive Director, aged 68.
Sir Michael is Chairman of BT Group plc as well as Chairman of payments processing firm Worldpay Group plc, a director of S&P Global and Chairman of Majid Al Futtaim Holdings LLC.
He was President of the CBI from 2013 to 2015; a member of the Prime Minister's Business Advisory Group from 2010 to 2015; non-executive director of Barclays plc from 2008, becoming Deputy Chairman from 2012 to 2015; Chairman of the private equity oversight group the Guidelines Monitoring Committee from 2008 to 2013; Chairman of easyJet plc from 2010 to 2013; the first Chairman of the UK Commission for Employment and Skills from 2007 to 2010. He was a director of the Financial Reporting Council from 2008 to 2011 and Chairman of Business in the Community from 2004 to 2007. Sir Michael was a member of the National Security Forum for 2009/2010 and a member of the board of the Prince of Wales Charitable Foundation from 2010 to 2016.
From May 2002 to September 2007 Sir Michael was International Chairman of KPMG. Prior to his appointment as International Chairman he was Chairman of KPMG in Europe and Senior Partner of KPMG in the UK.
Sir Michael was knighted in 2007. In 2011 he received the British American Business UK Transatlantic Business Award in recognition of outstanding business leadership. In 2013, he received the Channing Award for Corporate Citizenship, was voted the FTSE 100 non-executive director of the year and received the ICAEW outstanding achievement award.
Nicolas Mallo Huergo, Chairman of Andes, commented: "We are extremely pleased to be able to announce the appointment of Sir Michael to the board. We look forward to being able to benefit from his tremendous experience and expertise as we advance in the next stage of our growth and development. It is a honour to welcome Sir Michael to the board."
Sir Michael Rake commented: "I am delighted to be joining the board of Andes at this time when there is real optimism for the Argentine economy and for the role that Andes can play."
Additional information to be disclosed pursuant to Schedule 2(g) and Rule 17 of the AIM Rules:
Sir Michael Derek Vaughan Rake is currently a director of the following companies:
BT Group plc
British Argentine Chamber of Commerce
MDVR Services Limited
Worldpay Group plc
Majid Al Futtaim Holdings LLC
In the past five years Sir Michael has also been a director of the following companies:
Barclays Bank plc
Diamond Jubilee Pageant (Rights) Limited
Henley Festival Limited
Step Up to Serve
The Financial Reporting Council Limited
The Prince of Wales's Charitable Foundation
Sir Michael holds no interest in the Ordinary Shares of the Company.
Other than the information contained within this announcement, there is no further information required to be disclosed under Rule 17 and Schedule Two paragraph (g) of the AIM Rules.
For further information, please contact:
Andes Energia plc
Nicolas Mallo Huergo, Chairman
Alejandro Jotayan, CEO
Billy Clegg, Head of Communications
T: +54 11 5530 9920
T: +44 20 7601 6100
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 £90m. 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.
The Company currently produces approximately 3,525* boepd in Argentina and Colombia from six conventional fields in Argentina and two in Colombia, with positive cash flows generated.
*Includes 100% of Interoil's net reserves and production
This information is provided by RNS