Andalas Energy and Power Plc Corporate Update & Company Presentation

 
TIDMADL 
 
15 September 2016 
 
                         Andalas Energy and Power Plc 
 
                         ("Andalas" or the "Company") 
 
                    Corporate Update & Company Presentation 
 
Andalas Energy and Power Plc, the AIM listed Indonesian focused oil and gas 
exploration company (AIM: ADL), is pleased to provide an update on its 
activities in line with its strategy to roll out gas-to-power projects in 
Indonesia, which it believes can make a significant contribution to the 
country's power shortfall at the local level. 
 
In addition, the Company is pleased to advise that an updated presentation will 
be uploaded to its website at http://www.andalasenergy.co.uk/.  It is an update 
to the Company's previous presentation and highlights the significance for 
Andalas of the recently announced agreement between it and PT Pertamina 
(Persero) ('Pertamina'), Indonesia's national oil company.   The presentation 
will be used in media and analyst meetings taking place this week and no price 
sensitive information is included in this presentation. 
 
Partnership with Pertamina to Monetise Multiple Gas Fields in Indonesia 
 
  * First meeting held on Friday 9 September 2016 between the Company and 
    Pertamina 
  * Two committees established to commence work on the conceptual plans which 
    will be reviewed by both partners: 
      + Power Generation Working Committee - to be chaired by Simon Gorringe, 
        COO and Executive Director of Andalas 
      + Gas Supply Working Committee - to be chaired by representatives from 
        Pertamina 
  * Work underway to select five initial stranded gas fields within Pertamina's 
    acreage in Riau, Jambi and South Sumatra provinces which are suitable for 
    sub-100 MW gas-to-power development via an independent power project 
 
Tuba Obi East Concession ('TOE'), Sumatra 
 
  * The approval process by Pertamina is underway to confirm the Company's 
    technical proposal to test the gas bearing Air Benakat Formation ('ABF') on 
    TOE via the recompletion of the existing TOE-1 well 
      + The technical proposal includes the recompletion design, tender 
        documents, and mobilisation plans for the workover of TOE-1 
  * In anticipation of final approval being issued, the tender process for 
    services and equipment to undertake the workover of TOE-1, has commenced - 
    further updates will be provided once this process has been completed 
  * The TOE-1 workover is the first of a multi-phase programme, and will 
    support gas processing and power plant front-end engineering and design 
    studies, enable a gas reserves assessment to be completed and gas and power 
    sales negotiations to commence 
 
Andalas CEO, David Whitby, said: "We are entering an exciting phase in the 
development of Andalas as a leading integrated gas to power producer focused on 
Indonesia.  We are confident that during this period, the excellent work 
carried out by our first class team of oil and gas professionals over the past 
12-18 months ensures the Company is in a strong position to capitalise on the 
substantial opportunity within our partnership with Pertamina.  I look forward 
to providing further updates, as we focus on making a meaningful contribution 
towards the Government of Indonesia's target of adding 35,000 MW of new 
capacity by 2019 for the benefit of both the Indonesian population and our 
shareholders." 
 
                                   **ENDS** 
 
For further information, please go to http://www.andalasenergy.co.uk/ or 
contact: 
 
David Whitby          Andalas Energy and Power Plc   Tel: [phone] 
 
Sarah Wharry          Cantor Fitzgerald Europe       Tel: [phone] 
Craig Francis         (Nominated Adviser and Joint 
                      Broker) 
 
 
Lucy Williams         Peterhouse Corporate Finance   Tel: [phone] 
Charles Goodfellow    Limited (Joint Broker) 
 
 
Colin Rowbury         Cornhill Capital (Joint        Tel: [phone] 
                      Broker) 
 
 
Frank Buhagiar        St Brides Partners Limited     Tel: [phone] 
Susie Geliher 
 
 
 
END 
 

(END) Dow Jones Newswires

September 15, 2016 04:00 ET (08:00 GMT)