Home » Posts tagged 'dan jorgensen'
Tag Archives: dan jorgensen
Andalas Energy & Power #ADL – Resignation of Director
Andalas Energy and Power Plc (AIM: ADL) announces the resignation of Dan Jorgensen as Finance Director of the Company with immediate effect. Dan is leaving to pursue other private commercial opportunities. He will assist the Company by providing on-going support as it transitions to a new arrangement, as detailed below.
FIM Capital Limited, the Company’s administrator, will take up the financial management functions which Dan had been responsible for whilst Graham Smith, a non-executive director of Andalas and the CEO of FIM Capital Limited, will assume responsibility for finance on the Board.
Simon Gorringe, CEO of Andalas Energy and Power PLC said: “I would like to thank Dan for his support and commitment over the last few years. He has been a key member of our management team and will be sorely missed. We wish him the very best in his future endeavours.”
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 | Andalas Energy and Power Plc | 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 |
| Stefania Barbaglio | Cassiopeia Services Ltd | Stefania@cassiopeia-ltd.com |
Andalas Energy & Power #ADL – Change of Nomad and update
Andalas Energy and Power Plc, the AIM traded upstream oil and gas energy company (AIM: ADL), is pleased to announce the appointment of Beaumont Cornish Limited as the Company’s Nominated Adviser with immediate effect. Optiva Securities Limited and Novum Securities Limited remain the Company’s Joint Brokers.
In addition, the Company provides the following update:
- The Company expects to announce and publish its audited accounts for the year ended 30 April 2018 in June 2018;
- The Company announces that as part of ongoing actions to strengthen the Company’s balance sheet each of Simon Gorringe, Daniel Jorgensen and Ross Warner, current Directors of the Company, have each agreed to waive US$100,000 of unpaid contractual salaries for a total of US$300,000.These amounts have been written off for nil consideration. The Company is working to further reduce its current indebtedness and anticipates providing an update in conjunction with publication of the Accounts;
- Upon the termination of David Whitby’s appointment as Director of the Company he was contractually entitled to US$278,017, which was settled post year end for US$52,500 in full and final settlement. He has no ongoing role within the Company.
- As announced on 30 April 2018, the Company reduced its cash burn in the second half by 25% relative to the first half (H1 2018: US$1,015,000) and its unaudited cash balance at 30 April 2018 was US$38,000, which was supplemented by the proceeds from the £600,000 (gross) capital raise announced on 30 April 2018 as previously announced;
- The Company, following the Placing, has 9,662,162,387 ordinary shares of nil par value in issue. Following a review of the Company’s capital structure the Board have resolved to undertake a share consolidation thereby bringing the number of shares in issue more in line with a company of Andalas’ size. Such share consolidation will be conditional on Shareholder approval and therefore a resolution seeking Shareholder approval for the share consolidation is expected to be contained in the notice of AGM.
Commenting on the announcement, Simon Gorringe, CEO said: “This announcement further demonstrates the Boards intention to put the past behind it and to move forward on our new strategy of building a balanced portfolio of assets to deliver value to our shareholders.”
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 Ltd | Stefania@cassiopeia-ltd.com |
Andalas Energy and Power (ADL) – New Website
Andalas Energy and Power Plc is pleased to announce the launch of its new corporate website (http://www.andalasenergy.co.uk/).
The new website marks the culmination of the Company’s wider rebranding exercise which has been undertaken in recent months. This reflects the progress made by the new management team towards transforming ADL into an Indonesian focused energy and power company, as demonstrated by the securing of its first asset in Indonesia via the farm-in agreement to earn a 30% interest in the Tuba Obi East concession in the South Sumatran basin, as announced on 8 March 2016. Management views TOE as an excellent foundation asset upon which to build a profitable Indonesian gas and power business. The rebranding and repositioning has included:
- New Board and senior management appointments including highly experienced non-executive Chairman, Mr Paul Warwick, and Finance Director, Mr Dan Jorgensen and other senior in country appointments;
- Combined, the management team has over 250 years of industry experience and has in excess of half a century of direct experience in Indonesia;
- The appointment of Cantor Fitzgerald Europe as Nomad and broker to advise on the Company’s readmission to AIM and support its longer term ambitions to become a major player in the Indonesian energy and power sector; and
- A fresh new logo and change of name to Andalas Energy and Power, which is the ancient name for Sumatra and more fully captures the Company’s aspirations in the country.
