Andalas Energy and Power PLC, is pleased to report that Corallian Energy Limited (“Corallian”), the Exploration Operator for Licence P1918, has informed the joint venture partners that the Department for Business, Energy and Industrial Strategy, Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) has advised the Oil and Gas Authority of its in principle agreement to the issue of the relevant consent for the Colter well, in which Andalas has an 8% interest.
There are several regulatory approvals and notifications still required before the consenting process is completed for the work programme. When all the necessary approvals have been obtained, Corallian expects to commence a two-well work programme, with the drilling of the Wick well (in which Andalas does not have an interest) expected to commence during December 2018. Following completion of the Wick well, the rig will be mobilised from the Moray Firth to the English Channel to drill the Colter well.
No further announcements are expected from Corallian until all the approvals are in place and the drilling programme has commenced.
Simon Gorringe, CEO of Andalas Energy and Power PLC said “We are pleased with the continued progress of the operator towards the commencement of the proposed well, which follows today’s announcement and the recent announcement of the contracting of the Ensco-72 rig to execute the Wick and Colter drilling programme.
“The drilling of the Colter well will expose Andalas shareholders to an exciting period of drilling activity, whilst we continue to work with our partners to complete the acquisition of Bunga Mas and to provide updates on the Badger licence. I look forward to keeping the market informed as we continue to progress 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.
For further information, please contact:
| Simon Gorringe | Andalas Energy and Power Plc | Tel: +62 21 2965 5800 |
| 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 |
| Stefania Barbaglio | Cassiopeia Services Limited (Public Relations) |
Stefania@cassiopeia-ltd.com |