Andalas Energy and Power Plc Update on Bunga Mas
December 27 2018 - 1:00AM
UK Regulatory
TIDMADL
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 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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