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Andalas acquires 25% interest in Indonesian oil project

Wed, 29th Aug 2018 08:42

(Sharecast News) - Andalas Energy has acquired an interest in the Bunga Mas production sharing contract, located in South Sumatra, Indonesia.The AIM-listed oil and gas company made an initial acquisition of a 25% interest in Bunga Mas on Wednesday via a corporate acquisition. The company also held the right to increase its interest to 49% and then 100%.To satisfy the purchase, Andalas will issue 9.6m shares on completion of the acquisition of the initial participating interest - followed by an additional 9.6m shares on regulatory approval of its increase to 49%.Bunga Mas, located within the Bunga Mawar field, has been assessed by the project's current operator to contain contingent resources of 220,000 barrels of oil.Simon Gorringe, Andalas' chief executive said: "We are very pleased to have reached [an] agreement with the vendor for the acquisition of interests in the Bunga Mas PSC. It is an all share deal structured to align the interests of the vendor and our shareholders and ensure that consideration does not pass and additional costs are not incurred until the deal completes."As of 0840 BST, Andalas shares had shot up 12.5% to 0.90p.

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24 Jul 2018 18:24

Andalas Energy & Power Increases Stake In Eagle Gas To 25% (ALLISS)

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Andalas Energy upbeat after first half

(ShareCast News) - Indonesia-focused upstream oil, gas and power company Andalas Energy and Power announced its half-yearly report for the six months to 31 October on Wednesday - a period in which it was readmitted to AIM to focus on upstream oil, gas and power opportunities in Indonesia. The AIM-tr

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Andalas Energy applies for first gas-to-power project

(ShareCast News) - Indonesia-focused energy company Andalas Energy and Power announced on Friday that it has submitted an application for its first gas to power project of 2 x 30MW to be included in the Republic of Indonesia's Electricity Supply Business Plan. The AIM-traded firm said the applicatio

28 Oct 2016 10:42

Andalas Energy posts much wider loss as it pivots focus

(ShareCast News) - Indonesia-focused upstream oil, gas and power company Andalas Energy and Power announced its preliminary results for the year ending 30 April on Friday, a year in which it transitioned its focus towards Indonesia, targeting opportunities arising from the country's electrification

1 Sep 2016 14:32

Andalas teams up with Indonesian national energy company

(ShareCast News) - Andalas Energy and Power announced on Thursday that it has signed an agreemen with PT Pertamina to establish a joint working and steering committee with the objective to fast-track commercialisation of marginal gas fields within Pertamina's acreage in Indonesia. The AIM-traded com

10 Aug 2016 07:33

Andalas Energy Gets Approval For Work Programme On Tuba Obi East

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Andalas Looks To Progress Tuba Obi, Pays Directors In Shares (ALLISS)

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Andalas Energy Signs Farm-In Deal For Tuba Obi East Project

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Andalas Energy & Power Appoints New Chairman And Finance Boss

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Andalas Energy reports sizeable first-half loss

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