5 Nov 2019 07:00
5 November 2019
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Operations Update
Andalas Energy and Power Plc, the AIM traded upstream oil and gas company (AIM: ADL), is pleased to announce an operations update on the Betun Selo KSO, in which it has a production interest further to the agreement announced on 21 June 2019. The Company is currently undertaking a 4-well workover programme on the project.
·; Workover of the BTN 03 well was completed at the end of October and the well has now been put into production; initial flow rates remain inconsistent and therefore the Company will provide an update once these are at stablisied rates
·; The other 3 wells are producing at an average gross production rate for October of:
o BTN01 35.7 bopd
o BTN04 37.4 bopd
o BTN14 24.7 bopd
·; The field delivered at an average gross production rate for October of 99.3 bopd with a maximum from the 3 wells of 119.3 bopd
The focus for the coming month will be improving field uptime by undertaking a field equipment maintenance programme. A further announcement will be made once we have achieved stable production from BTN03 and the other 3-wells.
Andalas Energy, CEO, Simon Gorringe said "We are pleased with the progresss at Betun Selo especially now that we have the production contribution from BTN03 supporting production from the other 3-wells. We look forward to seeing results from the maintenance initative to improve uptime so that we exceed our target production rate of 150 bopd (gross)."
Qualified Person's Statement
The technical information contained in this announcement has been reviewed and approved by Mr. Gregor Mawhinney. Mr. Mawhinney is consulting for Andalas, acting in the role of Vice President Operations. He has 40 years' experience in the oil and gas industry, is a member of the Society of Petroleum Engineers (SPE) and a member of the Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL).
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.
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 |