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Andes Energia CEO Jotayan Steps Down; Secures USD60 Million Facilities

[ 30 Mar 2017 15:02 ]

LONDON (Alliance News) - Andes Energia PLC on Thursday said Chief Executive Alejandro Jotayan has "agreed" to step down from his role and from the board, with immediate effect.

The Latin American oil and gas company did not say why Jotayan has stepped down, but said it has appointed Anuj Sharma as non-board-level CEO.

Sharma has 20 years of experience in the oil and gas industry, most recently heading Mercuria Energy Group's investments in Argentina.

As Sharma's appointment is a non-board position, Non-Executive Chairman Nicolas Mallo Huergo has assumed the role of executive chairman on an interim basis.

Andes added that it has secured two new credit facilities with Mercuria totalling USD60 million. The first is a USD20 million debt facility to finance drilling activities in Chachaheun in Argentina and the second is a USD40 million credit facility to finance drilling activities across the Andes portfolio encompassing its Vaca Muerta acreage, also in Argentina.

"We are very pleased with these credit facilities that will allow us to capitalise on the positive business environment in Argentina and the progress as to the oil agreement reached by the Argentine government, the government of the province of Neuquen, the industry and the trade unions. 2017 and 2018 will be significant years for the development of our portfolio in Argentina. These credit facilities reflect our growing relationship with Mercuria," Andes Chairman Huergo said in a statement.

"We welcome Anuj who brings a wealth of knowledge and experience in South American oil exploration and production," he added.

Shares in Andes were trading down 1.6% at 35.92 pence on Thursday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.


Andes Energia CEO Jotayan Steps Down; Secures USD60 Million Facilities - Alliance News

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