Andalas Energy And Power PLC Offer of New UK Offshore Licences (1391B)
June 05 2019 - 2:00AM
UK Regulatory
TIDMADL
RNS Number : 1391B
Andalas Energy And Power PLC
05 June 2019
5 June 2019
Andalas Energy and Power Plc
('Andalas' or the 'Company')
Offer of New UK Offshore Licences
Andalas Energy and Power Plc (AIM: ADL) is pleased to report
that the Oil and Gas Authority has announced offers of awards for
the UK's Frontier 31(st) Offshore Licensing Round and that Andalas
and its partners in the Colter joint venture have been successful
in their application.
Corallian Energy Limited, the licence administrator, together
with its partners, Andalas, UOG Colter, Baron Oil and Corfe Energy
have been offered Blocks 98/11b and 98/12 in the English Channel.
Andalas has earnt the right to an 8% interest in the blocks through
its Farm-In agreement with Corallian. The blocks are contiguous
with acreage currently held by the P1918 Joint Venture (Block
98/11a containing the Colter South discovery in which Andalas has
an 8% interest); PEDL330 and PEDL345. Andalas participates via its
wholly owned subsidiary, Resolute Oil and Gas Limited.
Block 98/12 contains the eastern portion of the Colter South
discovery, a rotated fault block with Sherwood Sandstone reservoir
which was drilled in a downdip position by well 98/11-1 in 1983,
and recently confirmed as a discovery by the Corallian operated
98/11a-6 Colter appraisal well. This well encountered 9 metres of
gross oil pay in Sherwood Sandstone and the prospect contains an
estimated mean recoverable volume of 15mmbbls prospective resource,
30% of which is located on Block 98/12. Block 98/12 also contains
the Ballard Point East Prospect which is a structural high mapped
at Penarth level, along strike from the Ballard Point discovery.
The prospective reservoir is Sherwood Sandstone.
Block 98/11b contains the Ballard Point discovery which was
drilled by Gas Council Exploration in 1984. Well 98/11-2 flowed 9.6
million standard cubic feet of gas per day with 170 barrels of
45oAPI condensate from Triassic Sherwood Sandstone. The appraisal
well 98/11-4,4Z drilled in 1987 tested oil at low rates (c.180 bopd
equivalent) from just above the oil-water contact in the Sherwood,
and gas at low rates (25,000 - 50,000 scfg/d) also from the
Sherwood. This well appears to share the same fluid contacts as
98/11-2. Block 98/11b also contains the offshore portion of the
Purbeck Prospect which comprises the Purbeck anticline, the
northern flank of which anticline was drilled by the BP Southard
Quarry well in 1989. This well encountered hydrocarbon columns in
the Cornbrash similar to those encountered at the recently drilled
98/11a-6Z sidetrack, and in the Lower Jurassic Bridport and
Triassic Sherwood Sandstones. The hydrocarbon phase is uncertain
due to mud losses while drilling. The southern flank of the
anticline contains a bright amplitude anomaly at Bridport Sand
level.
In the southern portion of 98/11b and 98/12 three leads have
also been identified on sparse 2D seismic data, south of the main
inversion zone. These leads have targets at both Bridport and
Sherwood levels.
Within Phase A of the Innovate licence the joint venture must
make a decision to enter into Phase B for new seismic acquisition
or drill or drop the licence within 3 years.
Simon Gorringe, CEO of Andalas Energy and Power PLC said: "We
are pleased that our application has been successful and look
forward to furthering this opportunity with our partners."
Qualified Person's Statement
The technical information contained in this announcement has
been reviewed and approved by Mr. Gregor Mawhinney. Mr. Mawhinney
is consulting for Andalas, acting in the role of Vice President
Operations. He has nearly 40 years experience in the oil and gas
industry, is a member of the Society of Petroleum Engineers (SPE)
and a member of the Professional Engineers and Geoscientists of
Newfoundland and Labrador (PEGNL).
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: +44 1624
681250
Graham Smith FIM Capital Limited Tel: +44 1624
681250
Roland Cornish/ James Biddle Beaumont Cornish Limited Tel: +44 20 7628
(Nominated Adviser) 3396
Colin Rowbury Novum Securities Limited Tel: +44 207 399
(Joint Broker) 9427
Christian Dennis Optiva Securities Limited Tel: +44 20 3411
(Joint Broker) 1881
Technical Glossary
Discovered A petroleum accumulation where one or several
exploratory wells through testing, sampling,
and/or logging have demonstrated the existence
of a significant quantity of potentially recoverable
hydrocarbons and thus have established a known
accumulation. In this context, "significant"
implies that there is evidence of a sufficient
quantity of Petroleum to justify estimating
the in-place volume demonstrated by the well(s)
and for evaluating the potential for technical
recovery.
Gross oil pay The portion (before applying cutoffs) of the
thickness of a reservoir from which oil can
be produced or extracted. Value is referenced
to a true vertical thickness measured.
mmbbls Million barrels.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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