Andalas Energy and Power Plc Operations Update
April 24 2017 - 1:00AM
UK Regulatory
TIDMADL
24 April 2017
Andalas Energy and Power Plc
('Andalas', or the 'Company')
Operations Update
Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company
(AIM: ADL), is pleased to provide an update on its activities with Pertamina,
Indonesia's national oil company, including the identification of a further two
gas fields suitable for wellhead IPP development. This is in line with the
Company's strategy to develop a portfolio of wellhead independent power
projects ('IPPs') totalling between 250MW to 500MW of installed capacity fired
with gas from existing fields.
* Two new project locations have been identified with Pertamina.
* Both projects are located within the Company's target area of Central
Sumatra where there is a significant inventory of gas fields with wellhead
IPP potential.
* Detailed evaluation of each project's suitability to feed a future power
project of sufficient size will commence this week with Pertamina's
sub-surface team.
* Following this a feasibility study will be undertaken at each new project.
* Joint review now being undertaken of the undeveloped gas fields in
Pertamina's inventory as well as other operators.
Andalas CEO, David Whitby, said "We were extremely pleased by the outcome of
our recent workshop and the subsequent meetings between Andalas and Pertamina.
Pertamina was represented at the workshop by over 20 people from across their
organisation. Andalas shared its experience on the optimal way to monetize
marginal gas fields through wellhead IPPs and Pertamina presented a sampling of
its inventory of gas assets. The workshop continued to build on the already
solid foundation of mutual cooperation and respect between our two
organisations.
"The scalability of our gas-to-power offering in partnership with Pertamina is
clear. In addition to the initial project, we have identified two additional
fields within Pertamina's unrivalled inventory of gas assets. All of this has
been achieved within eight months of signing our partnership agreement with
Pertamina and we look forward to updating shareholders as we continue to
progress our cooperation with Pertamina."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is now
considered to be in the public domain.
**ENDS**
For further information, please contact:
David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe Tel: +44 20 7894 7000
Craig Francis (Nominated Adviser and Joint
Broker)
Jon Belliss Beaufort Securities Limited Tel: +44 20 7382 8415
(Joint Broker)
Frank Buhagiar St Brides Partners Limited Tel: +44 20 7236 1177
Susie Geliher
END
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