Andalas Energy and Power Plc Result of AGM
25 November 2016 - 2:05AM
UK Regulatory
TIDMADL
24 November 2016
Andalas Energy and Power Plc
('Andalas', or the 'Company')
Result of Annual General Meeting
Andalas Energy and Power Plc, the AIM listed Indonesian focused upstream oil
and gas and power company (AIM: ADL) is pleased to announce that all
resolutions were passed at its annual general meeting held today.
The following statement from Chairman, Paul Warwick, was given at the meeting:
"Since our readmission to AIM earlier this year, much progress has been made
towards delivering on our strategy to deliver gas to power projects on
discovered but stranded gas fields in Indonesia. We have progressed activities
at Tuba Obi East, our first stand-alone project, where we have received
approval to complete a workover of the existing TOE-1 well to test the ABF
formation, and we continue to work with PT Akar Golindo, the operator, to
assess the details of the work programme.
"In tandem with this, the recent MOU with Pertamina represents a major
achievement for any company, let alone one of Andalas' size, and it is
testament to the experience and contacts of the management team. We believe
that as we convert the MOU into projects, the inherent value in Andalas' gas to
power proposition will be progressively delivered with the first project being
the template for subsequent projects providing scale and sustainability to the
Andalas investment proposition.
"We have focussed on gas to power as a concept that offers very attractive
economic returns that are not as affected by international commodity price
volatility. Furthermore, in order to minimise the time from inception of a
project to its first revenues, we target discovered resources, which removes
the expensive and time consuming exploration phase normally encountered by
upstream oil and gas companies. Furthermore, by focussing on a region where we
have real knowledge, specifically on the Indonesian gas market, which we are
experts in, we have real scope to grow Andalas into a significant Indonesian
energy company.
"Nevertheless, despite our expertise and stringent selection criteria we cannot
avoid the fact that our projects, in common with similar projects in our
industry have a cycle time that must be measured in many months not in many
weeks. The Andalas team are experts at identifying projects, screening them,
securing them and then progressing them by developing a plan, obtaining
approvals and awarding contracts etc. These processes are important in
ensuring that we build proper foundations from which to grow Andalas'
business.
"Much progress has been made since the IPO and especially since the signing of
the MOU with Pertamina in September. Shareholders can rest assured much
activity is taking place behind the scenes to ensure that Andalas fully
capitalises on the excellent opportunities it has identified. We very much
believe that we offer a unique value proposition that provides real value in
all phases of the life cycle for our shareholders."
**ENDS**
For further information, please contact:
David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe Tel: +44 20 7894 7000
Craig Francis (Nominated Adviser and Joint
Broker)
Lucy Williams Peterhouse Corporate Finance Tel: +44 20 7469 0930
Charles Goodfellow Limited (Joint Broker)
Colin Rowbury Cornhill Capital (Joint Tel: +44 20 7710 9610
Broker)
Frank Buhagiar St Brides Partners Limited Tel: +44 20 7236 1177
Susie Geliher
END
(END) Dow Jones Newswires
November 24, 2016 10:05 ET (15:05 GMT)
Advance Energy (LSE:ADV)
Historical Stock Chart
From Apr 2024 to May 2024
Advance Energy (LSE:ADV)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Advance Energy Plc (London Stock Exchange): 0 recent articles
More Andalas Energy News Articles