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Andalas Energy & Power #ADL – Result of EGM and Total Voting Rights
The Extraordinary General Meeting (“EGM”) for Andalas Energy and Power plc (AIM:ADL) was held today at 10.00am. All resolutions were passed.
Following the passing of the resolutions at the EGM, the Conditional Placing, as announced on 27 February 2019, was approved.
Accordingly, the Company has issued the conditional placing shares totalling 48,888,889 Ordinary Shares, which will rank pari passu in all respects with all existing ordinary shares in the Company, and has applied for Admission to trading on AIM of such shares with effect from 19 March 2019 (“Admission”). Following Admission, the Company will have an issued share capital of 603,970,301 Ordinary Shares.
Simon Gorringe, CEO of Andalas Energy & Power PLC said: “With the EGM resolutions passed, we can focus on the Colter South discovery and new opportunities for the Company. We believe that the market has undervalued the positive drill results at the Colter South discovery and the impact of the recently completed placing on the Company’s cash position. The conditional element of that placing can now complete. It will provide an additional cash injection at a time when the Company has no outstanding asset funding commitments.
“Our immediate focus is to continue to support the joint ventures’ evaluation of the Colter South discovery, which includes the assessment of the data from both the initial well and the side track as well as the data from the previous wells and seismic across the licence area over the coming weeks. In addition we are currently reviewing a number of opportunities, which could create significant value for shareholders. We look forward to updating the market in the near future as and when these opportunities develop further.
“In closing Andalas would like to take this opportunity to thank its shareholders and advisors for their continued support of the company as we continue to work towards our long term objective of building a substantial production and exploration company.”
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.
| 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 Ltd | Stefania@cassiopeia-ltd.com |
Andalas Energy and Power Plc (ADL) Colter Well Update
Andalas Energy and Power Plc, the AIM listed oil and gas exploration and development company, is pleased to provide the following update on the Colter appraisal well (‘the Well’ or ‘Colter’), currently being drilled by Corallian Energy Limited (‘Corallian’) in the P1918 licence in the Wessex Basin. Andalas holds an 8% interest in the licence.
The Colter well (98/11a-6) has been drilled as a vertical well with the Ensco-72 jack-up rig and has reached a Total Depth of 1870m MD in the Sherwood Sandstone. The Well is an appraisal of the 98/11-3 well, drilled in 1986 by British Gas, within the Colter Prospect.
The 98/11a-6 well unexpectedly remained on the southern side of the Colter Prospect bounding fault but encountered oil and gas shows over a 9.4 metres interval at the top of the Sherwood Sandstone reservoir – a separate discovery to the original appraisal target. A petrophysical evaluation of the LWD data has calculated a net pay of 3 metres. Similar indications of oil and gas were encountered in the 98/11-1 well, drilled in 1983 by British Gas, within the Colter South fault terrace.
Provisional analysis of the new data indicates that the two wells may a share a common oil-water-contact having both intersected the down-dip margin of the Colter South prospect. Corallian’s most recent assessment of the Colter South Prospect prior to drilling the 98/11a-6 well had estimated a mean recoverable volume of 15 mmbbls. Further work will be required to refine this assessment with the new well data
The joint venture has commenced preparations to side-track the 98/11a-6 well. The side-track will be drilled directionally to a Sherwood Sandstone target within the Colter prospect on the northern side of the bounding fault and will take approximately two weeks to complete.
Andalas Energy and Power plc CEO, Simon Gorringe, said: “The initial results from Colter have delivered valuable information on the potential of an additional hydrocarbon structure called the Colter South Prospect. This is an added bonus and offers opportunity for future appraisal to increase the overall value of the Colter licence area. The oil and gas shows encountered in Colter South mean that we maintain our confidence levels for the side-track into the main the main Colter Prospect target. We look forward to updating share in the coming weeks.”
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 nearly 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: +62 21 2965 5800 |
|
Roland Cornish/ James Biddle |
Beaumont Cornish Limited |
Tel: +44 20 7628 3396 |
|
Colin Rowbury |
Novum Securities Limited |
Tel: +44 207 399 9427 |
|
Christian Dennis |
Optiva Securities Limited |
Tel: +44 20 3411 1881 |
|
Stefania Barbaglio |
Cassiopeia Services Limited |
Stefania@cassiopeia-ltd.com |