ADV.L Regulatory News (ADV)

Andalas Energy and Power Plc - Colter Well Spud

PR Newswire

London, February 6

6 February 2019

Andalas Energy and Power Plc

(‘Andalas’ or the ‘Company’)

Spud of Colter Appraisal Well

Andalas Energy and Power Plc is pleased to announce that it has been notified by Corallian Energy Limited (‘Corallian’), the operator of the P1918 licence in the Wessex Basin, that the Colter 98/11a-5 appraisal well (‘the Well’ or ‘Colter’) spudded at 10:10hrs on February 6th 2019. The drilling is expected to take three weeks.

Andalas holds an 8% interest in the Well which will appraise a historic discovery that lies immediately to the south of Europe's largest onshore oil field at Wytch Farm. The discovery was made in 1986 by well 98/11-3, which encountered a 10.5m oil column in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mmbbls have been produced to date.

The Ensco-72 jack-up drilling unit has been contracted to drill the Well to an intended total depth of 1,830m metres, with drilling expected to take approximately three weeks. Colter will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data. Colter will evaluate a prospect that has been assessed to contain gross unrisked Mean Prospective Resources of 22 million (1.76 net) barrels of oil (“MMBO”) recoverable (Operator estimate) and a further 1 million (0.08 net) barrels of oil equivalent (“MMBOE”) as gas.

Andalas Energy & Power PLC CEO, Simon Gorringe, said: “We are delighted to announce the spud of the Colter appraisal well, which we invested in because of its attractive risk return profile. The well is targeting a historic discovery that lies close to existing infrastructure and is immediately south of Europe’s largest onshore oil field at Wytch Farm Field. 

“Colter is the first well to be drilled in which Andalas has an interest since I became CEO and we look forward to announcing the results of this well, whilst the Andalas team continues to work on the other opportunities in our portfolio.” 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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