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Andes Energia in major reverse takeover

Andes Energia in major reverse takeover

The Argentinian shale assets of Andes Energia (AEN) have caught the eye of global asset manager Mercuria. As part of the latter’s plans to widen its footprint in South America, the two companies have agreed a merger which will see Mercuria Energy Group’s oil and gas exploration subsidiary reverse into Andes’ Aim listing to create one of the world's largest shale exploration companies, called Phoenix Global Resources (with the ticker PGR). Andes owns about 250,000 acres in the Vaca Muerta formation, which is seen as one of the best prospects for shale development outside of North America.

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