Home » Posts tagged 'simon gorringe'
Tag Archives: simon gorringe
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 – 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 & Power #ADL – Update on Eagle Gas Limited
Andalas Energy and Power Plc, the AIM listed oil and gas company (AIM: ADL), has been advised by Eagle Gas Limited (“Eagle”) that Holywell Resources Limited (“Holywell”), the operator of Southern North Sea Licence P2112 (“Licence”), and Atlantic Petroleum UK Ltd (“Atlantic”) have elected to relinquish the Licence.
Simon Gorringe, CEO of Andalas Energy and Power PLC said: “We are disappointed that the Licence will be relinquished. However, whilst Holywell has undertaken discussion with a number of interested parties regarding participation in drilling the proposed well, it has been unable to secure a partner within the time permitted under the Licence and therefore it has no other practical course of action. We remain interested in the Badger prospect and we will consider options to apply for a new licence. In parallel Eagle will continue to pursue various other opportunities it is developing.
“We are continuing to assess new business opportunities and will make a further announcement as and when appropriate.”
Andalas holds 25% of the equity of Eagle which wholly owns Holywell. Holywell owns 66.67% interest in the Licence and the remainder is held by Atlantic.
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 |
Andalas Energy & Power #ADL – Update on Colter
Andalas Energy and Power Plc (AIM: ADL) has been informed by the Operator (Corallian Energy Limited) that the sidetrack well 98/11a-6Z has encountered the top of the Sherwood Sandstone reservoir below the level of the 98/11-3 oil water contact and did not penetrate the predicted fault bounding the target Colter Prospect. The well will now be plugged and abandoned and the rig released. Andalas has an 8% interest in Licence P1918, including the Colter Area Prospects.
As previously reported on 25 February 2019, the Colter well (98/11a-6) was drilled as a vertical well with the Ensco-72 jack-up rig and reached a Total Depth of 1870m MD in the Sherwood Sandstone. The well was drilled to appraise 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 9.4m interval at the top of the Sherwood Sandstone reservoir. A petrophysical evaluation of the LWD data has calculated a net pay of 3m. 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 share a common oil-water-contact having both intersected the down-dip margin of the Colter South Prospect. The Operator (Corallian Energy Limited) gave its most recent assessment of the Colter South Prospect prior to drilling the 98/11a-6 well at an estimated mean recoverable volume of 15 mmbbls. Further work will be required to refine this assessment with the new well data.
A decision was made by the Joint Venture to drill a side-track (98/11a-6Z) to the north to evaluate the Colter Prospect. The well has now been drilled to a Total Depth of 1910m MD and encountered the Sherwood Sandstone below the oil-water-contact of the 98/11-3 well. Initial evaluation of the data from both wells indicates that the Colter Prospect is smaller than pre-drill estimates. The Colter South discovery remains an opportunity to evaluate further as it is now areally more extensive than indicated by the pre-drilling mapping. In addition, the side-track encountered oil and gas shows in the Jurassic Cornbrash-Lower Oxfordian interval, the producing reservoirs in the Kimmeridge oilfield, and this provides an interesting potential target on trend to the west within the onshore licences held by the Joint Venture. The data from these well results and existing data will be incorporated to determine the best forward plan.
The Joint Venture partners would like to thank the well operator Fraser Well Management, rig operator Ensco and all the many contractors who assisted with the drilling operations which have been completed safely in an environmentally sensitive area.
Simon Gorringe, CEO of Andalas Energy and Power PLC said: “The Colter appraisal programme has delivered a larger than expected Colter South prospect and significantly increased our understanding of the broader Colter prospect. The results of the sidetrack does, however, indicate that overall the Colter prospect is smaller than initially expected, but the results from the drilling of the sidetrack did deliver encouragement for our adjacent onshore prospects from the good shows encountered in the Middle Jurassic.
“The joint venture will now integrate the results of the programme into its evaluation of the way forward to commercialisation of the Colter prospect and the enlarged Colter South prospect. We have now met our financial obligations under the farm-in agreement and there are currently no outstanding obligations under the licence.”
