7 Aug 2019 07:00
7 August 2019
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Operations update and Company presentation
Andalas Energy and Power Plc, the AIM traded upstream oil and gas and energy company (AIM: ADL), is pleased to announce that a new corporate presentation and associated video cast with an operations update on the recent Betun Selo KSO will shortly be available for all shareholders on the Company's website.
Please visit: http://www.andalasenergy.co.uk/media-centre/
The video cast discusses the recent activity on Betun, service work on well BTN14 and the upcoming work on wells BTN01 and BTN03:
·; To address challenges such as leaks in the production strings, the tubing has been replaced in three wells (BTN01, 04 and 14). As a result, there has been an increase in the barrels of oil lifted and so under the operating services and option agreement ("Services Agreement") announced on 21 June 2019 , this small increment to production means the first income for the Company.
·; The workover of BTN14 has completed. At re-start the well is now producing 450 barrels of total fluids per day including 4.5 bopd, representing a slightly better figure than the Company would have expected at this stage. The well is performing in line with expectations and given the workover has increased the total bfpd, the Company is hopeful of oil production at the well increasing back up to its January production rate of approximately 20 bopd. The workover encountered a larger than expected amount of scale which necessitaed a mechanical clean out of the well, acidization of the wellbore and perforations which extended the workover beyond the originally expected timetable.
·; The workover rig has moved to BTN01 to replace the existing pump with a larger pump and is expected to move to BTN03 by the third week of August subject to securing the necessary explosive permits from the Government and Pertamina which have been delayed due to the imposition of a new procedure.
Andalas will be providing regular updates to shareholders as it progresses the program.
For further information, please contact:
Simon Gorringe | Andalas Energy and Power Plc | Tel: +44 1624 681250 |
Graham Smith | FIM Capital Limited | Tel: +44 1624 681250 |
Roland Cornish/ James Biddle | Beaumont Cornish Limited(Nominated Adviser) | Tel: +44 20 7628 3396 |
Colin Rowbury | Novum Securities Limited(Joint Broker) | Tel: +44 207 399 9427 |
Christian Dennis | Optiva Securities Limited(Joint Broker) | Tel: +44 20 3411 1881 |