Andalas Energy And Power Share Price (ADL)

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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 Shares Traded Last Trade
  -0.025p -2.78% 0.875p 288,122 09:26:51
Bid Price Offer Price High Price Low Price Open Price
0.85p 0.90p 0.90p 0.875p 0.90p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy -0.97 -0.02 3.2
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Andalas Energy And Power (ADL) Latest News

Andalas Energy And Power News

Date Time Source Headline
14/1/201907:00UKREGAndalas Energy and Power Plc Update on Bunga Mas
14/1/201907:00PRNUSAndalas Energy and Power Plc - Update on Bunga Mas
28/12/201813:49ALNCDIRECTOR DEALINGS: Andalas Energy & Power CEO Gorringe Buys Shares
28/12/201807:00UKREGAndalas Energy and Power Plc Director/PDMR Shareholding
28/12/201807:00PRNUSAndalas Energy and Power Plc - Director/PDMR Shareholding
27/12/201807:00PRNUSAndalas Energy and Power Plc - Update on Bunga Mas
27/12/201807:00UKREGAndalas Energy and Power Plc Update on Bunga Mas
19/12/201810:30UKREGAndalas Energy and Power Plc Colter programme update
19/12/201810:30PRNUSAndalas Energy and Power Plc - Colter programme update
17/12/201807:00UKREGAndalas Energy and Power Plc Eagle licence extension
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Andalas Energy And Power (ADL) Discussions and Chat

Andalas Energy And Power Forums and Chat

Date Time Title Posts
15/1/201911:23Andalas Energy & Power...powering ahead3,488
19/6/201809:25Andalas Energy and Power 20188
17/10/201608:23Andalas Energy and Power198
17/4/201622:56SUMATRA gas oil and power16
08/5/200710:38Application Developments plc38

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Andalas Energy And Power (ADL) Top Chat Posts

DateSubject
18/1/2019
08:20		Andalas Energy And Power Daily Update: Andalas Energy And Power PLC is listed in the Alternative Energy sector of the London Stock Exchange with ticker ADL. The last closing price for Andalas Energy And Power was 0.90p.
Andalas Energy And Power PLC has a 4 week average price of 0.60p and a 12 week average price of 0.58p.
The 1 year high share price is 1.35p while the 1 year low share price is currently 0.01p.
There are currently 365,749,640 shares in issue and the average daily traded volume is 3,706,965 shares. The market capitalisation of Andalas Energy And Power PLC is £3,200,309.35.
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14/1/2019
07:06		therealtonythetiger: Update on Bunga Mas PSC https://www.investegate.co.uk/andalas-energy-and-power-plc--adl-/prn/update-on-bunga-mas/20190114070000PFC85/ Andalas Energy and Power PLC, is pleased to report that Arcandra Tahar, Deputy Minister of Energy and Mineral Resources (“Deputy Minister”) issued a press release on Friday 11 January 2019, that the Bunga Mas PSC will be one of 6 licences that will be converted to gross split PSC’s by mid-February 2019. As announced on 29 August 2018, Andalas has a conditional agreement to acquire an initial 25% (rising to 49% and then 100%) interest in the Bunga Mas PSC. The operator of the Bunga Mas PSC applied to convert the PSC to a gross split PSC as part of the process to extend the exploration period, one of the key conditions to completion of Andalas’s acquisition of an interest in the Bunga Mas PSC. Andalas regards the conversion to a gross split PSC as an important and positive step in this process. The modelling performed by the Company to date indicates that the conversion of the PSC to the gross split PSC is likely to alter the economic profile of a successful development of Bunga Mawar. Importantly, however, it does not alter Andalas’ view that the deal exposes shareholders to significant upside under both the original PSC terms and the gross split PSC terms. In addition, Andalas believes that the new gross split PSC will provide operating advantages - the Deputy Minister highlighted that the gross split PSC regime was created to make oil and gas licences efficient, uncomplicated, simple and with more secure processes. Andalas will advise on the terms of the extension at such time as approval is granted by the government. The terms will include, amongst other things, the terms of the extension of the exploration period and the application of any transitional provisions between the old and the new regime. Simon Gorringe, CEO of Andalas Energy and Power PLC said, “This change in licence terms is in line with the Indonesian government’s intention to have all oil and gas licences structured on a Gross Split basis and although we still do not know the exact terms of the new licence the company has the ability to renegotiate its economic interest with the operator to ensure the project meets our investment criteria. “This news validates our decision to grant a short extension to the long stop date last month. The announcement by the vice Energy Minister indicates that the PSC will be formally converted in February, during which time we will continue to work with the vendor towards finalising the acquisition. “We have established a good relationship with the Bunga Mas Operator who wants to close the deal as soon as possible and is willing to work with ADL to ensure that a satisfactory deal can be agreed. I look forward to updating the market as we progress with what continues to be an exciting deal. “Andalas is paying consideration for the acquisition of Bunga Mas of 19.2 million shares (£177,600 at the closing share price on 11 January 2019), which we believe would represent very good business should we be successful in the planned development of the Bunga Mawar formation that has 2.3 million barrels of best case contingent and prospective resources. “Furthermore, successfully