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Andalas Energy & Power (ADL) CEO David Whitby discusses the landmark PT PP Energi agreement on VOX Markets podcast
Andalas Energy & Power (ADL) CEO David Whitby discusses the landmark PT PP Energi agreement with Justin Waite on the VOX Markets podcast
Andalas Energy and Power shares soar on new Indonesia venture – Proactive Investors
Andalas Energy and Power Plc (LON:ADL) shot up around 75% in Tuesday’s early deals after it announced a new consortium agreement which foresees the development of a wellhead power project in Indonesia.
The AIM-quoted firm has signed the deal with PT PP Energi (PPE), a subsidiary of state-owned Indonesian construction and engineering group PT PP (Persero), for a proposed Jambi-1 which would involve a 30 megawatt gas-fired power facility.
Andalas highlighted that the deal represents a major milestone for the company and it is the first of three possible projects under a recently agreed framework arrangement with PPE. It is anticipated that Jambi-1 will generate more than US$10mln of gross revenue per year for 20 years.
Talks will now advance to finalise gas sales terms for the project as well as grid study evaluation and front end engineering design (FEED).
Together Andalas and PPE will review project financing options via existing Indonesian and international banking relationships.
David Whitby, Andalas chief executive, said: “This Agreement is a value trigger event for Andalas. With our internal forecasts indicating project revenue in excess of US$10m per annum, the Jambi-1 project has the potential to transform the business and sets the platform to develop further power projects in tandem with PPE.”
Andalas Energy & Power (ADL) – Company and development updates
Andalas Energy and Power plc (AIM:ADL) is pleased to provide an operational update on its strategy to develop a portfolio of 250MW to 500MW of wellhead independent power projects (‘IPPs’) in Indonesia fired with gas from proven fields and also to provide an update on its zero coupon loan note (‘the Loan Note’) issued to Sandabel Capital L.P.
Pertamina update
On 1 September 2016, Andalas announced a cooperation agreement with Pertamina, the Global Fortune 500 national oil company of Indonesia, to commercialise gas fields within Pertamina’s acreage in Sumatra via the roll-out of the Company’s gas to power offering. Since then a number of projects have been subjected to a vigorous selection, due diligence and evaluation exercise, resulting in the identification of multiple proven fields within Pertamina’s portfolio that are suitable for gas-to-power development.
Andalas and Pertamina are now seeking to formalise the contractual framework under which each proposed project can be developed, including specifics of the power project development and the terms of the agreement.
PT PP Energi
On 17 July 2017, Andalas announced an agreement with PPE, the Indonesian state-owned construction and engineering company, to jointly develop independent power facilities in Indonesia. Andalas agreed to propose at least three projects to PPE within three months of the agreement. The Company is pleased to report that it has now presented the first project and both parties have started the work necessary to evaluate the project and, subject to negotiation, to establish a consortium agreement to develop the project.
New “fast power” opportunity
In the recently announced 2017 Republic of Indonesia’s Electricity Supply Business Plan (‘RUPTL’), it was announced that mobile power plants are to be deployed to deal with short-term shortages of power. In response to this and in parallel with its core business of developing 30MW to 100MW independent power projects, Andalas has identified a number of gas projects as part of its work with Pertamina and other gas owners, that it considers to be potential candidates to supply a short term mobile power plant development.
Three categories of gas field are being targeted:
- Smaller projects (circa 30BCF) that are considered too small for a long term IPP development but are suitable for a shorter project life
- Producing gas fields with surplus uncontracted gas supply
- Oil fields where oil production is constrained by flaring consents
Andalas has started project feasibility work on two gas assets. If found suitable, Andalas will look to propose a short-term power solution to the state-owned electricity company, PLN. The potential projects must be near existing gas supply and power infrastructure, located in a region with unmet power demand and offer immediate cash flow potential. Andalas will act as project developer and it has held conversations with a number of global flexible power providers to provide the power plant, operating and maintenance of any project under a tolling agreement.
Loan note update
Sandabel has agreed to extend the maturity date of the £550,000 Loan Note to 31 August 2017. The fee associated with the extension is £50,000, which will be repaid alongside the £550,000 loan note on or before the maturity date. The Loan Note only becomes convertible into equity in the event that the Loan Note is not repaid by the Maturity Date. All other terms of the Loan Note (announced on 1 February 2017) remain unchanged. In addition Sandabel has been issued with 150,000,000 3 year warrants at a strike price of 0.1pence per share, representing a 38% premium to the closing share price.
