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 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 Limited
(Public Relations) |
Stefania@cassiopeia-ltd.com |