16 July 2018
Andalas Energy and
Power Plc
(‘Andalas’ or the
‘Company’)
Operations
Update
Andalas Energy and Power Plc, the AIM listed upstream oil and
gas and energy company (AIM: ADL) is pleased to provide an update
following the completion of its acquisition of its interest
in Eagle Gas Limited (“Eagle”), which is the owner of 66 2/3% of
Southern North Sea Licence P2112 (see announcement of 30 April 2018). The update is based on
information supplied by the Operator and follows completion of the
first phase of the work programme outlined by Andalas on
30 April 2018.
Highlights:
-
Southern North Sea Licence P2112 contains the undrilled gas
prospect known as Badger:
-
Phase one of the work programme is now complete.Petroleum
Geo-Services ASA (“PGS”) has completed the pre-stack depth
migration (PSDM) reprocessing of the 3D seismic data:
-
Phase two of the work programme is now underway:
Simon
Gorringe, CEO of Andalas Energy and Power PLC said:
“We recently attended a project review meeting with Eagle’s
technical team, which confirmed the work programme is on schedule
and during which the operator presented the latest results of the
PSDM work by PGS.
“The work to date continues to validate our opinion that the
licence has excellent gas prospectivity and we now look forward to
the completion of the work programme, which will include the
operator assessment of the resource volumes and the recommendation
for the location of the potential exploration well. We look forward
to announcing the results of Eagle’s work with further updates on
this and on our other projects over the summer.”
For further information, please contact:
Simon Gorringe |
Andalas Energy and Power Plc |
Tel: +62 21 2965 5800 |
Roland Cornish/ James Biddle |
Beaumont Cornish Limited
(Nominated Adviser) |
Tel: +44 20 7628 3396 |
Colin Rowbury
|
Novum Securities Limited
(Joint Broker) |
Tel: +44 207 399 9427 |
Christian Dennis |
Optiva Securities Limited
(Joint Broker) |
Tel: +44 20 3411 1881 |
Stefania Barbaglio |
Cassiopeia Services Ltd |
Stefania@cassiopeia-ltd.com |