15 September 2016
Andalas Energy and Power Plc
("Andalas" or the "Company")
Corporate Update & Company Presentation
Andalas Energy and Power Plc, the AIM listed Indonesian focused oil and gas
exploration company (AIM: ADL), is pleased to provide an update on its
activities in line with its strategy to roll out gas-to-power projects in
Indonesia, which it believes can make a significant contribution to the
country's power shortfall at the local level.
In addition, the Company is pleased to advise that an updated presentation will
be uploaded to its website at http://www.andalasenergy.co.uk/. It is an update
to the Company's previous presentation and highlights the significance for
Andalas of the recently announced agreement between it and PT Pertamina
(Persero) ('Pertamina'), Indonesia's national oil company. The presentation
will be used in media and analyst meetings taking place this week and no price
sensitive information is included in this presentation.
Partnership with Pertamina to Monetise Multiple Gas Fields in Indonesia
* First meeting held on Friday 9 September 2016 between the Company and
Pertamina
* Two committees established to commence work on the conceptual plans which
will be reviewed by both partners:
+ Power Generation Working Committee - to be chaired by Simon Gorringe,
COO and Executive Director of Andalas
+ Gas Supply Working Committee - to be chaired by representatives from
Pertamina
* Work underway to select five initial stranded gas fields within Pertamina's
acreage in Riau, Jambi and South Sumatra provinces which are suitable for
sub-100 MW gas-to-power development via an independent power project
Tuba Obi East Concession ('TOE'), Sumatra
* The approval process by Pertamina is underway to confirm the Company's
technical proposal to test the gas bearing Air Benakat Formation ('ABF') on
TOE via the recompletion of the existing TOE-1 well
+ The technical proposal includes the recompletion design, tender
documents, and mobilisation plans for the workover of TOE-1
* In anticipation of final approval being issued, the tender process for
services and equipment to undertake the workover of TOE-1, has commenced -
further updates will be provided once this process has been completed
* The TOE-1 workover is the first of a multi-phase programme, and will
support gas processing and power plant front-end engineering and design
studies, enable a gas reserves assessment to be completed and gas and power
sales negotiations to commence
Andalas CEO, David Whitby, said: "We are entering an exciting phase in the
development of Andalas as a leading integrated gas to power producer focused on
Indonesia. We are confident that during this period, the excellent work
carried out by our first class team of oil and gas professionals over the past
12-18 months ensures the Company is in a strong position to capitalise on the
substantial opportunity within our partnership with Pertamina. I look forward
to providing further updates, as we focus on making a meaningful contribution
towards the Government of Indonesia's target of adding 35,000 MW of new
capacity by 2019 for the benefit of both the Indonesian population and our
shareholders."
**ENDS**
For further information, please go to http://www.andalasenergy.co.uk/ or
contact:
David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe Tel: +44 20 7894 7000
Craig Francis (Nominated Adviser and Joint
Broker)
Lucy Williams Peterhouse Corporate Finance Tel: +44 20 7469 0930
Charles Goodfellow Limited (Joint Broker)
Colin Rowbury Cornhill Capital (Joint Tel: +44 20 7710 9610
Broker)
Frank Buhagiar St Brides Partners Limited Tel: +44 20 7236 1177
Susie Geliher