David Whitby, CEO of Andalas Energy & Power, commented: “We believe that our ability to identify competitive sources of gas, creates multiple opportunities in the power market in Indonesia. We continue to make progress with Pertamina towards our goal of delivering our first project. At the same time, we continue to seek other ways to create value for shareholders and the ‘fast power’ opportunity has the potential to do just that. By adopting the supplier tolling model there will be negligible capital investment required to bring any future project into production, and therefore ‘faster power’ projects provide scope to bring forward first revenues for Andalas without the need for shareholder dilution.
“As was the case when the Board of Directors participated in the recent placing, the extension of the loan note provides the Company with additional flexibility at a time when we are seeking to deliver on the multiple objectives that we have been working on since signing our agreement with Pertamina. I look forward to providing further updates on our progress.”
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.
**ENDS**
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 |
| Jon Belliss | Beaufort Securities Limited (Joint Broker) |
Tel: +44 20 7382 8415 |
| Frank Buhagiar Susie Geliher |
St Brides Partners Limited | Tel: +44 20 7236 1177 |
Andalas Energy and Power (ADL) – Signs Agreement with PT PP Energi
Andalas Energy and Power plc (AIM:ADL) is pleased to announce that it has signed an agreement with PT PP Energi, a division of PT PP (Persero) Tbk, the state owned construction and engineering company, to jointly develop gas fired power facilities (“IPPs”) in Indonesia. The Agreement is a significant milestone for the Company because it builds on Andalas’ existing business with Pertamina and PTPP and PPE have the capability to bring significant complementary experience and resources to joint projects.
The agreement covers IPP projects across Indonesia, including those developed from gas supplied by Pertamina and by third party gas owners. It is expected that PPE will be a suitable partner to join it and PT Pertamina (Persero) in developing IPPs under Andalas’ existing agreement (see announcement 1 September 2016) using gas from Pertamina’s portfolio of discovered gas fields in Sumatra.
Highlights:
- Andalas to propose at least three projects to PPE within three months.
- PPE parent company, PTPP, is an Indonesian state-owned enterprise that is listed on the Indonesian Stock Exchange with a market capitalisation of approximately US$1.4 billion and generated revenue of US$1.2 billion in 2016.
- PTPP group is one of the largest construction and investment groups in Indonesia and is considered a preeminent engineering procurement and construction (‘EPC’) contractor of Indonesian independent power producer projects.
- PTPP group has a strong relationship with the national power company, PLN, having constructed 14 power projects for PLN totalling 2,168 MW since 2012.
- PTPP was awarded Indonesia’s Most Admired Company 2017 Construction Category by Warta Ekonomi Magazine in May 2017.
David Whitby, CEO of Andalas Energy & Power, commented: “Our relationship with Pertamina is creating a new gas to power business in Indonesia. The agreement is complementary to this business but importantly enables Andalas to pursue other gas to power projects that it has identified with non-Pertamina gas fields. PPE is a motivated and strategic partner that we believe brings unique skills, relationships and financial resources to a project consortium that we expect will further enable Andalas to deliver its target of 250-500MW. We have already performed a great deal of work in anticipation of signing this agreement and I look forward to announcing the first project shortly.”
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.
**ENDS**
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 |
| Jon Belliss |
Beaufort Securities Limited (Joint Broker) |
Tel: +44 20 7382 8415 |
|
Frank Buhagiar Susie Geliher |
St Brides Partners Limited | Tel: +44 20 7236 1177 |
Andalas Energy and Power (ADL) – Re Director Shareholdings
Further to its announcement of 23 May 2017, the Company sets out below the PDMR notifications relating to the participation by certain of the Directors in the Placing in accordance with the requirements of the Market Abuse Regulation:
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Daniel Jorgensen | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | Finance Director | |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | ANDALAS ENERGY AND POWER PLC | |||
| b) | LEI | 213800TZWOYU7UFZ5V63 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of Nil par value | |||
| Identification code | |||||
| b) | Nature of the transaction | Purchase of ordinary shares via a Placing | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 0.1 pence | 31,000,000 | ||||
| d) | Aggregated information | N/A – single transaction | |||
| – Aggregated volume | N/A – single transaction | ||||
| – Price | N/A – single transaction | ||||
| e) | Date of the transaction | 22 May 2017 | |||
| f) | Place of the transaction | London Stock Exchange (XLON) | |||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | David Whitby | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | CEO | |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | ANDALAS ENERGY AND POWER PLC | |||
| b) | LEI | 213800TZWOYU7UFZ5V63 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of Nil Par value | |||
| Identification code | |||||