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 (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 |
Andalas Energy & Power #ADL – Placing, notice of EGM and issue of consideration shares
Andalas Energy and Power plc (AIM:ADL) announces that it has conditionally raised gross proceeds of £1,000,000 via a placing (‘Placing’) of 222,222,222 ordinary shares of nil par value (“Ordinary Shares”) at a price of 0.45pence (the “Placing Price”) per Ordinary Share (“Placing Shares”), compared to the mid-market price of 0.575 pence at the close of business on 26th February 2019.
The Placing is split between a firm placing to raise £780,000 through the issue of 173,333,333 Ordinary Shares at the Placing Price (the “Unconditional Placing”); admission of the Unconditional Placing Shares is expected to occur on or around 5 March 2019; and a conditional placing to raise £220,000 through the issue of 48,888,889 Ordinary Shares at the Placing Price (the “Conditional Placing”); the Conditional Placing is conditional on the approval of Andalas Shareholders at an EGM to be convened shortly and further detailed below.
The net proceeds of the Placing will be used to fully fund Andalas’ participation in the forthcoming Colter side-track, as announced on 25 February 2019, working capital and to provide additional capital to continue the Company’s business development efforts as it looks to broaden its portfolio of upstream opportunities.
Simon Gorringe, CEO of Andalas Energy and Power PLC commented, “We are now fully funded to participate in the forthcoming Colter side-track, following the announcement on Monday which identified the additional Colter South prospect. We have also secured support from new and existing shareholders for further upstream business development activity as we look to broaden our portfolio further, which we look forward to updating the market on in due course.”
Posting of Shareholder Circular and Notice of Extraordinary General Meeting (“EGM”)
The Placing is conditional on the Placing Shares, which will rank pari passu with the existing Ordinary Shares, being admitted to trading on AIM. The Placing comprises a placing of 173,333,333 shares (£780,000) placed pursuant to existing authorities granted to the Directors (“Unconditional Placing Shares”) and a placing of 48,888,889 shares (£220,000) (“Conditional Placing Shares”). The placing of the Conditional Placing Shares is also conditional on the Company passing at a general meeting such resolutions as the directors consider necessary to authorise and otherwise permit the directors and the Company to issue the Conditional Placing Shares.
The resolutions will be proposed at an extraordinary general meeting of the Company to be held at 10.00am on 15th March 2019.
A copy of the notice of EGM is expected to be sent to Shareholders tomorrow and made available for inspection at the Company’s registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP and on the Company’s website (www.andalasenergy.co.uk). Shareholders should read the notice of EGM.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that dealings in the Unconditional Placing Shares will commence on or about 5th March 2019 (“First Admission”) and that dealings in the Conditional Placing Shares will commence on or around 19th March 2019 (“Second Admission”) subject to the passing of the necessary resolutions at the EGM.
Warrants over 16,666,667 ordinary shares will be issued with a three year life and an exercise price of 0.45p per share will be issued in connection with the placing. The issue of all warrants are conditional on the approval of increased authorities to be voted on by shareholders at the forthcoming Extraordinary General Meeting.
Issue of consideration shares
As announced on 25 July 2018, the terms of our subscription agreement with Eagle Gas Limited required that a further £100,000 of consideration shares would be issued when the licence was extended beyond 31 December 2018. Accordingly 15,998,439 nil par value shares have been issued. The number of shares was calculated by reference to the £100,000 contingent consideration and to the share price calculated as 90% of the volume weighted average price over the 3 trading days prior to 1 January 2019, being 0.625pence per share.
Following the admission of the consideration and unconditional placing shares Eagle Gas Limited is the holder of 21,880,792 nil par value shares (3.94%) of the Company.
