15 September 2016
Andalas Energy and
Power Plc
(“Andalas” or the
“Company”)
Corporate Update
& Company Presentation
Andalas Energy and Power Plc, the AIM listed Indonesian focused
oil and gas exploration company (AIM: ADL), is pleased to provide
an update on its activities in line with its strategy to roll out
gas-to-power projects in Indonesia, which it believes can make a
significant contribution to the country’s power shortfall at the
local level.
In addition, the Company is pleased to advise that an updated
presentation will be uploaded to its website at
http://www.andalasenergy.co.uk/. It is an update to the
Company’s previous presentation and highlights the significance for
Andalas of the recently announced agreement between it and PT
Pertamina (Persero) (‘Pertamina’), Indonesia’s national oil
company. The presentation will be used in media and
analyst meetings taking place this week and no price sensitive
information is included in this presentation.
Partnership with Pertamina to Monetise Multiple Gas
Fields in Indonesia
- First meeting held on Friday 9 September
2016 between the Company and Pertamina
- Two committees established to commence work on the conceptual
plans which will be reviewed by both partners:
- Power Generation Working Committee – to be chaired by
Simon Gorringe, COO and Executive
Director of Andalas
- Gas Supply Working Committee – to be chaired by representatives
from Pertamina
- Work underway to select five initial stranded gas fields within
Pertamina’s acreage in Riau, Jambi
and South Sumatra provinces which
are suitable for sub-100 MW gas-to-power development via an
independent power project
Tuba Obi East Concession (‘TOE’),
Sumatra
- The approval process by Pertamina is underway to confirm the
Company’s technical proposal to test the gas bearing Air Benakat
Formation (‘ABF’) on TOE via the recompletion of the existing TOE-1
well
- The technical proposal includes the recompletion design, tender
documents, and mobilisation plans for the workover of TOE-1
- In anticipation of final approval being issued, the tender
process for services and equipment to undertake the workover of
TOE-1, has commenced – further updates will be provided once this
process has been completed
- The TOE-1 workover is the first of a multi-phase programme, and
will support gas processing and power plant front-end engineering
and design studies, enable a gas reserves assessment to be
completed and gas and power sales negotiations to commence
Andalas CEO, David Whitby,
said: “We are entering an exciting phase in the development
of Andalas as a leading integrated gas to power producer focused on
Indonesia. We are confident that during this period, the
excellent work carried out by our first class team of oil and gas
professionals over the past 12-18 months ensures the Company is in
a strong position to capitalise on the substantial opportunity
within our partnership with Pertamina. I look forward to
providing further updates, as we focus on making a meaningful
contribution towards the Government of Indonesia’s target of adding
35,000 MW of new capacity by 2019 for the benefit of both the
Indonesian population and our shareholders.”
**ENDS**
For further information, please go to
http://www.andalasenergy.co.uk/ or contact:
David Whitby |
Andalas Energy and
Power Plc |
Tel: +62
21 2783 2316 |
Sarah Wharry
Craig Francis |
Cantor Fitzgerald
Europe
(Nominated Adviser and Joint Broker) |
Tel: +44 20 7894 7000 |
Lucy Williams
Charles Goodfellow |
Peterhouse Corporate Finance
Limited (Joint Broker) |
Tel: +44 20 7469 0930 |
Colin Rowbury |
Cornhill Capital (Joint Broker) |
Tel: +44 20 7710 9610 |
Frank Buhagiar
Susie Geliher |
St Brides Partners Limited |
Tel: +44 20 7236 1177 |