The Board of Andes announce a light oil discovery in the Mirador del Valle x-1 exploration well on the El Manzano West block in the Neuquen basin, South Mendoza Province.
◾ Mirador del Valle x-1 exploration well: 15 million barrels conventional light oil discovery in the Neuquen Group
◾ 15 million barrels of resources, 6 million barrels net to Andes
◾ 535 bopd production test, 214 bopd net to Andes
◾ Vaca Muerta formation lies 1,000 meters below the Neuquen Group formation and is the source rock to this discovery, de-risking the Vaca Muerta oil shale play
◾ A futher exploration well planned through the Neuquen Group formation and into the Vaca Muerta formation, exposing shareholders to both conventional and shale oil plays (Andes fully carried)