Total voting rights
Following the admission of the unconditional placing shares and the consideration shares but before the Second Admission, the Company’s issued share capital will consist of 555,081,412 ordinary shares of nil par value (“Ordinary Shares”), with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 555,081,412 Ordinary Shares may therefore be used by shareholders in the Company, between the dates of First Admission and Second Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules (“DTRs”).
Following the Second Admission the Company’s issued share capital will consist of 603,970,301 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 603,970,301 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.
The impact of the consolidation on the total voting rights of the Company is analysed below.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
| Announcement of the Placing | 27th February 2019 |
| First Admission and commencement of dealings in the Unconditional Placing Shares | on or around 5th March 2019 |
| Latest time and date for receipt of Forms of Proxy for the Extraordinary General Meeting | 10 a.m. on 13th March 2019 |
| Extraordinary General Meeting | 10 a.m. on 15th March 2019 |
| Completion of the Placing of the conditional shares, conditional on passing EGM resolution | 15th March 2019 |
| Commencement of dealings in the Conditional Shares | 19th March 2019 |
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 – Bunga Mas Update
Andalas Energy and Power Plc provides the following update in relation to its proposed acquisition of an interest in the Bunga Mas production sharing contract (“PSC”) (announced 29 August 2018).
The long stop date for fulfilment of the conditions precedent to the sale and purchase agreement expired on Friday, 15 February, and the parties have not extended it. The vendor has advised Andalas that the government of Indonesia (“GOI”) has advised that it intends to issue a letter terminating the PSC during the week commencing today. If, as is expected, the GOI issues the termination letter, Andalas will terminate the sale and purchase agreement.
As advised on 12 February 2019, the GOI asked the PSC contractors to deposit sums into an escrow account and lodge performance bonds as a condition of renewal of the PSC. The escrow sum is understood to be approximately US$5.8 million and the contractors have not satisfied this request. The directors have concluded that it would not be in the interests of the Company to seek to raise funds sufficient to fulfil these requirements.
As previously announced, to date Andalas has incurred direct costs of an estimated £200,000 of legal, professional and other direct costs in connection with Bunga Mas.
Andalas Energy & Power PLC CEO, Simon Gorringe, said: “We are disappointed by the recent developments at Bunga Mas. We could not ask shareholders for the funds to lock up US$6 million in addition to the capital required to develop the field. However, Andalas will only terminate the agreement when we know that the licence has been terminated by GOI.
“Colter is currently drilling, and we look forward to providing shareholders with further news in the coming weeks both on Colter and the Company’s interest in Badger.”
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 |
Andalas Energy & Power #ADL – Colter Well Spud
Andalas Energy and Power Plc is pleased to announce that it has been notified by Corallian Energy Limited (‘Corallian’), the operator of the P1918 licence in the Wessex Basin, that the Colter 98/11a-5 appraisal well (‘the Well’ or ‘Colter’) spudded at 10:10hrs on February 6th 2019. The drilling is expected to take three weeks.
Andalas holds an 8% interest in the Well which will appraise a historic discovery that lies immediately to the south of Europe’s largest onshore oil field at Wytch Farm. The discovery was made in 1986 by well 98/11-3, which encountered a 10.5m oil column in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mmbbls have been produced to date.
The Ensco-72 jack-up drilling unit has been contracted to drill the Well to an intended total depth of 1,830m metres, with drilling expected to take approximately three weeks. Colter will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data. Colter will evaluate a prospect that has been assessed to contain gross unrisked Mean Prospective Resources of 22 million (1.76 net) barrels of oil (“MMBO”) recoverable (Operator estimate) and a further 1 million (0.08 net) barrels of oil equivalent (“MMBOE”) as gas.
Andalas Energy & Power PLC CEO, Simon Gorringe, said: “We are delighted to announce the spud of the Colter appraisal well, which we invested in because of its attractive risk return profile. The well is targeting a historic discovery that lies close to existing infrastructure and is immediately south of Europe’s largest onshore oil field at Wytch Farm Field.
