Andalas Energy and Power Plc Operations update
July 16 2018 - 2:00AM
UK Regulatory
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: +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 16, 2018 02:00 ET (06:00 GMT)
Advance Energy (LSE:ADV)
Historical Stock Chart
From Apr 2024 to May 2024
Advance Energy (LSE:ADV)
Historical Stock Chart
From May 2023 to May 2024