| b) | Nature of the transaction | Purchase of ordinary shares via a Placing | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 0.1 pence | 42,000,000 | ||||
| d) | Aggregated information | N/A – single transaction | |||
| – Aggregated volume | N/A – single transaction | ||||
| – Price | N/A – single transaction | ||||
| e) | Date of the transaction | 22 May 2017 | |||
| f) | Place of the transaction | London Stock Exchange (XLON) | |||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Paul Warwick | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | Non-Excutive Director | |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | ANDALAS ENERGY AND POWER PLC | |||
| b) | LEI | 213800TZWOYU7UFZ5V63 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of Nil par value | |||
| Identification code | |||||
| b) | Nature of the transaction | Purchase of ordinary shares via a Placing | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 0.1 pence | 15,000,000 | ||||
| d) | Aggregated information | N/A – single transaction | |||
| – Aggregated volume | N/A – single transaction | ||||
| – Price | N/A – single transaction | ||||
| e) | Date of the transaction | 22 May 2017 | |||
| f) | Place of the transaction | London Stock Exchange (XLON) | |||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Ross Warner | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | EXECUTIVE DIRECTOR | |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | ANDALAS ENERGY AND POWER PLC | |||
| b) | LEI | 213800TZWOYU7UFZ5V63 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of Nil par value | |||
| Identification code | |||||
| b) | Nature of the transaction | Purchase of ordinary shares via a Placing | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 0.1 pence | 31,000,000 | ||||
| d) | Aggregated information | N/A – single transaction | |||
| – Aggregated volume | N/A – single transaction | ||||
| – Price | N/A – single transaction | ||||
| e) | Date of the transaction | 22 May 2017 | |||
| f) | Place of the transaction | London Stock Exchange (XLON) | |||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Simon Gorringe | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | EXECUTIVE DIRECTOR | |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | ANDALAS ENERGY AND POWER PLC | |||
| b) | LEI | 213800TZWOYU7UFZ5V63 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of Nil par value | |||
| Identification code | |||||
| b) | Nature of the transaction | Purchase of ordinary shares via a Placing | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 0.1 pence | 31,000,000 | ||||
| d) | Aggregated information | N/A – single transaction | |||
| – Aggregated volume | N/A – single transaction | ||||
| – Price | N/A – single transaction | ||||
| e) | Date of the transaction | 22 May 2017 | |||
| f) | Place of the transaction | London Stock Exchange (XLON) | |||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Graham Smith[i] | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | Non-Executive Director | |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | ANDALAS ENERGY AND POWER PLC | |||
| b) | LEI | 213800TZWOYU7UFZ5V63 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of Nil par value each | |||
| Identification code | |||||
| b) | Nature of the transaction | Purchase of ordinary shares via a Placing | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 0.1 pence | 18,000,000 | ||||
| d) | Aggregated information | N/A – single transaction | |||
| – Aggregated volume | N/A – single transaction | ||||
| – Price | N/A – single transaction | ||||
| e) | Date of the transaction | 22 May 2017 | |||
| f) | Place of the transaction | London Stock Exchange (XLON) | |||
[i] FIM Capital Limited, a company in which Graham Smith is interested has subscribed for the shares.
For further information, please visit www.andalasenergy.co.uk or 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 |
| Jon BellissFrank Buhagiar Susie Geliher |
Beaufort Securities Limited (Joint Broker)St Brides Partners Limited |
Tel: +44 20 7382 8415Tel: +44 20 7236 1177 |
Andalas Energy and Power Plc (ADL) – Placing, Lifting of Suspension and Operations Update
Andalas Energy and Power Plc – Placing, Lifting of Suspension and Operations Update
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
Placing, Lifting of Suspension and Operations Update
Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company, is pleased to announce that it has conditionally raised £600,000 via a placing (‘the Placing’) of 600,000,000 ordinary shares of nil par value (the ‘Placing Shares’) at a price of 0.1 pence per share (‘the Placing Price’). Certain Directors are participating in the Placing by way of a subscription for a total of 168,000,000 Placing Shares. The Placing Price represents a premium of 29% to the mid-market price at the time of the suspension of trading in the Company’s ordinary shares on AIM. Following today’s announcement, the Company has requested a restoration of trading in the Company’s ordinary shares, which will recommence trading on AIM from 7.30 a.m. on 23 May 2017.
Andalas CEO, David Whitby, said: “The Directors’ participation in this placing at a 29% premium to the last traded share price demonstrates the team’s conviction that real progress continues to be made towards establishing Andalas as a leader in the gas to power space in Indonesia. The opportunity in front of us remains more compelling than ever and I look forward to updating the market as we look to generate significant value both for our new and existing shareholders.”