“Colter is the first well to be drilled in which Andalas has an interest since I became CEO and we look forward to announcing the results of this well, whilst the Andalas team continues to work on the other opportunities in 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 |
Andalas Energy & Power #ADL – Bunga Mas PSC one of 6 licences to be converted to gross split PSC by mid-Feb 2019
Andalas Energy and Power PLC, is pleased to report that Arcandra Tahar, Deputy Minister of Energy and Mineral Resources (“Deputy Minister”) issued a press release on Friday 11 January 2019, that the Bunga Mas PSC will be one of 6 licences that will be converted to gross split PSC’s by mid-February 2019. As announced on 29 August 2018, Andalas has a conditional agreement to acquire an initial 25% (rising to 49% and then 100%) interest in the Bunga Mas PSC.
The operator of the Bunga Mas PSC applied to convert the PSC to a gross split PSC as part of the process to extend the exploration period, one of the key conditions to completion of Andalas’s acquisition of an interest in the Bunga Mas PSC. Andalas regards the conversion to a gross split PSC as an important and positive step in this process.
The modelling performed by the Company to date indicates that the conversion of the PSC to the gross split PSC is likely to alter the economic profile of a successful development of Bunga Mawar. Importantly, however, it does not alter Andalas’ view that the deal exposes shareholders to significant upside under both the original PSC terms and the gross split PSC terms.
In addition, Andalas believes that the new gross split PSC will provide operating advantages – the Deputy Minister highlighted that the gross split PSC regime was created to make oil and gas licences efficient, uncomplicated, simple and with more secure processes.
Andalas will advise on the terms of the extension at such time as approval is granted by the government. The terms will include, amongst other things, the terms of the extension of the exploration period and the application of any transitional provisions between the old and the new regime.
Simon Gorringe, CEO of Andalas Energy and Power PLC said, “This change in licence terms is in line with the Indonesian government’s intention to have all oil and gas licences structured on a Gross Split basis and although we still do not know the exact terms of the new licence the company has the ability to renegotiate its economic interest with the operator to ensure the project meets our investment criteria.
“This news validates our decision to grant a short extension to the long stop date last month. The announcement by the vice Energy Minister indicates that the PSC will be formally converted in February, during which time we will continue to work with the vendor towards finalising the acquisition.
“We have established a good relationship with the Bunga Mas Operator who wants to close the deal as soon as possible and is willing to work with ADL to ensure that a satisfactory deal can be agreed. I look forward to updating the market as we progress with what continues to be an exciting deal.
“Andalas is paying consideration for the acquisition of Bunga Mas of 19.2 million shares (£177,600 at the closing share price on 11 January 2019), which we believe would represent very good business should we be successful in the planned development of the Bunga Mawar formation that has 2.3 million barrels of best case contingent and prospective resources.
“Furthermore, successfully developing Bunga Mawar is expected to provide cash flow to support the exploration and appraisal of the other leads and prospects on the licence that have total operator assessed best estimate prospective resources of 54 million barrels of oil and 26 BCF of.
“We look forward to an exciting few weeks and months as we provide the market with updates across our portfolio, including completion of our acquisition of an interest in the Bunga Mas PSC and both the forthcoming Colter new drill, which is targeting 22 million barrels of oil (1.76 million net to Andalas) and the additional studies on our Badger investment.”
Gross Split PSC Regime
Indonesia introduced a new PSC scheme based on gross production split in 2017. The Government’s intention was to incentivise exploration and exploitation activities by providing spending and operational freedom to operators.
The new regime is based on a gross production split without regard to a cost recovery mechanism. Hydrocarbons produced from the PSC are shared between the contractor and the government. The production split is determined by reference to the characteristics of the project. The base split for oil is 57% to the government and 43% to the contractor and for gas is 52% to the government and 48% to the contractor. The base split is adjusted by reference to variable and progressive components. The variable components include the status of the working area, field location, depth of the reservoir, availability of infrastructure, type of reservoir, carbon dioxide content, hydrogen sulphide content, specific gravity of oil and domestic component during the developments stage and the production stage. The progressive components comprise oil and gas prices and cumulative oil and gas production. By way of example, the first plan of development under a gross split PSC will attract an additional 5% contractors split and an off-shore field in water depths greater than 1000m would attract an additional 16% contractors split.
