(Alliance News) - Andalas Energy & Power PLC said that it will conduct a strategic review of its business following a recent change in its senior executive team.
Earlier in February, the oil & gas exploration and production company said it hired Leslie Peterkin and Mark Rollins to replace former chief executive Simon Gorringe and chair Robert Arnott, respectively.
At the same time, Andalas proposed a name change to Advance Energy PLC. The name change is subject to shareholder approval at a general meeting scheduled for Wednesday.
The recently-announced strategic review will "address the current assets in the UK and Indonesia as well as additional growth options, in order to maximise the value of the existing platform."
The review is expected to complete in the next two weeks.
Shares in Andalas were trading 2.4% lower at 0.20 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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