developing Bunga Mawar is expected to provide cash flow to support the exploration and appraisal of the other leads and prospects on the licence that have total operator assessed best estimate prospective resources of 54 million barrels of oil and 26 BCF of. “We look forward to an exciting few weeks and months as we provide the market with updates across our portfolio, including completion of our acquisition of an interest in the Bunga Mas PSC and both the forthcoming Colter new drill, which is targeting 22 million barrels of oil (1.76 million net to Andalas) and the additional studies on our Badger investment.” Gross Split PSC Regime Indonesia introduced a new PSC scheme based on gross production split in 2017. The Government’s intention was to incentivise exploration and exploitation activities by providing spending and operational freedom to operators. The new regime is based on a gross production split without regard to a cost recovery mechanism. Hydrocarbons produced from the PSC are shared between the contractor and the government. The production split is determined by reference to the characteristics of the project. The base split for oil is 57% to the government and 43% to the contractor and for gas is 52% to the government and 48% to the contractor. The base split is adjusted by reference to variable and progressive components. The variable components include the status of the working area, field location, depth of the reservoir, availability of infrastructure, type of reservoir, carbon dioxide content, hydrogen sulphide content, specific gravity of oil and domestic component during the developments stage and the production stage. The progressive components comprise oil and gas prices and cumulative oil and gas production. By way of example, the first plan of development under a gross split PSC will attract an additional 5% contractors split and an off-shore field in water depths greater than 1000m would attract an additional 16% contractors split. The role of SKK Migas is limited to control and monitoring of gross split PSCs and whilst it will approve work programmes it will not approve budgets which will be provided as a supporting document. Contractors may carry out procurement of goods and services independently and the governments procurement regulations will not apply the same restrictions as under the former regime.
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12/12/2018
13:31		tomboyb: share price looks like it is going down further - Are these guys looking to raise equity? -
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02/10/2018
07:12		therealtonythetiger: https://www.investegate.co.uk/andalas-energy-and-power-plc--adl-/prn/issue-of-options/20181002080754P0100/ Andalas Energy and Power Plc, the AIM listed oil and gas company (AIM: ADL), announces the award of a total of 36 million options over ordinary shares in the Company (“Options”) to its Executive Directors and key consultants. The Options are all exercisable at 2 pence per share, representing a premium of 83.5% over the closing share price on 1 October 2018, and vest, over a two-year period as set out below: Chairman of the remuneration committee, Dr Robert Arnott said: “Simon and the team have worked tirelessly over the past 11 months to secure funding and new opportunities that together position Andalas to deliver on multiple fronts over the next few months. The options have been struck at a significant premium to ensure that the Companies management team is only rewarded when it has delivered value to its shareholders.”
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25/7/2018
06:56		patch13: Sweetie - can you remind us if your share price prediction - looks like you are out by at least a factor of 10 - shame
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26/6/2018
12:14		hope67: Keyword Company EPIC/TIDM SEDOL/ISIN News Price Announcements Fundamentals News Article RSS Andalas Energy and Power Plc (ADL) Add to Alerts list Print Mail a friend Annual reports Monday 27 November, 2017 Andalas Energy and Power Plc Institutional Investment Andalas Energy and Power Plc (‘Andalas̵7;, or the ‘Company’;) Institutional investment Andalas Energy and Power plc (AIM:ADL) is pleased to announce, following the announcement of our Sumatra-1 project, a placing of 1,277,139,208 new ordinary shares of Nil par value (the “Placing Shares”) to raise £500,000 (before expenses) with new and existing shareholders at an issue price of 0.03915 pence per share. The placing was led by 1798 Volantis Fund Ltd (“VolantisR21;) who has subscribed for a total of 1,277,139,208 shares equating to 21.33% of the enlarged share capital of the Company. Furthermore Volantis has provided the Company with a flexible convertible loan note facility (“facilityR21;) for up to £2,000,000 (subscription price £1,800,000) to provide access to follow-on capital that will be required to develop at least one of its projects through to final investment decision. Highlights: Equity placing to raise a total of £500,000 at a 10% discount to the closing mid-market share price. Volantis has also agreed to provide the Company with up to £2,000,000 face value (issue price £1,800,000) of follow-on finance via the issue of a convertible loan note facility: The first £500,000 draw down is subject to mutual agreement and will be no earlier than 1 March 2018, or such other date as agreed in writing. Three further drawdowns of £500,000 are also subject to mutual agreement and can be drawn down quarterly thereafter, or such other date as agreed in writing. Elucid so they did a placing for 500k and haven't drawn down any of the cln yet? What if the cln gets cancelled?
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26/6/2018
09:49		euclid5: don't forget the CLN to Volantis: Furthermore Volantis has provided the Company with a flexible convertible loan note facility (“facility”) for up to £2,000,000 (subscription price £1,800,000) to provide access to follow-on capital that will be required to develop at least one of its projects through to final investment decision. Volantis has also agreed to provide the Company with up to £2,000,000 face value (issue price £1,800,000) of follow-on finance via the issue of a convertible loan note facility: The first £500,000 draw down is subject to mutual agreement and will be no earlier than 1 March 2018, or such other date as agreed in writing. Three further drawdowns of £500,000 are also subject to mutual agreement and can be drawn down quarterly thereafter, or such other date as agreed in writing. Issue of warrants over 638,569,604 ordinary shares of the Company with 5 year term and a strike price of 0.54375 pence per share, representing a 25% premium to the closing share price. Https://www.investegate.co.uk/andalas-energy-and-power-plc--adl-/prn/institutional-investment/20171127070000PE9B9/
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15/3/2018
12:15		therealtonythetiger: AG This is your first time on a podcast since becoming chief executive of Andalas. Can you tell listeners a bit about you and your plan for the company? SG Yes certainly. Itâ€T82;s been about 4 months now since I took over as CEO, and I really want to take this opportunity to explain the strategy of the company and reassure investors, particularly in light of the weak share price. When I came on board my first objective was to review the companyâ€;™s strategy, put the GM in place and the overall progress weâ€T82;ve been making, and what I concluded is that we needed a more balanced approach that would drive both short and longer term value for shareholders. To that end we derived a dual strategy –; which Iâ€͐2;ll explain a bit more about as we go through –; that’s aimed at projects which would produce some near term value for the shareholders. The start of this was me really bringing in a new project at the back end of last year which we called Sumatra 1 –; which is a portfolio –; and really we need to continue to fill the value gap to give the company and its shareholders the best chance of realising the value built to date on the longer term IPP projects that are in place. I think itâ€T82;s also worth just explaining my background, Iâ€͐2;ve been –; this is actually my 40th year in the industry, which is a bit shocking for me –; Iâ€͐2;ve been 10 years in the downstream when I first started my career in the ‘70s and early ‘80s, and then I moved into the upstream (oil and gas) in the late ‘80s when I worked with Kerr-McGee, and then in the ‘90s I worked with ConocoPhillips in the UK southern North Sea. So I have a lot of history in the southern North Sea and its 3 or 4 major projects with ConocoPhilips. In the case of the Murdoch system that was my baby, I saw that one through from a blank sheet of paper all the way through to first gas, and then followed up with various phases of that project, then for a time in the southern basin. Then in the late ‘90s I joined BHP (now BHP Billiton) working on their southern basin projects, then I did a project for them called the Keith project in the northern North Sea. In the 2000s I ended up working for small independents in the UK, and as my first foray abroad I worked for 2 companies: Soco, who have projects in Vietnam, so that was my first experience working in Asia, I did 2 projects for them, Ca Ngu Vang, which is a 25,000 barrels per day oil well –; my role there was as a really active development manager, project manager, I saw that project through from concept right the way through to commercialisation –; and then Te Giac Trang which was a 65,000 barrel a day project for Soco. And then I did my first project in Indonesia for Serica, so that was the Kambuna development, an offshore gas field between Malaysia and Sumatra in the Malaccan Strait tied back to an onshore terminal, and my role was again as development manager taking it from concept right the way through to commercialisation. So my skill set is predominantly taking discoveries –; oil and gas discoveries –; from the discovery point right the way through to commercialisation, so that’s first gas or first oil as we call them. And then of course after Serica we then turned up with the forerunner to Andalas and then we did the reverse back in 2016 and got Andalas Energy and Power group. AG So Simon that’s a very illustrious CV youâ€482;ve got under your belt there, and clearly with our work already in the region youâ€482;re well versed with Andalas and the projects. Can you just move on from that and give listeners a bullet-point run-down of the projects that Andalas currently has underway? SG Yes certainly. We have Pertamina based projects and one independent project. The Pertamina projects follow PertaminaâS64;™s own internal processes and go at their own pace. For your listeners Pertamina is larger than ConocoPhillips. From my experience working with larger oil companies they do have their own processes and things do take time. We are making progress and we will be providing updates in due course. So the projects weâ€T82;ve got with Pertamina, there’s Puspa 1, in which we announced we are equal partners with Siemens, Pertamina and ourselves. In terms of the activity the next step for us is to get a gas sales MoU signed with the gas seller, who in this case is Pertamina, and then moving into the next phase when we create the consortium and then actually Iâ€͐2;ll put a proposal to PLN [State Electricity Company]. Jambi 1: weâ€T82;re in partnership with PTPP Energy and the split there is 51% PTPPE, 49% us. That’s been slow to advance because Pertamina the gas supplier wants to focus its resources on Puspa 1, this is the proof of concept project, and the same considerations are hampering our discussions on the MJ Cluster project and further projects weâ€T82;re viewing. So this has been a little bit slow for us and the progress to date hasn’t really gone at the pace I would have liked, but as I said earlier Pertamina go at their own pace and they want to see this proof of concept, Puspa 1, come on stream first before they roll out the other projects. Sumatra 1 is arguably our leading IPP project. The reason we like it is because weâ€T82;ve actually got a gas sales MoU in place with the gas seller and our partner SEG, weâ€T82;re not encumbered by the large processes that the likes of