Andalas Energy and Power Plc Update on Eagle Gas Limited
March 08 2019 - 1:00AM
UK Regulatory
TIDMADL
8 March 2019
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Update on Eagle Gas Limited
Andalas Energy and Power Plc, the AIM listed oil and gas company (AIM: ADL),
has been advised by Eagle Gas Limited ("Eagle") that Holywell Resources Limited
("Holywell"), the operator of Southern North Sea Licence P2112 ("Licence"), and
Atlantic Petroleum UK Ltd ("Atlantic") have elected to relinquish the Licence.
Simon Gorringe, CEO of Andalas Energy and Power PLC said: "We are disappointed
that the Licence will be relinquished. However, whilst Holywell has undertaken
discussion with a number of interested parties regarding participation in
drilling the proposed well, it has been unable to secure a partner within the
time permitted under the Licence and therefore it has no other practical course
of action. We remain interested in the Badger prospect and we will consider
options to apply for a new licence. In parallel Eagle will continue to pursue
various other opportunities it is developing.
"We are continuing to assess new business opportunities and will make a further
announcement as and when appropriate."
Andalas holds 25% of the equity of Eagle which wholly owns Holywell. Holywell
owns 66.67% interest in the Licence and the remainder is held by Atlantic.
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/ Beaumont Cornish Limited Tel: +44 20 7628
James Biddle (Nominated Adviser) 3396
Colin Rowbury Novum Securities Limited Tel: +44 207 399
(Joint Broker) 9427
Christian Optiva Securities Limited Tel: +44 20 3411
Dennis (Joint Broker) 1881
END
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