(Alliance News) - Advance Energy PLC on Friday said it has signed a master service agreement with Xodus Group Ltd.
Xodus provides engineering and advisory services to clients in the oil & gas, LNG, renewables and utilities industries.
The oil & gas exploration & production company - previously known as Andalas Energy & Power - said the agreement will see it work with Xodus providing technical and advisory services. It added that it initially intends to work with Xodus Group for evaluation and due diligence work related to ongoing projects.
"The company's business model is to work closely with strategic partners in order to add expertise and deep bench strength complementary to the core Advance Energy management team. In this way we can deliver superior performance while keeping fixed costs and overheads as low as possible - especially important in a low oil price environment," Advance Energy said.
The stock was trading 18% higher at 0.13 pence each on Friday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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