Andalas Energy and Power Plc Update on Eagle Gas Limited

 
TIDMADL 
 
8 March 2019 
 
                         Andalas Energy and Power Plc 
 
                         ('Andalas' or the 'Company') 
 
                          Update on Eagle Gas Limited 
 
Andalas Energy and Power Plc, the AIM listed oil and gas company (AIM: ADL), 
has been advised by Eagle Gas Limited ("Eagle") that Holywell Resources Limited 
("Holywell"), the operator of Southern North Sea Licence P2112 ("Licence"), and 
Atlantic Petroleum UK Ltd ("Atlantic") have elected to relinquish the Licence. 
 
 
Simon Gorringe, CEO of Andalas Energy and Power PLC said: "We are disappointed 
that the Licence will be relinquished.  However, whilst Holywell has undertaken 
discussion with a number of interested parties regarding participation in 
drilling the proposed well, it has been unable to secure a partner within the 
time permitted under the Licence and therefore it has no other practical course 
of action.  We remain interested in the Badger prospect and we will consider 
options to apply for a new licence.  In parallel Eagle will continue to pursue 
various other opportunities it is developing. 
 
"We are continuing to assess new business opportunities and will make a further 
announcement as and when appropriate." 
 
Andalas holds 25% of the equity of Eagle which wholly owns Holywell.  Holywell 
owns 66.67% interest in the Licence and the remainder is held by Atlantic. 
 
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 Gorringe  Andalas Energy and Power Plc               Tel: [phone] 
                                                           5800 
 
Roland Cornish/ Beaumont Cornish Limited                   Tel: [phone] 
James Biddle    (Nominated Adviser)                        3396 
 
Colin Rowbury   Novum Securities Limited                   Tel: [phone] 
                (Joint Broker)                             9427 
 
Christian       Optiva Securities Limited                  Tel: [phone] 
Dennis          (Joint Broker)                             1881 
 
 
 
END 
 

(END) Dow Jones Newswires

March 08, 2019 02:00 ET (07:00 GMT)