Pergamina have in place, so we are in a better position to influence the outcome, and the next step for us is to form a consortium and to finalise the proposal to PLN. AG So these partnerships with Pertamina are huge, and obviously they’re large organisations. I understand the delays that occur within large organisations when they’re implementing projects, they have much larger hoops to jump through than a smaller company. But I think if we look back over the past few years, Iâ€͐2;m a shareholder in Andalas and I know shareholders including myself and others have had a pretty rough ride over the past few years. Can you just elaborate on why you think that is? SG Yes, the company –; itâ€T82;s been a very ambitious strategy, the IPP strategy. You know, the original MoU envisaged with Pertamina five projects within the first year. Unfortunately this proved overly ambitious, and as I mentioned earlier Pertamina has developed this preference to pursue the proof of concept before expanding to a number of joint projects. The projects in place represent a clear value opportunity but they’re also dependent on a lot of external factors and parties outside our control. Iâ€͐2;ll just explain that a bit more. Youâ€482;re talking about a consortium with a maximum of 4 parties and then youâ€482;ve got the gas seller so that makes a fifth party, and then youâ€482;ve got PLN makes a sixth party. So youâ€482;ve got to get all six working together and agreeing on the way forward, negotiating our gas sales agreement, our purchasing agreement, and they’ve all got to come together at the same point. So there are many, many moving parts. I think the only time Iâ€͐2;ve had to deal with this number of parties was on a project for BHP in 2000, the Keith project. BHP Billiton were the operator and we had BP as a partner, we had Total and we had Marubeni, and to convince that number of partners to invest at a time when the oil price was very low. Iâ€͐2;m pleased to say that the project came on stream at a much higher oil price, but it was very challenging. Iâ€͐2;m not saying these projects are in that class, but we are dealing with many moving parts. Iâ€͐2;m up for the challenge, but I think we just have to recognise that things take a little bit longer than we originally envisaged. Weâ€T82;ve got some very good partners like Siemens and PPE, weâ€T82;re very pleased to have them on board. Itâ€T82;s difficult for us to deliver progress in the short period to get the share price moving in the right way, itâ€T82;s certainly very disappointing for all shareholders, and Iâ€͐2;m including myself as a shareholder as well, hence Iâ€͐2;m very keen that we look to get some restorance of shareholder confidence. AG Itâ€T82;s encouraging to see from your CV that youâ€482;ve overseen these complex negotiations and protracted contract arrangements where you bring these parties together. I accept and appreciate that there is a big challenge there, but I guess given where Andalas is now youâ€482;re making progress with these partners. Going back to the shareholder issue again, what in your view needs to be done to restore shareholder confidence? SG Just one word, a very simple thing –; delivery. We have to deliver –; my role, my skillset in the past is project manager, as a project manager I have to deliver to a timeline, on time and on budget as they always say. And I want to make sure that we have the right balance in our portfolio of what I call the short, medium and longer term strategy. Our concern right now is that the IPP is what I would call a medium and Pergamina could be viewed as a longer term strategy, and Iâ€͐2;m very keen that we –; Iâ€͐2;m not very keen, I am moving through strategy to the short term so that we deliver some value to the shareholders in the short term. AG Good. So going back to the results statement, you mentioned your ambitions following your appointment last October. You highlighted seeking out upstream projects. What do you have in mind in this area, and how do you anticipate achieving bringing these shorter term upstream projects on line? SG If you look at my background and if you look at the rest of the team, we are skilled at doing projects globally –; upstream projects –; but now I want to put more emphasis on the upstream projects and broaden the portfolio. Weâ€T82;ve been looking over the last 4 months at a significant inventory of opportunities which weâ€T82;re really excited by, and weâ€T82;ve got the expertise to deliver those, and we believe weâ€T82;re going to bring significant value potentially to the company. AG Okay. Prior to this interview we asked all our followers on Twitter to submit questions for today, so Iâ€͐2;m going to put some of those questions to you now. One of the most oft-repeated questions was what your plans are for dealing with the convertible loan note. SG Weâ€T82;ve had a number of significant shareholders that have bought into the company, these are Lombard Odier whoâ€482;ve invested £500,000 plus they confirmed their support with a market share purchase. Lombard Odier also provided a convertible loan intended to communicate long term support as a significant shareholder and give confidence to the market. At the moment it remains undrawn, and can only be drawn by written agreement with Lombard Odier and Andalas, and that would have to be announced. AG Okay, so a couple of other questions for you. What can you tell me about the recent board changes? SG Paul Warwick left to pursue other opportunities outside of AIM, itâ€T82;s as simple as that. Iâ€͐2;m the CEO, I run the company, and the team is very much focused on delivery. AG Okay, one other question as well: Corsair Petroleum. A lot of investors are uncertain as to what the agenda or what the issue is as regards Corsair and Andalas. What can you tell us about it? SG The relationship was fully disclosed in the admission document. Itâ€T82;s a shareholder in Andalas and has no other business. It has no commercial relationship with Andalas. AG Thanks for clarifying that. Simon, can you leave us with two or three key takeaway points for Andalas investors to focus on in 2018? SG Yes, Iâ€͐2;m up for the job and will bring our team’s upstream expertise to bear on our business going forward. Weâ€T82;ve managed to reduce significantly our burn rate and conserve the companyâ€;™s cash resources. As I mentioned earlier weâ€T82;re going to re-focus on upstream opportunities, play to our strengths, and deliver near-term value to shareholders. The existing IPP opportunities will continue to form part of our portfolio, however it will form a more balanced part of the overall portfolio.
