27 December
2018
Andalas Energy and
Power Plc
(‘Andalas’ or the
‘Company’)
Update on Bunga
Mas PSC
Andalas Energy and Power PLC, is pleased to report that we have
agreed with the vendor of the Bunga Mas PSC to extend the long stop
date for satisfaction of the sale and purchase agreement conditions
precedent to 15 February 2019
(originally announced on 29 August
2018).
We have agreed to extend the long stop date after consultations
with the vendor and the Indonesian Government regarding the
vendor’s request to vary the terms of the PSC by extending the
exploration period and converting it to the new gross split
regime. These consultations have led us to conclude that
there is a reasonable prospect of the extension being granted.
Simon Gorringe, CEO of Andalas
Energy and Power PLC said, “I am pleased with the steady progress
being made by the vendor towards receiving the regulatory consent
for the licence extension on terms, including the conversion to
gross split, that are acceptable to the vendor and Andalas.
“In our opinion the new gross split regime and the former regime
can provide broadly similar outcomes for development projects such
as Bunga Mas and therefore we would
be satisfied with an extension under either regime.
“Bunga Mas PSC represents a huge opportunity for Andalas, it has
near term production potential and longer term has up to five
potential exploration targets each with multi-million barrel of oil
potential, the exploration of which we believe could be financed in
full or in part by the production from the first phase of the
project development.
“We look forward to providing the market with an update on our
acquisition of Bunga Mas PSC in due course.”
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 |