Andalas Energy and Power Plc Operations update

 
TIDMADL 
 
16 July 2018 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas' or the 'Company') 
 
                               Operations Update 
 
Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy 
company (AIM: ADL) is pleased to provide an update following the completion of 
its acquisition of its  interest in Eagle Gas Limited ("Eagle"), which is the 
owner of 66 2/3% of Southern North Sea Licence P2112 (see announcement of 30 
April 2018). The update is based on information supplied by the Operator and 
follows completion of the first phase of the work programme outlined by Andalas 
on 30 April 2018. 
 
Highlights: 
 
  * Southern North Sea Licence P2112 contains the undrilled gas prospect known 
    as Badger: 
 
      + The acreage is prospective for gas from multiple Carboniferous 
        reservoirs. 
 
      + The prospect is geologically analogous to other producing fields in the 
        Southern North Sea 
 
  * Phase one of the work programme is now complete.Petroleum Geo-Services ASA 
    ("PGS") has completed the pre-stack depth migration (PSDM) reprocessing of 
    the 3D seismic data: 
 
      + The 3D Seismic data is based on two PGS multi-client surveys that were 
        merged and reprocessed by PGS in 2015. 
 
  * Phase two of the work programme is now underway: 
 
      + Seismic interpretation has commenced that will estimate resource 
        volumes and exploration well location. 
 
      + In parallel the operator has commenced the preparation of the farm-out 
        material. 
 
Simon Gorringe, CEO of Andalas Energy and Power PLC said: 
 
"We recently attended a project review meeting with Eagle's technical team, 
which confirmed the work programme is on schedule and during which the operator 
presented the latest results of the PSDM work by PGS. 
 
"The work to date continues to validate our opinion that the licence has 
excellent gas prospectivity and we now look forward to the completion of the 
work programme, which will include the operator assessment of the resource 
volumes and the recommendation for the location of the potential exploration 
well. We look forward to announcing the results of Eagle's work with further 
updates on this and on our other projects over the summer." 
 
For further information, please contact: 
 
Simon     Andalas Energy and Power Plc               Tel: [phone] 
Gorringe 
 
Roland    Beaumont Cornish Limited                   Tel: [phone] 
Cornish/  (Nominated Adviser) 
James 
Biddle 
 
Colin     Novum Securities Limited                   Tel: [phone] 
Rowbury   (Joint Broker) 
 
 
Christian Optiva Securities Limited                  Tel: [phone] 
Dennis    (Joint Broker) 
 
Stefania  Cassiopeia Services Ltd                    [e-mail] 
Barbaglio 
 
 
 
END 
 

(END) Dow Jones Newswires

July 16, 2018 02:00 ET (06:00 GMT)