The Board of Andes is pleased to announce the award by the Government of Paraguay of new a exploration permit on a block named 'Capitan Mesa', located in the Itapua Department in the southeast region of Paraguay. The exploration block covers an area of 825,000 acres and has been awarded to a 50%/50% consortium between Kilwer S.A., a wholly owned subsidiary of Andes and Integra Natural Resources LLC.
The San Alfredo formation is present in the block, a source of unconventional resources in the region.
Nicolas Mallo Huergo, Chairman of the Company, commented: 'This new exploration block increases our exposure to the unconventional play in the Chaco-Paranaense basin in Paraguay. The market friendly policies of the Paraguayan Government and the prospectivity of the area make us very enthusiastic about the potential of this Country.'