Andes Energia today confirmed it had successfully cleared its first repayment for its $5million debt facility package with Macquarie Corporate Holdings.
The explorer, which focuses on onshore assets in South America, repaid $1,537,722.62 – $1,000,000 of principal plus $537,722.62 of accrued interest.
The remaining $4million plus accrued interest will be repaid on February 29, according to the firm.
According to the company’s filing, Andes has a market capitalisation of “circa £110m”.
The company’s core assets are in Argentina and Colombia.
Andes estimates it has 25 MMbbls of conventional 2P reserves and a certified prospective resources of 640 MMboe, primarily in the Vaca Muerta unconventional development in Argentina with more than 7.5 million acres across South America.
Andes 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. It currently producing 45,000 boepd from more than 300 wells.