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Acquisition of Interest in Interoil

The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce that it has agreed with the board of Interoil Exploration and Production ASA ("IOX") to invest NOK 36.3 million (US$4.95 million) in IOX through a private placement subject to certain conditions, including the successful restructuring of IOX's NOK 310 million (US$42.2 million) corporate bond the ("Bond") and the US$6.2 million debt due to Proseis AG (the "Proseis Debt"), and approval of the IOX shareholders and corporate bondholders. 

For more information, please see the attached press release.  
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Interoil Main Office:
c/o Advokatfirmaet Schjødt AS
Ruseløkkveien 14
NO-0251 Oslo, Norway

Phone: (+47) 67 51 86 50
Fax: (+47) 67 51 86 60
info@interoil.no

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