(Alliance News) - Advance Energy PLC on Wednesday unveiled a new strategy which will see it look to take on new non-operated projects via farm-ins or acquisition.
Advance Energy was until the end of February known as Andalas Energy & Power.
Advance Energy's previous strategy focused on exploration and production projects in the UK and Indonesia.
In Indonesia, the company believes the rest of its Indonesian assets do not merit the drilling of a new well. In the UK, projects are in an early stage, Advance Energy continued, meaning they are "unlikely to compete for capital" under its new strategy.
"We seek to take non-operated interests either by acquisition or farm-in, and prefer joint ventures with only two parties and the ability to exert a significant degree of influence," said Advance Energy, on the new strategy.
"Our model means that we only work with established operators eliminating many of the execution risks present for typical early stage, high growth companies. We can focus on what really adds value rather than day-to-day operational concerns leaving that to the operator."
"We have no need to build a large and complex organisation keeping our overheads low and preserving value for our shareholders," the company continued.
There is no geographical restriction to Advance Energy's new strategy, it said, and it will target resources in "good" fiscal regimes.
Shares were flat on Wednesday morning in London at a price of 0.17 pence each.
By George Collard; georgecollard@alliancenews.com
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