ADV Advance Energy Plc

 
TIDMADL 
 
24 April 2017 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas', or the 'Company') 
 
                               Operations Update 
 
Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company 
(AIM: ADL), is pleased to provide an update on its activities with Pertamina, 
Indonesia's national oil company, including the identification of a further two 
gas fields suitable for wellhead IPP development.  This is in line with the 
Company's strategy to develop a portfolio of wellhead independent power 
projects ('IPPs') totalling between 250MW to 500MW of installed capacity fired 
with gas from existing fields. 
 
  * Two new project locations have been identified with Pertamina. 
 
  * Both projects are located within the Company's target area of Central 
    Sumatra where there is a significant inventory of gas fields with wellhead 
    IPP potential. 
 
  * Detailed evaluation of each project's suitability to feed a future power 
    project of sufficient size will commence this week with Pertamina's 
    sub-surface team. 
 
  * Following this a feasibility study will be undertaken at each new project. 
 
  * Joint review now being undertaken of the undeveloped gas fields in 
    Pertamina's inventory as well as other operators. 
 
Andalas CEO, David Whitby, said "We were extremely pleased by the outcome of 
our recent workshop and the subsequent meetings between Andalas and Pertamina. 
Pertamina was represented at the workshop by over 20 people from across their 
organisation.  Andalas shared its experience on the optimal way to monetize 
marginal gas fields through wellhead IPPs and Pertamina presented a sampling of 
its inventory of gas assets. The workshop continued to build on the already 
solid foundation of mutual cooperation and respect between our two 
organisations. 
 
"The scalability of our gas-to-power offering in partnership with Pertamina is 
clear.  In addition to the initial project, we have identified two additional 
fields within Pertamina's unrivalled inventory of gas assets.  All of this has 
been achieved within eight months of signing our partnership agreement with 
Pertamina and we look forward to updating shareholders as we continue to 
progress our cooperation with Pertamina." 
 
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. 
 
                                   **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) 
 
Jon Belliss           Beaufort Securities Limited    Tel: +44 20 7382 8415 
                      (Joint Broker) 
 
 
Frank Buhagiar        St Brides Partners Limited     Tel: +44 20 7236 1177 
Susie Geliher 
 
 
 
END 
 

(END) Dow Jones Newswires

April 24, 2017 02:00 ET (06:00 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