Details of the Placing and Total Voting Rights
The Placing is conditional only upon the lifting of the suspension in trading of the Company’s shares and admission of the Placing Shares to trading on AIM. The proceeds of the Placing will be used to provide additional working capital, as Andalas focuses on advancing its first Wellhead IPP project with Pertamina, Indonesia’s national energy company. In connection with the Placing, the Company has also issued 50,000,000 5 year warrants to third parties in lieu of fees, with an exercise price of 0.1 pence per warrant.
Application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM (‘Admission’) and it is expected that Admission will occur and that trading in the Placing Shares will commence at 8.00 am on 24 May 2017. The Placing Shares will rank pari passu in all respects with the Company’s existing issued ordinary shares. Following Admission of the Placing Shares, the Company will have an enlarged issued share capital of 3,093,167,975 ordinary shares and there are no shares held in treasury. This figure may be used by shareholders to determine if they are required to notify their interest in, or a change to their interest in, the Company.
Lifting of Suspension
The Company notes the suspension in trading of its ordinary shares on AIM on 8 May 2017, and its announcement of 9 May 2017 referring to recent media speculation concerning a significantly discounted equity fundraising. The Board can confirm that at the time of the suspension, it was advised by its broker that it could raise up to £1.0 million at a price of approximately 0.06 pence per ordinary share.
However, the Board elected to pursue other alternatives and has now concluded the Placing at the Placing Price, which represents a significant premium of 29% to the mid-market price at the time of the suspension of trading in the Company’s ordinary shares on AIM.
Following today’s announcement, the Company has requested a restoration of trading in the Company’s ordinary shares, which will recommence trading on AIM from 7.30 a.m. on 23 May 2017.
Operations Update
Discussions are currently ongoing with potential partners who have the appropriate technical and financial resources to co-develop and fund the roll-out of Andalas’ pipeline of projects, including the first IPP. The Company is encouraged by the calibre of the interested parties, a number of whom have completed detailed due diligence on both the Company and its projects.
Related Party Transaction
Certain of the Directors are participating in the Placing by way of a subscription for a total of 168,000,000 Placing Shares. Details of these subscriptions and subsequent beneficial holdings as a result of the Placing are shown below:
| Director | Ordinary shares held at today’s date | Placing Shares | Ordinary shares following Placing | % of Enlarged Share Capital |
| David Whitby | 77,983,109 | 42,000,000 | 119,893,109 | 3.88% |
| Paul Warwick | 13,366,982 | 15,000,000 | 28,366,982 | 0.92% |
| Ross Warner | 71,485,738 | 31,000,000 | 102,485,738 | 3.31% |
| Simon Gorringe | 71,875,153 | 31,000,000 | 102,875,153 | 3.33% |
| Daniel Jorgensen | 48,366,281 | 31,000,000 | 79,366,281 | 2.57% |
| Graham Smith(1) | – | 18,000,000 | 18,000,000 | 0.58% |
|
||||
The subscription by certain of the Directors for Placing Shares pursuant to the Placing, constitutes a related party transaction under the AIM Rules for Companies. The independent Director for the purposes of the Placing, being Robert Arnott, having consulted with Cantor Fitzgerald Europe (the Company’s nominated adviser), considers that the terms of the Placing are fair and reasonable in so far as the Company’s existing shareholders are concerned.
**ENDS**
For further information, please visit www.andalasenergy.co.uk or 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 |
| Jon BellissFrank Buhagiar Susie Geliher |
Beaufort Securities Limited (Joint Broker)St Brides Partners Limited |
Tel: +44 20 7382 8415Tel: +44 20 7236 1177 |
Andalas Energy & Power (ADL) – Response to media speculation
Andalas Energy and Power Plc, the AIM listed Indonesian focused energy Company (AIM: ADL), notes the recent media speculation regarding the Company undertaking a significantly discounted equity fundraising in the short term.
Andalas confirms that it is currently in discussions with investors concerning a potential fundraising to fund its ongoing activities in Indonesia. The discussions are of a preliminary nature and the Company cannot guarantee that any such fundraising will take place in the short term. Pending the outcome of these discussions, the Company has requested a suspension in trading of its shares on the AIM Market. A further announcement will be made in due course as and when appropriate.
**ENDS**
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: David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah WharryCraig Francis | Cantor Fitzgerald Europe(Nominated Adviser and Joint Broker) | Tel: +44 20 7894 7000 |
| Jon Belliss | Beaufort Securities Limited(Joint Broker) | Tel: +44 20 7382 8415 |
| Frank BuhagiarSusie Geliher | St Brides Partners Limited | Tel: +44 20 7236 1177 |
Andalas Energy and Power (ADL) – Operations update and Indonesia Government decree
Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company (AIM: ADL), is pleased to provide an update on the Company’s plans to develop a portfolio of wellhead independent power projects targeting 250MW to 500MW of installed capacity fired with gas from proven fields.
