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Andes Energia Says It Is Prepared To Continue To Work With YPF In Same Manner

Andes Energia Plc (AEN.L) said it is prepared to continue to work with YPF S.A. in the same cooperative manner it has over the last 12 months. This comment is made subsequent to the announcement made by the Argentinean Government of its decision to acquire 51% of the shares of YPF.

According to Andes Energia, the legislation drafted by the Argentinean Government provides that YPF will continue as a "sociedad anónima" or legal corporation, regulated by the Comision Nacional de Valores. Besides, the proposed legislation encourages Joint Ventures and strategic alliances between YPF and other parties for exploration and production, with the mutually beneficial objective of satisfying the country's hydrocarbon needs and generating exportable stocks.

Neil Bleasdale, chairman of Andes, said, "The Board notes the Government's desire to increase Argentinean oil and gas production. We look forward to continuing working to achieve this goal. Overall we remain very optimistic over Argentina long term prospects."

by RTT Staff Writer

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