Andalas Energy and Power Plc Result of AGM

 
TIDMADL 
 
24 November 2016 
 
                         Andalas Energy and Power Plc 
                         ('Andalas', or the 'Company') 
                       Result of Annual General Meeting 
 
Andalas Energy and Power Plc, the AIM listed Indonesian focused upstream oil 
and gas and power company (AIM: ADL) is pleased to announce that all 
resolutions were passed at its annual general meeting held today. 
 
The following statement from Chairman, Paul Warwick, was given at the meeting: 
 
"Since our readmission to AIM earlier this year, much progress has been made 
towards delivering on our strategy to deliver gas to power projects on 
discovered but stranded gas fields in Indonesia.  We have progressed activities 
at Tuba Obi East, our first stand-alone project, where we have received 
approval to complete a workover of the existing TOE-1 well to test the ABF 
formation, and we continue to work with PT Akar Golindo, the operator, to 
assess the details of the work programme. 
 
"In tandem with this, the recent MOU with Pertamina represents a major 
achievement for any company, let alone one of Andalas' size, and it is 
testament to the experience and contacts of the management team.   We believe 
that as we convert the MOU into projects, the inherent value in Andalas' gas to 
power proposition will be progressively delivered with the first project being 
the template for subsequent projects providing scale and sustainability to the 
Andalas investment proposition. 
 
 "We have focussed on gas to power as a concept that offers very attractive 
economic returns that are not as affected by international commodity price 
volatility.   Furthermore, in order to minimise the time from inception of a 
project to its first revenues, we target discovered resources, which removes 
the expensive and time consuming exploration phase normally encountered by 
upstream oil and gas companies.  Furthermore, by focussing on a region where we 
have real knowledge, specifically on the Indonesian gas market, which we are 
experts in, we have real scope to grow Andalas into a significant Indonesian 
energy company. 
 
"Nevertheless, despite our expertise and stringent selection criteria we cannot 
avoid the fact that our projects, in common with similar projects in our 
industry have a cycle time that must be measured in many months not in many 
weeks.  The Andalas team are experts at identifying projects, screening them, 
securing them and then progressing them by developing a plan, obtaining 
approvals and awarding contracts etc.  These processes are important in 
ensuring that we build proper foundations from which to grow Andalas' 
business. 
 
"Much progress has been made since the IPO and especially since the signing of 
the MOU with Pertamina in September.  Shareholders can rest assured much 
activity is taking place behind the scenes to ensure that Andalas fully 
capitalises on the excellent opportunities it has identified. We very much 
believe that we offer a unique value proposition that provides real value in 
all phases of the life cycle for our shareholders." 
 
                                   **ENDS** 
 
For further information, please 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 
 

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November 24, 2016 10:05 ET (15:05 GMT)