We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Andalas Energy And Power Plc | LSE:ADL | London | Ordinary Share | IM00BZ7PNY71 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.19 | 0.21 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMADL 25 July 2018 Andalas Energy and Power Plc ('Andalas' or the 'Company') Acquisition of additional interest in Eagle Gas Limited Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company (AIM: ADL), is pleased to announce it has increased its interest in Eagle Gas Limited ("Eagle") to 25% by subscribing for additional shares. The acquisition increases Andalas' exposure to Southern North Sea Licence P2112 (the "Licence") which contains a large undrilled gas prospect known as Badger through Eagle's 66.67% interest in the Licence. Highlights: * Andalas lifts interest in Eagle to 25%. * Consideration comprises: + Initial consideration of GBP125,000 in cash and 147,058,824 fully paid Andalas shares to be issued at the mid-market price on the date of issue (on a pre-consolidation basis) payable on completion of certain administrative matters expected to be completed shortly. The initial consideration is being funded out of the proceeds of the recently announced placing; and + Deferred consideration of fully paid Andalas shares to the value of GBP 100,000 payable on the earlier of (i) extension of the Licence beyond 31 December 2018 and (ii) acquisition by Eagle of additional assets agreed by Andalas.The issue price of the shares shall be 90% of the volume weighted average price over the 3 days prior to satisfaction of the condition. + The parties have also agreed to cancel Andalas' obligation to issue 147,058,824 deferred consideration shares under the original subscription announced on 30 April 2018. * Eagle is nearing completion of the 3D seismic reprocessing programme, re-interpretation of the structure and definition of the size of the prospective resource. * Simon Gorringe to be appointed to the board of Eagle as Andalas' representative. Simon Gorringe, CEO of Andalas Energy and Power PLC said: "We are pleased to increase our exposure to the Badger prospect at this attractive entry point where the current work programme is nearing its conclusion and will culminate in the publication of a resource estimate. Our team has over 25 years' experience in the UK North Sea, working across 15 fields encompassing every stage of the development cycle, which makes the Eagle opportunity particularly complementary to the team's skill set." About Eagle and the Badger prospect Seaward production Licence P2112 contains the Badger prospect, an undrilled gas prospect in the UK Southern North Sea. Eagle, through its wholly owned subsidiary, has a 66.67% interest in Licence P2112. The unaudited management accounts of Eagle for the period from 1 September 2017 to 28 February 2018 showed a pre-tax loss of GBP276,435 and net assets were GBP111,265 at 28 February 2018. The 2018 work programme includes the reprocessing of 3D seismic data and the re-interpretation of the structure to define the size of the prospective resource. The programme fully meets the Licence commitment and Petroleum Geo-Services ASA ("PGS") has been contracted to undertake the reprocessing. Eagle and Andalas will cooperate on funding the long-term development of the project. A further announcement will be made following the issue of the initial consideration shares to Eagle. 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 Andalas Energy and Power Plc Tel: +62 21 2965 5800 Gorringe Roland Beaumont Cornish Limited Tel: +44 20 7628 3396 Cornish/ (Nominated Adviser) James Biddle Colin Novum Securities Limited Tel: +44 207 399 9427 Rowbury (Joint Broker) Christian Optiva Securities Limited Tel: +44 20 3411 1881 Dennis (Joint Broker) Stefania Cassiopeia Services Ltd Stefania@cassiopeia-ltd.com Barbaglio END
(END) Dow Jones Newswires
July 24, 2018 11:45 ET (15:45 GMT)
1 Year Andalas Energy And Power Chart |
1 Month Andalas Energy And Power Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions