Andalas Energy and Power Plc Update on Bunga Mas

 
TIDMADL 
 
27 December 2018 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas' or the 'Company') 
 
                            Update on Bunga Mas PSC 
 
Andalas Energy and Power PLC, is pleased to report that we have agreed with the 
vendor of the Bunga Mas PSC to extend the long stop date for satisfaction of 
the sale and purchase agreement conditions precedent to 15 February 2019 
(originally announced on 29 August 2018). 
 
We have agreed to extend the long stop date after consultations with the vendor 
and the Indonesian Government regarding the vendor's request to vary the terms 
of the PSC by extending the exploration period and converting it to the new 
gross split regime.  These consultations have led us to conclude that there is 
a reasonable prospect of the extension being granted. 
 
Simon Gorringe, CEO of Andalas Energy and Power PLC said, "I am pleased with 
the steady progress being made by the vendor towards receiving the regulatory 
consent for the licence extension on terms, including the conversion to gross 
split, that are acceptable to the vendor and Andalas. 
 
"In our opinion the new gross split regime and the former regime can provide 
broadly similar outcomes for development projects such as Bunga Mas and 
therefore we would be satisfied with an extension under either regime. 
 
"Bunga Mas PSC represents a huge opportunity for Andalas, it has near term 
production potential and longer term has up to five potential exploration 
targets each with multi-million barrel of oil potential, the exploration of 
which we believe could be financed in full or in part by the production from 
the first phase of the project development. 
 
"We look forward to providing the market with an update on our acquisition of 
Bunga Mas PSC in due course." 
 
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: [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                           [e-mail] 
Barbaglio Limited 
          (Public Relations) 
 
 
 
END 
 

(END) Dow Jones Newswires

December 27, 2018 02:00 ET (07:00 GMT)