15 Sep 2016 09:00
Andalas Energy and Power Plc - Corporate Update & Company PresentationAndalas Energy and Power Plc - Corporate Update & Company Presentation
PR Newswire
London, September 15
15 September 2016
Andalas Energy and Power Plc
(“Andalas” or the “Company”)
Corporate Update & Company Presentation
Andalas Energy and Power Plc, the AIM listed Indonesian focused oil and gas exploration company (AIM: ADL), is pleased to provide an update on its activities in line with its strategy to roll out gas-to-power projects in Indonesia, which it believes can make a significant contribution to the country’s power shortfall at the local level.
In addition, the Company is pleased to advise that an updated presentation will be uploaded to its website at http://www.andalasenergy.co.uk/. It is an update to the Company’s previous presentation and highlights the significance for Andalas of the recently announced agreement between it and PT Pertamina (Persero) (‘Pertamina’), Indonesia’s national oil company. The presentation will be used in media and analyst meetings taking place this week and no price sensitive information is included in this presentation.
Partnership with Pertamina to Monetise Multiple Gas Fields in Indonesia
First meeting held on Friday 9 September 2016 between the Company and Pertamina Two committees established to commence work on the conceptual plans which will be reviewed by both partners: Power Generation Working Committee – to be chaired by Simon Gorringe, COO and Executive Director of Andalas Gas Supply Working Committee – to be chaired by representatives from Pertamina Work underway to select five initial stranded gas fields within Pertamina’s acreage in Riau, Jambi and South Sumatra provinces which are suitable for sub-100 MW gas-to-power development via an independent power projectTuba Obi East Concession (‘TOE’), Sumatra
The approval process by Pertamina is underway to confirm the Company’s technical proposal to test the gas bearing Air Benakat Formation (‘ABF’) on TOE via the recompletion of the existing TOE-1 well The technical proposal includes the recompletion design, tender documents, and mobilisation plans for the workover of TOE-1 In anticipation of final approval being issued, the tender process for services and equipment to undertake the workover of TOE-1, has commenced – further updates will be provided once this process has been completed The TOE-1 workover is the first of a multi-phase programme, and will support gas processing and power plant front-end engineering and design studies, enable a gas reserves assessment to be completed and gas and power sales negotiations to commenceAndalas CEO, David Whitby, said: “We are entering an exciting phase in the development of Andalas as a leading integrated gas to power producer focused on Indonesia. We are confident that during this period, the excellent work carried out by our first class team of oil and gas professionals over the past 12-18 months ensures the Company is in a strong position to capitalise on the substantial opportunity within our partnership with Pertamina. I look forward to providing further updates, as we focus on making a meaningful contribution towards the Government of Indonesia’s target of adding 35,000 MW of new capacity by 2019 for the benefit of both the Indonesian population and our shareholders.”
**ENDS**
For further information, please go to http://www.andalasenergy.co.uk/ or contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah WharryCraig Francis | Cantor Fitzgerald Europe(Nominated Adviser and Joint Broker) | Tel: +44 20 7894 7000 |
| Lucy WilliamsCharles Goodfellow | Peterhouse Corporate FinanceLimited (Joint Broker) | Tel: +44 20 7469 0930 |
| Colin Rowbury | Cornhill Capital (Joint Broker) | Tel: +44 20 7710 9610 |
| Frank BuhagiarSusie Geliher | St Brides Partners Limited | Tel: +44 20 7236 1177 |