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07/3/2018
20:18		therealtonythetiger: AG This is your first time on a podcast since becoming chief executive of Andalas. Can you tell listeners a bit about you and your plan for the company? SG Yes certainly. It’s been about 4 months now since I took over as CEO, and I really want to take this opportunity to explain the strategy of the company and reassure investors, particularly in light of the weak share price. When I came on board my first objective was to review the company’s strategy, put the GM in place and the overall progress we’ve been making, and what I concluded is that we needed a more balanced approach that would drive both short and longer term value for shareholders. To that end we derived a dual strategy – which I’ll explain a bit more about as we go through – that’s aimed at projects which would produce some near term value for the shareholders. The start of this was me really bringing in a new project at the back end of last year which we called Sumatra 1 – which is a portfolio – and really we need to continue to fill the value gap to give the company and its shareholders the best chance of realising the value built to date on the longer term IPP projects that are in place. I think it’s also worth just explaining my background, I’ve been – this is actually my 40th year in the industry, which is a bit shocking for me – I’ve been 10 years in the downstream when I first started my career in the ‘70s and early ‘80s, and then I moved into the upstream (oil and gas) in the late ‘80s when I worked with Kerr-McGee, and then in the ‘90s I worked with ConocoPhillips in the UK southern North Sea. So I have a lot of history in the southern North Sea and its 3 or 4 major projects with ConocoPhilips. In the case of the Murdoch system that was my baby, I saw that one through from a blank sheet of paper all the way through to first gas, and then followed up with various phases of that project, then for a time in the southern basin. Then in the late ‘90s I joined BHP (now BHP Billiton) working on their southern basin projects, then I did a project for them called the Keith project in the northern North Sea. In the 2000s I ended up working for small independents in the UK, and as my first foray abroad I worked for 2 companies: Soco, who have projects in Vietnam, so that was my first experience working in Asia, I did 2 projects for them, Ca Ngu Vang, which is a 25,000 barrels per day oil well – my role there was as a really active development manager, project manager, I saw that project through from concept right the way through to commercialisation – and then Te Giac Trang which was a 65,000 barrel a day project for Soco. And then I did my first project in Indonesia for Serica, so that was the Kambuna development, an offshore gas field between Malaysia and Sumatra in the Malaccan Strait tied back to an onshore terminal, and my role was again as development manager taking it from concept right the way through to commercialisation. So my skill set is predominantly taking discoveries – oil and gas discoveries – from the discovery point right the way through to commercialisation, so that’s first gas or first oil as we call them. And then of course after Serica we then turned up with the forerunner to Andalas and then we did the reverse back in 2016 and got Andalas Energy and Power group. AG So Simon that’s a very illustrious CV you’ve got under your belt there, and clearly with our work already in the region you’re well versed with Andalas and the projects. Can you just move on from that and give listeners a bullet-point run-down of the projects that Andalas currently has underway? SG Yes certainly. We have Pertamina based projects and one independent project. The Pertamina projects follow Pertamina’s own internal processes and go at their own pace. For your listeners Pertamina is larger than ConocoPhillips. From my experience working with larger oil companies they do have their own processes and things do take time. We are making progress and we will be providing updates in due course. So the projects we’ve got with Pertamina, there’s Puspa 1, in which we announced we are equal partners with Siemens, Pertamina and ourselves. In terms of the activity the next step for us is to get a gas sales MoU signed with the gas seller, who in this case is Pertamina, and then moving into the next phase when we create the consortium and then actually I’ll put a proposal to PLN [State Electricity Company]. Jambi 1: we’re in partnership with PTPP Energy and the split there is 51% PTPPE, 49% us. That’s been slow to advance because Pertamina the gas supplier wants to focus its resources on Puspa 1, this is the proof of concept project, and the same considerations are hampering our discussions on the MJ Cluster project and further projects we’re viewing. So this has been a little bit slow for us and the progress to date hasn’t really gone at the pace I would have liked, but as I said earlier Pertamina go at their own pace and they want to see this proof of concept, Puspa 1, come on stream first before they roll out the other projects. Sumatra 1 is arguably our leading IPP project. The reason we like it is because we’ve actually got a gas sales MoU in place with the gas seller and our partner SEG, we’re not encumbered by the large processes that the likes of Pergamina have in place, so we are in a better position to influence the outcome, and the next step for us is to form a consortium and to finalise the proposal to PLN. AG So these partnerships with Pertamina are huge, and obviously they’re large organisations. I understand the delays that occur within large organisations when they’re implementing projects, they have much larger hoops to jump through than a smaller company. But I think if we look back over the past few years, I’m a shareholder in Andalas and I know shareholders including myself and