Andalas Energy and Power Plc Eagle licence extension
December 17 2018 - 1:00AM
UK Regulatory
TIDMADL
17 December 2018
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Update on Eagle investment
Andalas Energy and Power plc is pleased to provide the following update on its
investment in Eagle Gas Limited.
* The OGA has agreed a 5 month extension of the initial term of licence P2112
to 19 May 2019.
* Under the terms of the extension, the licence holder must:
+ By no later than 31 March 2019, advise the OGA that it either: (i) has
elected to drill one well to 3800m or 100m into the Namurian (whichever
is the shallower) and approved the necessary funding for the well
commitment; or (ii) elected to terminate the licence;
+ Provide the results of two G&G studies to the OGA by 1 March 2019
together with a conclusion as to whether the results of these studies
support a drill decision; and
+ Provide an update to the OGA by 1 March 2019 on all pre-drill decision
work.
* Operator to undertake an additional technical assessment of the Ketch gas
prospect after a third-party review concluded that there may be additional
gas potential in the Ketch.
* Identification of additional gas potential in the Ketch may inform the
licence holders' decision on the optimal location of an exploration well on
the licence.
* Eagle Gas Limited has the funds available to complete the additional work
programme.
Simon Gorringe, CEO of Andalas Energy and Power PLC said, "We are pleased that
the Badger licence has been extended. It enables the operator, Holywell
Resources Ltd, and Atlantic Petroleum UK Limited to complete further work and
optimise the technical and commercial appraisal and development plans."
Andalas is the owner of a 25% interest in Eagle Gas Limited that is itself the
100% owner of Holywell Resources Limited, which owns a 66 2/3% interest in
licence P2112 ("the licence"). Atlantic Petroleum UK Limited owns a 33 1/3%
interest in the licence. The licence contains the Badger prospect which
contains a significant resource which was the subject of the Company's
announcement of 20 August 2018.
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 Stefania@cassiopeia-ltd.com
Barbaglio Limited
(Public Relations)
END
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