The Directors, in tandem with their advisers, are currently focused on the readmission of the Company’s shares to AIM and further updates on this process will be provided to the market in due course.
For further information, please contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah Wharry Craig Francis |
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
Tel: +44 20 7894 7000 |
| Lucy Williams Charles Goodfellow |
Peterhouse Corporate Finance Limited (Joint Broker) |
Tel: +44 20 7469 0930 |
| Colin Rowbury | Cornhill Capital (Joint Broker) | Tel: +44 20 7710 9610 |
| Frank Buhagiar Susie Geliher |
Andalas Energy and Power Plc – Board Changes & Change of NOMAD & Broker
Andalas Energy and Power (ADL), the AIM listed investment company, is pleased to announce that Mr Paul Warwick, an existing non-Executive Director of ADL, has been appointed Chairman of the Board. Paul’s extensive industry experience, both globally and specifically in Indonesia, makes him ideally placed to help drive the strategic vision of the Board and in the process build a significant company focused on oil and gas production and gas to power projects in Sumatra, Indonesia.
In addition, the Company is pleased to announce the appointment of Mr Dan Jorgensen to the Board as Finance Director with immediate effect. Mr Jorgensen, a chartered accountant, brings a wealth of experience with him to his new position, including nearly 15 years’ working with international companies, with a particular focus on the resources sector.
Prior to his appointment, Mr Jorgensen was Finance Director of Northcote Energy Limited. During his tenure, he played an instrumental role in both the Admission of Northcote’s shares to the AIM market as well as its subsequent corporate transactions, which culminated in the acquisition of NAP USA, Inc., which doubled Northcote’s interest in its flagship Shoats Creek Field in Louisiana. In addition to Northcote, Mr Jorgensen has experience from senior management positions with a number of AIM-listed international resource companies. Between 2004 and 2011, he worked for BDO LLP in their Natural Resources team advising a large number of international AIM Companies. He is a chartered accountant and holds a BSC in Economics from Reading University.
Andalas CEO, David Whitby, said “We are pleased that Paul will be moving into his new position as Chairman of the Board. Thanks to his peerless track record in the Indonesian energy sector, in the short time since his appointment as a non-Executive Director, he has already made an important contribution to the successful implementation of our strategy thus far, and his familiarity with the Company will make this a seamless transition.
“We are delighted to have Dan join the Board as our Finance Director. Having already achieved a number of significant milestones since moving into the Indonesian energy sector, the Company is at a pivotal stage in its development and securing the best leadership team is instrumental to building on the progress already made. Dan brings with him the dynamism and experience that will be crucial to our continued success and we look forward to working alongside him as we further our strategy to enter the Indonesian energy market.
“With a strengthened leadership team and a clear vision for 2016, we are very excited about the next stage of our development and look forward to updating the markets in due course.”
Disclosures under Schedule 2 of the AIM Rules
Mr Daniel Bandholtz Jorgensen, aged 35, holds or has held the following directorships and/or partnerships in the previous five years:
| Present Directorships/Partnerships | Past Directorships/Partnerships |
| Northcote Energy Limited Holtz Properties Limited |
Mr Jorgensen does not hold any ordinary shares in the Company.
No additional information relating to Mr Jorgensen is required to be disclosed under Rule 17 or Schedule 2 paragraph (g) of the AIM Rules for Companies.
Separately, Andalas Energy and Power Plc announces that, with immediate effect, it has appointed Cantor Fitzgerald Europe as its Nominated Adviser and Joint Broker
For further information, please contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah Wharry Craig Francis |
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 7894 7000 |
| Lucy Williams Charles Goodfellow |
Peterhouse Corporate Finance Limited (Joint Broker) | Tel: +44 (0) 20 7469 0930 |
| Colin Rowbury | Cornhill Capital (Joint Broker) | Tel: +44 (0) 20 7710 9610 |
| Frank Buhagiar Susie Geliher |