- As previously announced, the issue of new regulations on 2 February 2017, by the Ministry of Energy and Minerals, prioritises wellhead gas to power projects.
- The Minister has issued Decree No. 1415K/20/MEM/2017 which approves the national energy procurement plan (subject to various qualifications) delivered by PT PLN (Persero), Indonesia’s national electricity distribution company.
- The Minister decrees that PLN will give priority to wellhead natural gas plants where energy sources are available in business areas identified in the plan and that he may vary the plan throughout the year.
- The regulations outline a fast-track approvals process via direct appointment of wellhead IPP projects without the need for a public tender.
- Andalas has commenced the next steps in advancing its projects through this process.
Andalas CEO, David Whitby, said “Andalas is pioneering the concept of rolling out wellhead IPPs using established technologies to help tackle Indonesia’s energy crisis at the local level. In our view, the recent regulatory changes demonstrate that the Government recognises that these projects can make a significant contribution towards achieving its 35,000MW target of new capacity and delivering affordable power to the people of Indonesia. Being a first mover has the potential to generate significant rewards for our shareholders as we look to rapidly build an initial portfolio targeting 500MW of installed capacity.
“The new regulations and Decree are the first time wellhead IPPs have been recognised as a distinct class of project and given special consideration outside the usual planning and approval cycle. The Decree prioritising wellhead IPPs opens the door for Andalas and our partner Pertamina to identify and propose further projects for approval by the Minister, capitalising on the progress made on our recently announced project pipeline.”
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.
**ENDS**
| 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 |
| Jon Belliss | Beaufort Securities Limited
(Joint Broker) |
Tel: +44 20 7382 8415 |
| Frank Buhagiar
Susie Geliher |
St Brides Partners Limited | Tel: +44 20 7236 1177 |
Rigzone – Andalas Could Become ‘Material Player’ in Indonesia Gas to Power Outlook
Andalas Could Become ‘Material Player’ in Indonesia Gas to Power Outlook
by Andreas Exarheas
Andalas Energy and Power Plc, in collaboration with Pertamina, has identified a further two gas fields in central Sumatra suitable for wellhead IPP (independent power project) development.
“The scalability of our gas-to-power offering in partnership with Pertamina is clear. In addition to the initial project, we have identified two additional fields within Pertamina’s unrivalled inventory of gas assets,” Andalas CEO, David Whitby, said in a company statement.
“All of this has been achieved within eight months of signing our partnership agreement with Pertamina and we look forward to updating shareholders as we continue to progress our cooperation with Pertamina,” he added.
The pace of the collaboration could potentially see Andalas become a “material player” in Indonesia’s gas to power outlook, according to Sam Wahab, oil & gas research analyst at Cantor Fitzgerald Europe.
“We therefore believe Andalas’ shares represent a unique investment opportunity to gain exposure to a compelling and established hydrocarbon province,” Wahab said in a research note sent to Rigzone.
The development is in line with Andalas’ strategy to develop a portfolio of wellhead IPPs totalling between 250MW and 500MW of installed capacity, fired with gas from existing fields, Andalas said in a company statement.
Link here for the full Rigzone story
Andalas Energy & Power (ADL) – Extension of Term of Loan note
Andalas Energy and Power Plc (AIM: ADL) is pleased to announce an update on its zero coupon loan note issued to Sandabel Capital L.P.
Sandabel has agreed to extend the Maturity Date of the £500,000 Loan Note to 28 July 2017. The fee associated with the extension is £50,000, which will be repaid alongside the £500,000 loan note on or before the maturity date. The loan note only becomes convertible into equity in the event that the Loan Note is not repaid by the Maturity Date. All other terms of the Loan Note (announced on 1 February 2017) remain unchanged.
David Whitby, CEO of Andalas, said, “We thank Sandabel for their continued support in extending the loan note. We are making important progress with Pertamina and in seeking strategic partners who can bring complementary skills and resources to progress our strategy.”
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, this inside information is now considered to be in the public domain.
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 |
| Jon Belliss | Beaufort Securities Limited (Joint Broker) |
Tel: +44 20 7382 8415 |
|
Frank Buhagiar Susie Geliher |
St Brides Partners Limited | Tel: +44 20 7236 1177 |
| Alan Green | Brand Communications | Tel: +44 (0) 7976 431608 |