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fyi -
Fri, 1st Nov 2019 15:16
RNS Number : 0387S
Andalas Energy And Power PLC
01 November 2019
Andalas Energy and Power Plc
( the 'Company')
Posting of Notice of Annual General Meeting
Andalas Energy and Power plc, announces that, further to the publication of its Final Results on 31 October 2019, the Company has posted the Notice of Annual General Meeting ("AGM") and the associated Form of Proxy to shareholders.
The AGM will be held at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP on 25 November 2019 at 10.00 a.m.
The Notice of AGM and the associated Form of Proxy will be uploaded to the Company's website at: http://www.andalasenergy.co.uk/
By defenders you mean shareholders?
Your mate Double is on filter but I just had a quick look to see what he was going on about now.
One of the reasons he is on filter is that he obviously doesn't know what he is talking about. His comments about the CLNs and the power to issue shares is double counting. It maybe that that they can draw down on the CLNs but if they don't have the power to issue shares, they can't satisfy the conversion option when and if it is exercised.
As it happens I emailed Christian Dennis yesterday with a number of points. The last update was 5th November and they said they would further update the market when production had stabilised. We have had no update and so either the production has not stabilised or they are not meeting their promise.
There was no AGM statement which is very poor, most companies put something in the public domain after the AGM.
Nonetheless the deal with CAV is a good one. It won't take much from BTN 03 to meet the 150 bopd target. The last update did confirm that BTN 03 was producing.
The big thing for the company is now what happens next? They said that they would spend November optimising production on the wells, so that is November dealt with: but what about December, January etc.
So the possibilities are: they are in discussions with CAV about the way forward, other assets, further workovers on wells at Betun, drill Selo, farm out Selo, set up a formal JV and so on. Or do they look to do another deal with another Indo partner? Or Corallian is now funded, are they going to progress the farm out on the Wessex Basin assets?
Still all to play for here.
DYOR
Defenders will be back bud, they need something to raise into i.e "a new into deal with CAV", question is why the need to have a billion shares to raise when they have 1.5mill still there in a cln?? the answer to that is the same when they had the last CLN.
but im guessing im totally wrong and others are correct and exciting times are ahead
I had a difficult time finding the votes cast on the resolutions but yes Double, here we go again. Sad but true. Do not sure where the AGM was but suspect no shareholders attended so the whole AGM process is to get the BOD more shares to issue. Have noticed that the defenders of the company have disappeared as has any liquidity in the stock. Dead cat bounce here we go. FB
All resolutions passed, here comes further dilution for you... rinse and repeat...
That the Directors be generally and unconditionally authorised in accordance with articles 5.1 and 5.2 of the Company’s articles of association to exercise all of the powers of the Company to allot up to an aggregate of 1,000,000,000 Ordinary Shares of no par value (in addition to the Ordinary Shares in issue at the date of the Annual General Meeting)
If we can come in at 170 - 180 bopd we would have 100 bopd @$40 ish 'profit' ( I know we will be using it to pay off the £500k) which will take 125 days give or take, that's only 4 months. It would put us in a good position ( early) for further involvement where any gains come into our coffers.
Should see an sp mark up on exceeding 150 bopd target. Who knows, if we can come in a 200 bopd then it will only take 100 days payback and so forth.
Well hopefully the get the ADL market cap up before CAV do anything.
Yes I read it as being 18% participating interest, it is just possible that CAV could return the favour and take a position in ADL, stranger things have happened, apparently :¬)
If Simon / Greg are waiting for a final total stabilised rate it may take another couple of weeks to get the bofpd up to the max of 6,500 bofpd.
I would expect they are increasing the bofpd on a daily basis, it's a big jump from 2,000 up to 6,500 and will be done in stages as well as maximising the strokes per minute of the nodding donkey from the previous 6 strokes to hopefully 9 - 10 strokes per minute.
I would rather see a one off final production figure than gradual increments as it would have less impact. Hopefully by end of the month / Nov 30th.
https://www.lse.co.uk/rns/ADL/andalas-energy-and-pwr-services-agreement-to-indonesian-kso-betun-selo-99ocawojpvs3obq.html
Worth a reread... ADL can elect to convert to a participating interest in the six months following completion of the workovers... So does period now start?
If we convert we end up with about 15% of the license assets. This means we will have paid about $6.19 per barrel for 1p, $2.7 per barrel for 2P and $2.06 for 3P.
Selo looks interesting.
Just over two weeks since Betun 03 was completed: it should have stabilised production by now.
DYOR
I agree that Mawhinney is the real deal and don’t forget we have two strong Indonesian staff as well. The worker bees are first class but can’t say the same thing for the BOD. don’t really know what Simon and Werner do to earn their pay packets as it would appear that Greg M is doing all the good work. Hard workers in the field and lifestyle guys on the board. How many times have I seen that. FB
I agree with that.
Helpful you are correct in that an awful lot of problems were encountered with the work over wells, be it scale, gas pressure, water ingress etc, however all were overcome irrespective and so for me It would appear that the best asset for ADL at the moment is Greg Mawhinney, no matter what was thrown at him he has resolved it. He may be a belt and braces type of man but it may well be down to him that we get further involvement with CAV and other wells.
Indeedy.
From what we have seen in the various RNSs, presentations and tweets the work at Betun has not been straightforward: CAV must surely realise that it needs a specialist to work over these assets. Having encountered these issues at Betun ADL will be better equipped to deal with the same issues elsewhere.
Helpful, I guess that he has the same view as we have ie Indonesia has the potential to be a game changer for ADL. Let’s wait for further flow numbers and hopefully new CAV opportunities.
No it is not a nominee company. It has one director and one person who has significant control. This is a personal vehicle for Mr Knott that he has only just started using. Previously, it submitted dormant company accounts. Knott is no longer a regulated person registered with Cantors or with anyone else. The company is also not registered with the FCA.
https://beta.companieshouse.gov.uk/company/10979003/officers
It is the only company of which he is a director. It also doesn't look like Graystar has issued any TR1s in respect of any other companies. Whatever is going on, it seems he likes ADL.
DYOR
Could be a Canton nominee acting for someone else, who knows. In any case interesting to see someone, ie C Knott or else, building a stake. I remain of the same idea ie have a stake at 0.15 and I’m very pleased with progress in Indonesia and look forward to the final flows and possible new CAV deals.
Yep. Same birth month September 1961.
Ex director Cantor Index.
out
Is that Charlie Knott of Cantors and Solo cap fame??
Hi Helpful,
I totally agree.
Exciting Times Ahead Here
You need to look up the Corallian pre-IPO fund raising document for the NAV on the Wessex Basin. It gave NPV10 of £157mil for Colter South and £60mil on Purbeck. We have given up the new license awards which had 30% of Colter South in them: so pro-rata Colter South would be £109.9mil.
The upside on Indo is the intended JV with CAV. Look it up: this not about having a participation interest in a four wells doing 160/170 bopd.
DYOR
Bye then.
here a few times the last time I took a loss when the INDO and UK news went up in smoke.....150 max BOPD to come,,,,,,a sad end to a company with so much promise ....cant see any real gains here at all......
Good posts Helpful, imo as good as the market will receive exceeding the 150 bopd target it will be the RNS news of a deal with CAV which will have the most significant impact on the sp, that should not be too long after the 4 work overs are at stable production, hopefully.
Given the field history I think new drills would be classified as development wells rather than exploration and the targets are shallow. It would still be decent money. The best solution would be for ADL to take up its participation rights and then the JV to take finance at the project level.
DYOR