Andalas Energy and Power Plc Update on Colter well programme
November 13 2018 - 1:00AM
UK Regulatory
TIDMADL
13 November 2018
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Update on Colter well programme
Andalas Energy and Power PLC, is pleased to report that Corallian Energy
Limited ("Corallian"), the Exploration Operator for Licence P1918, has informed
the joint venture partners that the Department for Business, Energy and
Industrial Strategy, Offshore Petroleum Regulator for Environment and
Decommissioning (OPRED) has advised the Oil and Gas Authority of its in
principle agreement to the issue of the relevant consent for the Colter well,
in which Andalas has an 8% interest.
There are several regulatory approvals and notifications still required before
the consenting process is completed for the work programme. When all the
necessary approvals have been obtained, Corallian expects to commence a
two-well work programme, with the drilling of the Wick well (in which Andalas
does not have an interest) expected to commence during December 2018.
Following completion of the Wick well, the rig will be mobilised from the
Moray Firth to the English Channel to drill the Colter well.
No further announcements are expected from Corallian until all the approvals
are in place and the drilling programme has commenced.
Simon Gorringe, CEO of Andalas Energy and Power PLC said "We are pleased with
the continued progress of the operator towards the commencement of the proposed
well, which follows today's announcement and the recent announcement of the
contracting of the Ensco-72 rig to execute the Wick and Colter drilling
programme.
"The drilling of the Colter well will expose Andalas shareholders to an
exciting period of drilling activity, whilst we continue to work with our
partners to complete the acquisition of Bunga Mas and to provide updates on the
Badger licence. I look forward to keeping the market informed as we continue
to progress our portfolio."
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.
For further information, please contact:
Simon Andalas Energy and Power Plc Tel: +62 21 2965 5800
Gorringe
Roland Beaumont Cornish Limited Tel: +44 20 7628 3396
Cornish/ (Nominated Adviser)
James Biddle
Colin Novum Securities Limited Tel: +44 207 399 9427
Rowbury (Joint Broker)
Christian Optiva Securities Limited Tel: +44 20 3411 1881
Dennis (Joint Broker)
Stefania Cassiopeia Services Limited Stefania@cassiopeia-ltd.com
Barbaglio (Public Relations)
END
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