others have had a pretty rough ride over the past few years. Can you just elaborate on why you think that is? SG Yes, the company – it’s been a very ambitious strategy, the IPP strategy. You know, the original MoU envisaged with Pertamina five projects within the first year. Unfortunately this proved overly ambitious, and as I mentioned earlier Pertamina has developed this preference to pursue the proof of concept before expanding to a number of joint projects. The projects in place represent a clear value opportunity but they’re also dependent on a lot of external factors and parties outside our control. I’ll just explain that a bit more. You’re talking about a consortium with a maximum of 4 parties and then you’ve got the gas seller so that makes a fifth party, and then you’ve got PLN makes a sixth party. So you’ve got to get all six working together and agreeing on the way forward, negotiating our gas sales agreement, our purchasing agreement, and they’ve all got to come together at the same point. So there are many, many moving parts. I think the only time I’ve had to deal with this number of parties was on a project for BHP in 2000, the Keith project. BHP Billiton were the operator and we had BP as a partner, we had Total and we had Marubeni, and to convince that number of partners to invest at a time when the oil price was very low. I’m pleased to say that the project came on stream at a much higher oil price, but it was very challenging. I’m not saying these projects are in that class, but we are dealing with many moving parts. I’m up for the challenge, but I think we just have to recognise that things take a little bit longer than we originally envisaged. We’ve got some very good partners like Siemens and PPE, we’re very pleased to have them on board. It’s difficult for us to deliver progress in the short period to get the share price moving in the right way, it’s certainly very disappointing for all shareholders, and I’m including myself as a shareholder as well, hence I’m very keen that we look to get some restorance of shareholder confidence. AG It’s encouraging to see from your CV that you’ve overseen these complex negotiations and protracted contract arrangements where you bring these parties together. I accept and appreciate that there is a big challenge there, but I guess given where Andalas is now you’re making progress with these partners. Going back to the shareholder issue again, what in your view needs to be done to restore shareholder confidence? SG Just one word, a very simple thing – delivery. We have to deliver – my role, my skillset in the past is project manager, as a project manager I have to deliver to a timeline, on time and on budget as they always say. And I want to make sure that we have the right balance in our portfolio of what I call the short, medium and longer term strategy. Our concern right now is that the IPP is what I would call a medium and Pergamina could be viewed as a longer term strategy, and I’m very keen that we – I’m not very keen, I am moving through strategy to the short term so that we deliver some value to the shareholders in the short term. AG Good. So going back to the results statement, you mentioned your ambitions following your appointment last October. You highlighted seeking out upstream projects. What do you have in mind in this area, and how do you anticipate achieving bringing these shorter term upstream projects on line? SG If you look at my background and if you look at the rest of the team, we are skilled at doing projects globally – upstream projects – but now I want to put more emphasis on the upstream projects and broaden the portfolio. We’ve been looking over the last 4 months at a significant inventory of opportunities which we’re really excited by, and we’ve got the expertise to deliver those, and we believe we’re going to bring significant value potentially to the company. AG Okay. Prior to this interview we asked all our followers on Twitter to submit questions for today, so I’m going to put some of those questions to you now. One of the most oft-repeated questions was what your plans are for dealing with the convertible loan note. SG We’ve had a number of significant shareholders that have bought into the company, these are Lombard Odier who’ve invested £500,000 plus they confirmed their support with a market share purchase. Lombard Odier also provided a convertible loan intended to communicate long term support as a significant shareholder and give confidence to the market. At the moment it remains undrawn, and can only be drawn by written agreement with Lombard Odier and Andalas, and that would have to be announced. AG Okay, so a couple of other questions for you. What can you tell me about the recent board changes? SG Paul Warwick left to pursue other opportunities outside of AIM, it’s as simple as that. I’m the CEO, I run the company, and the team is very much focused on delivery. AG Okay, one other question as well: Corsair Petroleum. A lot of investors are uncertain as to what the agenda or what the issue is as regards Corsair and Andalas. What can you tell us about it? SG The relationship was fully disclosed in the admission document. It’s a shareholder in Andalas and has no other business. It has no commercial relationship with Andalas. AG Thanks for clarifying that. Simon, can you leave us with two or three key takeaway points for Andalas investors to focus on in 2018? SG Yes, I’m up for the job and will bring our team’s upstream expertise to bear on our business going forward. We’ve managed to reduce significantly our burn rate and conserve the company’s cash resources. As I mentioned earlier we’re going to re-focus on upstream opportunities, play to our strengths, and deliver near-term value to shareholders. The existing IPP opportunities will continue to form part of our portfolio, however it will form a more balanced part of the overall portfolio.
