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ADL Andalas Energy And Power Plc

0.20
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Andalas Energy and Power Plc Acquisition of additional interest in Eagle Gas Limited

24/07/2018 4:45pm

UK Regulatory


 
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)

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