Andalas Energy and Power Plc - Update on Eagle Gas Limited
PR Newswire
London, March 7
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: +62 21 2965 5800 |
| Roland Cornish/ James Biddle | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 20 7628 3396 |
| Colin Rowbury | Novum Securities Limited (Joint Broker) | Tel: +44 207 399 9427 |
| Christian Dennis | Optiva Securities Limited (Joint Broker) | Tel: +44 20 3411 1881 |