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07/3/2018
17:18		buddugoliaeth: ALAN GREEN This is your first time on a podcast since becoming chief executive of Andalas. Can you tell listeners a bit about you and your plan for the company? SIMON GORRINGE Yes certainly. It’s been about 4 months now since I took over as CEO, and I really want to take this opportunity to explain the strategy of the company and reassure investors, particularly in light of the weak share price. When I came on board my first objective was to review the company’s strategy, put the AGM in place and the overall progress we’ve been making, and what I concluded is that we needed a more balanced approach that would drive both short and longer term value for shareholders. To that end we seek to drive a dual strategy – which I’ll explain a bit more about as we go through – that’s aimed at projects that would create some near term value for the shareholders. The start of this was me really bringing in a new project at the back end of last year which we called Sumatra 1 – which is a portfolio – and really we need to continue to fill the value gap to give the company and its shareholders the best chance of realising the value built to date on the longer term IPP projects that are in place. I think it’s also worth just explaining my background. I’ve been – this is actually my 40th year in the industry, which is a bit shocking for me – I’ve been 10 years in the downstream when I first started my career in the late ‘70s and early ‘80s, and then I moved into the upstream (oil and gas) in the late ‘80s when I worked with Kerr-McGee, and then in the ‘90s I worked with ConocoPhillips in the UK southern North Sea. So I have a lot of history in the southern North Sea and its 3 or 4 major projects with ConocoPhilips. In the case of the Murdoch system that was my baby, I saw that one through from a blank sheet of paper all the way through to first gas, and then followed up with various phases of that project, then for a time in the southern basin. Then in the late ‘90s I joined BHP (now BHP Billiton) working on their southern basin projects, then I did a project for them called the Keith project in the northern North Sea. In the 2000s I ended up working for small independents in the UK, and as my first foray abroad I worked for 2 companies: Soco, who have projects in Vietnam, so that was my first experience working in Asia, I did 2 projects for them, Ca Ngu Vang, which is a 25,000 barrels per day oil well – my role there was as a really active development manager, project manager, I saw that project through from concept right the way through to commercialisation – and then Te Giac Trang which was a 65,000 barrel a day project for Soco. And then I did my first project in Indonesia for Serica, so that was the Kambuna development, an offshore gas field between Malaysia and Sumatra in the Malaccan Strait tied back to an onshore terminal, and my role was again as development manager taking it from concept right the way through to commercialisation. So my skill set is predominantly taking discoveries – oil and gas discoveries – from the discovery point right the way through to commercialisation, so that’s first gas or first oil as we call them. And then of course after Serica we then turned up with the forerunner to Andalas, CEB Resources, and then we did the reverse back in 2016 and got Andalas Energy and Power group. AG So Simon that’s a very illustrious CV you’ve got under your belt there, and clearly with your work already in the region you’re well versed with Andalas and the projects. Can you just move on from that and give listeners a bullet-point run-down of the projects that Andalas currently has underway? SG Yes certainly. We have Pertamina based projects and one independent project. The Pertamina projects follow Pertamina’s own internal processes and go at their own pace. For your listeners Pertamina is larger than ConocoPhillips. From my experience working with larger oil companies they do have their own processes and things do take time. We are making progress and we will be providing updates in due course. So the projects we’ve got with Pertamina, there’s Puspa 1, in which we announced we are equal partners with Siemens, Pertamina and ourselves. In terms of the activity the next step for us is to get a gas sales MoU signed with the gas seller, who in this case is Pertamina, and then moving into the next phase when we create the consortium and then actually I’ll put a proposal to PLN [State Electricity Company]. Jambi 1: we’re in partnership with PTPP Energy and the split there is 51% PTPPE, 49% us. That’s been slow to advance because Pertamina the gas supplier wants to focus its resources on Puspa 1, this is the proof of concept project, and the same considerations are hampering our discussions on the MJ Cluster project and further projects we’re reviewing. So this has been a little bit slow for us and the progress to date hasn’t really gone at the pace I would have liked, but as I said earlier Pertamina go at their own pace and they want to see this proof of concept, Puspa 1, executed first before they roll out the other projects. Sumatra 1 is arguably our leading IPP project. The reason we like it is because we’ve actually got a gas sales MoU in place with the gas seller and our partner SEG, we’re not encumbered by the large processes that the likes of Pergamina have in place, so we are in a better position to influence the outcome, and the next step for us is to form a consortium and to finalise the proposal to PLN. AG So these partnerships with Pertamina are huge, and obviously they’re large organisations. I understand the delays that occur within large organisations when they’re implementing projects, they have much larger hoops to jump through than a smaller company. But I think if we look back over the past few years, I’m a shareholder in Andalas and I know shareholders including myself and others have had a pretty rough ride over the past few years. Can you just elaborate on why you think that is? SG Yes, the company – it’s been a very ambitious strategy, the IPP strategy. You know, the original MoU envisaged with Pertamina five projects within the first year. Unfortunately this proved overly ambitious, and as I mentioned earlier Pertamina has developed this preference to pursue the proof of concept before expanding to a number of joint projects. The projects in place represent a clear significant value opportunity but they’re also dependent on a lot of external factors and parties outside our control. I’ll just explain that a bit more. You’re talking about a consortium with a maximum of 4 parties and then you’ve got the gas seller so that makes a fifth party, and then you’ve got PLN makes a sixth party. So you’ve got to get all six working together and agreeing on the way forward, negotiating our gas sales agreement, our purchase agreement, and they’ve all got to come together at the same point. So there are many, many moving parts. I think the only time I’ve had to deal with this number of parties was on a project for BHP in 2000, the Keith project. BHP Billiton were the operator and we had BP as a partner, we had Total and we had Marubeni, and to convince that