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/ 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 |