The role of SKK Migas is limited to control and monitoring of gross split PSCs and whilst it will approve work programmes it will not approve budgets which will be provided as a supporting document. Contractors may carry out procurement of goods and services independently and the governments procurement regulations will not apply the same restrictions as under the former regime.
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 |
Andalas Energy & Power #ADL CEO Simon Gorringe purchases 3m shares
Andalas Energy and Power PLC announces the following dealing in the ordinary shares of the Company made by, Simon Gorringe, Chief Executive Officer of the Company.
On 27 December 2018, Mr Gorringe acquired 3,000,000 Andalas ordinary shares at a price of 0.66 pence per share, representing 0.82% of the Company’s issued ordinary share capital.
Following the acquisition, Mr Gorringe now holds an interest of 5,057,503 Andalas ordinary shares, representing approximately 1.4% of the Company’s issued ordinary share capital.
Simon Gorringe said, “My purchase of shares today reflects my belief that Andalas is well positioned having made significant progress in securing an exciting future for the Company.”
“I believe in the potential of Andalas; we have the right strategy, an excellent team and we have a portfolio of opportunities each with near term activity. My acquisition of shares is in addition to other commitments made by myself, and the rest of the executive directors, to support Andalas as we progress to delivering on our projects in 2019. Since the board changes in April 2018, the executive Directors have sought to preserve the Company’s cash by keeping costs tightly under control, including continuing to only be paid part of their salary entitlement, which is alongside the directors write off of $300,000 of contractual unpaid salaries that was announced on 22 May 2018.”
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 |
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a. | Name | Simon Gorringe | ||||||
| 2 | Reason for notification | |||||||
| a. | Position/Status | Executive Director | ||||||
| b. | Initial notification/ Amendment |
Initial | ||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a. | Name | Andalas Energy and Power PLC | ||||||
| b. | LEI | |||||||
| 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
Identification Code |
Ordinary Shares | ||||||
| b. | Nature of the transaction | On market Purchase | ||||||
| c. | Price(s) and volume(s) | |||||||
| Price(s) | Volume(s) | |||||||
| 0.0066 GBP | 3,000,000 | |||||||
| d. | Aggregated information – Aggregated Volume – Price |
3,000,000 0.0066 GBP |
||||||
| e. | Date of the transaction | 27/12/2018 | ||||||
| f. | Place of the transaction | UK | ||||||
Andalas Energy & Power #ADL extends long stop date for Bunga Mas PSC sale & purchase agreement
Andalas Energy and Power PLC, is pleased to report that we have agreed with the vendor of the Bunga Mas PSC to extend the long stop date for satisfaction of the sale and purchase agreement conditions precedent to 15 February 2019 (originally announced on 29 August 2018).
We have agreed to extend the long stop date after consultations with the vendor and the Indonesian Government regarding the vendor’s request to vary the terms of the PSC by extending the exploration period and converting it to the new gross split regime. These consultations have led us to conclude that there is a reasonable prospect of the extension being granted.
Simon Gorringe, CEO of Andalas Energy and Power PLC said, “I am pleased with the steady progress being made by the vendor towards receiving the regulatory consent for the licence extension on terms, including the conversion to gross split, that are acceptable to the vendor and Andalas.
“In our opinion the new gross split regime and the former regime can provide broadly similar outcomes for development projects such as Bunga Mas and therefore we would be satisfied with an extension under either regime.
“Bunga Mas PSC represents a huge opportunity for Andalas, it has near term production potential and longer term has up to five potential exploration targets each with multi-million barrel of oil potential, the exploration of which we believe could be financed in full or in part by the production from the first phase of the project development.
“We look forward to providing the market with an update on our acquisition of Bunga Mas PSC in due course.”
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 |