The Board of Andes provides an update on the Company's operating performance. Several activities have been carried out over recent months in order to develop the acreage, increase current production to a consolidated production level of 3,300 boepd, grow proven and probable reserves to 26 million boe and continue to be cash flow positive.
•Andes acquired 51% of Interoil in January 2015, which has resulted in consolidated production of 3,300 boepd
•Expanded, diverse production base of over 120 wells and 8 fields in Argentina and Colombia (1,800 boepd from Argentina and 1,500 boepd from Colombia)
•Average prices received year to date in Argentina of US$77 per barrel and US$47 per barrel in Colombia
•Discovery in December 2014 in Vaca Muerta in the Vega Grande license has led to continuous production from the shale play, transforming Andes into one of the few shale oil producers in Argentina where we continue to develop and monetise our shale oil resource base of more than 500 million boe