number of partners to invest at a time when the oil price was very low. I’m pleased to say that the project came on stream at a much higher oil price, but it was very challenging. I’m not saying these projects are in that class, but we are dealing with many moving parts. I’m up for the challenge, but I think we just have to recognise that things take a little bit longer than we originally envisaged. We’ve got some very good partners like Siemens and PPE, we’re very pleased to have them on board. It’s difficult for us to deliver progress in the short period to get the share price moving in the right way, it’s certainly very disappointing for all shareholders, and I’m including myself as a shareholder as well, hence I’m very keen that we look to get some restorance of shareholder confidence. AG It’s encouraging to hear from your CV that you’ve overseen these complex negotiations and protracted contract arrangements where you bring these parties together. I accept and appreciate that there is a big challenge there, but I guess given where Andalas is now you’re making progress with these partners. Going back to the shareholder issue again, what in your view needs to be done to restore shareholder confidence? SG Just one word, a very simple thing – delivery. We have to deliver enough, I want to change that – my role, my skillset in the past is project manager, as a project manager I have to deliver to a timeline, on time and on budget as they always say. And I want to make sure that we have the right balance in our portfolio of what I call the short, medium and longer term strategy. Our concern right now is that the IPP is what I would call a medium and Pergamina could be viewed as a longer term strategy, and I’m very keen that we – no, I’m not "very keen", I am moving through strategy to the short term so that we deliver some value to the shareholders in the short term. AG Good. So going back to the results statement, you mentioned your ambitions following your appointment last October. You highlighted seeking out upstream projects. What do you have in mind in this area, and how do you anticipate achieving bringing these shorter term upstream projects on line? SG If you look at my background and if you look at the rest of the team, we are skilled at doing projects globally – upstream projects – but now I want to put more emphasis on the upstream projects and broaden the portfolio. We’ve been looking over the last 4 months at a significant inventory of opportunities which we’re really excited by, and we’ve got the expertise to deliver those, and we believe they’re going to bring significant value potentially to the company. AG Okay. Prior to this interview we asked all our followers on Twitter to submit questions for today, so I’m going to put some of those questions to you now. One of the most oft-repeated questions was what your plans are for dealing with the convertible loan note. SG We have a number of significant shareholders that have bought into the company, these are Lombard Odier who’ve invested £500,000 plus they confirmed their support with a market share purchase. Lombard Odier also provided a convertible loan intended to communicate long term support as a significant shareholder and give confidence to the market. At the moment it remains undrawn, and can only be drawn by written agreement with Lombard Odier and Andalas, and that would have to be announced. AG Okay, so a couple of other questions for you. What can you tell me about the recent board changes? SG Paul Warwick left to pursue other opportunities outside of AIM, it’s as simple as that. I’m the CEO, I run the company, and the team is very much focused on delivery. AG Okay, one other question as well: Corsair Petroleum. A lot of investors are uncertain as to what the agenda or what the issue is as regards Corsair and Andalas. What can you tell us about it? SG The relationship was fully disclosed in the admission document. It’s a shareholder in Andalas and has no other business. It has no commercial relationship with Andalas. AG Thanks for clarifying that. Simon, can you leave us with two or three key takeaway points for Andalas investors to focus on in 2018? SG Yes, I’m up for the job and will bring the team’s upstream expertise to bear on our business going forward. We’ve managed to reduce significantly our burn rate and conserve the company’s cash resources. As I mentioned earlier we’re going to re-focus on upstream opportunities, play to our strengths, and deliver near-term value to shareholders. The existing IPP opportunities will continue to form part of our portfolio, however it will form a more balanced part of the overall portfolio.
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15/12/2017
11:03		stephen2010: As I posted yesterday evening. Check out ALBA. Huge multibag potential. ALBA currently trading at 0.39p target price 6p making a nice 15 bagger. Please read the following: MARKET CAP PUZZLE ❖ Alba (market cap £8.4m) is in a resources neighbourhood populated with listed companies with much enhanced market capitalisations, such as UKOG.L (£134m) and JAY.L (£172m). With either shared project interests or adjacent tenements to these companies, Alba should trade at a much higher valuation than its current token value. Like Bluejay, Alba owns 100% of its ilmenite project. Direct comparisons with UKOG are also instructive. While both companies own other projects, UKOG’s 49.9% of Horse Hill Developments Limited (HHDL), when compared to Alba’s 18.1% means that Alba has approximately one third of the value of Horse Hill compared to UKOG but only about 7% of the market capitalisation. Once the market recognises these disparities, the room for growth in Alba’s share price is undeniable. VALUATION RATIONALE - Our valuation in this First Equity Limited initiation note uses a risked valuation approach for Alba’s two main projects, at Horse Hill and TBS. The Horse Hill licences are valued using independent published technical data from Schlumberger, Xodus and Nutech on the oil potential of the licences, along with our own assumptions on recovery rates, oil discovery value, resource and development risks factors. From this a risked value of $127m net to Alba on a ‘Base Case’ basis is derived for Horse Hill. Given the similar geology and economic potential of both TBS and Dundas, we have adopted a risked closeology valuation approach, by computing an NPV for Dundas of $223m and then applying a three-tiered risked probability calculation to arrive at a value of $54.7m for TBS. Once Alba announce its JORC resource and exploration target at TBS and Bluejay its Feasibility Study results, this number is likely to be revised upwards very rapidly, possibly up to $200m, representing up to 7p per share in additional shareholder value. We compute a valuation of $185m (£139m) for Alba, equating to 6.0p per share, of which 4.1p is attributed to the stake in Horse Hill, 1.8p for TBS. Given this analysis and wealth of valuation catalysts anticipated across the project portfolio in the coming months, we recommend the shares as a ‘BUY, with a Target Price of 6.0p, representing a potential 15 times plus uplift from the current share price.
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