21ST SEPTEMBER26 Mar 2019 12:01
Simon Gorringe, CEO of Andalas Energy and Power PLC said:
“With this transaction and recent fund raises we have completed the first phase of the transformation of Andalas into a well-funded and well-diversified oil and gas company. We now have a portfolio of short, medium and long term value catalysts, in both the UK and Indonesia and we thank shareholders for their support.Â
“We are acquiring an interest in a fully funded well, planned for the Q4 2018, which is targeting a significant oil prospect that is attractive due to its significant resource potential and also its proximity to the Wytch farm oilfield and its facilities.
“We have worked hard to create a business capable of delivering value to shareholders since the change in the board of the Company We look forward to providing the market with further updates as we make progress across our existing portfolio and the other potential opportunities