24 November 2016
Andalas Energy and Power Plc
(‘Andalas’, or the ‘Company’)
Result of Annual General Meeting
Andalas Energy and Power Plc, the AIM listed Indonesian focused
upstream oil and gas and power company (AIM: ADL) is pleased to
announce that all resolutions were passed at its annual general
meeting held today.
The following statement from Chairman, Paul Warwick, was given at the meeting:
“Since our readmission to AIM earlier this year, much progress
has been made towards delivering on our strategy to deliver gas to
power projects on discovered but stranded gas fields in
Indonesia. We have progressed activities at Tuba Obi East,
our first stand-alone project, where we have received approval to
complete a workover of the existing TOE-1 well to test the ABF
formation, and we continue to work with PT Akar Golindo, the
operator, to assess the details of the work programme.
“In tandem with this, the recent MOU with Pertamina represents a
major achievement for any company, let alone one of Andalas’ size,
and it is testament to the experience and contacts of the
management team. We believe that as we convert the MOU
into projects, the inherent value in Andalas’ gas to power
proposition will be progressively delivered with the first project
being the template for subsequent projects providing scale and
sustainability to the Andalas investment proposition.
“We have focussed on gas to power as a concept that offers
very attractive economic returns that are not as affected by
international commodity price volatility. Furthermore,
in order to minimise the time from inception of a project to its
first revenues, we target discovered resources, which removes the
expensive and time consuming exploration phase normally encountered
by upstream oil and gas companies. Furthermore, by focussing
on a region where we have real knowledge, specifically on the
Indonesian gas market, which we are experts in, we have real scope
to grow Andalas into a significant Indonesian energy company.
“Nevertheless, despite our expertise and stringent selection
criteria we cannot avoid the fact that our projects, in common with
similar projects in our industry have a cycle time that must be
measured in many months not in many weeks. The Andalas team
are experts at identifying projects, screening them, securing them
and then progressing them by developing a plan, obtaining approvals
and awarding contracts etc. These processes are important in
ensuring that we build proper foundations from which to grow
Andalas’ business.
“Much progress has been made since the IPO and especially since
the signing of the MOU with Pertamina in September.
Shareholders can rest assured much activity is taking place
behind the scenes to ensure that Andalas fully capitalises on the
excellent opportunities it has identified. We very much believe
that we offer a unique value proposition that provides real value
in all phases of the life cycle for our shareholders.”
**ENDS**
For further information, please 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 |