wahlberg
08 Mar 2016
RNS - Farm-in completed Andalas Energy and Power Plc(“ADL” or the “Company”
Signs Tuba Obi East gas project farm-in agreementAndalas Energy and Power Plc, the AIM listed investment company, is pleased to announce that it has conditionally entered into a farm-in agreement for the Tuba Obi East (“TOE” Technical Assistance Contract (“TAC” (“the concession”, which is located in the South Sumatran basin approximately 30km north-west of Jambi city in Jambi province, Sumatra.Highlights:•ADL to acquire 30% working interest in TOE TAC via a farm-in;•TOE is the entry point for Andalas into the profitable Indonesian gas and power sector;•Any future gas production from the concession may support either: ◦Gas export with the project located close to a major export route; or◦Gas-to-power being located in an area where a significant shortfall in power generation exists;•Farm-in via execution of a US$1.075 million work programme;•Work programme comprises technical studies and the drilling and testing of one well which would be put into production on success;•Work programme is being jointly operated by Andalas;•Planning and preparations for drilling are advancing rapidly;•Subject to well results, further gas and power development studies will be undertaken;•Gaffney Cline and Associates is in the final stages of completing a Competent Person’s Report (“CPR” assessing the gas resources within the TAC; and•Farm-in constitutes a reverse takeover pursuant to the Aim Rules and, accordingly, the farm-in agreement is subject to the approval of Andalas’ shareholders in general meeting.•An admission document which will include notice of a general meeting seeking shareholder approval will be published in due course.Andalas CEO, David Whitby, said “The signing of this agreement follows the Letter of Intent announced on 3 February 2016 and secures ADL’s foundation gas asset. We are keen to take full advantage of the opportunity Tuba Obi East now affords Andalas, and we regard it as the base upon which a profitable Indonesian gas and power business can be built.“TOE has all the essential features to be a successful first asset for the Company. It has gas proven by two wells into the reservoir zone that has been defined on 3D seismic and confirmed by well logs, all whilst located in a prolific hydrocarbon basin. In addition, the field is close to both gas and power infrastructure and has easy access to Indonesia’s burgeoning energy market which is generating high prices for producers. It represents an unrivalled opportunity for a new Indonesian gas and power market entrant like ADL.”Farm-in SummaryAs previously announced, under the terms of the proposed farm in, Andalas will acquire a 30% direct working interest in the concession through the execution of a single well work programme. The work programme includes the completion of a geological, geophysical and reservoir (‘GG&R’ study along with the drilling and flow testing of a single well to assess the deliverability, recoverable volumes, and gas quality in the Air Benakat formation.Block operator PT Akar Golindo and Andalas will jointly operate the well work programme, which is expected to cost around US$1.075 million. Andalas has also agreed to pay a further sum of US$500,000 to PT Akar Golindo if the concession is renewed beyond its expiry date of 15 May 2017.Pursuant to Rule 14 of the AIM Rules for Companies this farm-in constitutes a reverse takeover and, accordingly, the farm-in agreement is subject to the approval of Andalas’ shareholders in general meeting.Work ProgressUnder the terms of the agreement the Company will be the technical operator for the Tuba Obi East well work programme. Accordingly, ADL’s in-country team has expedited the design, planning and site preparations for the farm-in well (provisionally called TOE-2). The concession operator, PT Akar Golindo, has also been supporting this work.Two well locations (a
wahlberg
25 Feb 2016
Lunch, Q&A in London next week Invitation to participate in financing.
wahlberg
04 Feb 2016
Re: Facts I think there will be more to come before readmission. I expect the completion of the Siak PSC joint venture - perhaps 30% of 1.7k bopd = 510 bopd working interest.And then I expect 2 or 3 of the additional conventional assets will complete - perhaps another 400/500 bopd on each.So maybe 1k-2k bopd net to ADL from day 1, before any optimisation and capital work program.Let's see!
freddie007
04 Feb 2016
Facts An excellent RNS.Let's now hope Adl can lift the suspension and let trading commence .
wahlberg
03 Feb 2016
Board Changes And change of NOMAD. Story unfolds a little more. Bring on the asset news!=========Andalas Energy and Power Plc, the AIM listed investment company, is pleased to announce that Mr Paul Warwick, an existing non-Executive Director of ADL, has been appointed Chairman of the Board. Paul?s extensive industry experience, both globally and specifically in Indonesia, makes him ideally placed to help drive the strategic vision of the Board and in the process build a significant company focused on oil and gas production and gas to power projects in Sumatra, Indonesia.In addition, the Company is pleased to announce the appointment of Mr Dan Jorgensen to the Board as Finance Director with immediate effect. Mr Jorgensen, a chartered accountant, brings a wealth of experience with him to his new position, including nearly 15 years? working with international companies, with a particular focus on the resources sector.Prior to his appointment, Mr Jorgensen was Finance Director of Northcote Energy Limited. During his tenure, he played an instrumental role in both the Admission of Northcote?s shares to the AIM market as well as its subsequent corporate transactions, which culminated in the acquisition of NAP USA, Inc., which doubled Northcote?s interest in its flagship Shoats Creek Field in Louisiana. In addition to Northcote, Mr Jorgensen has experience from senior management positions with a number of AIM-listed international resource companies. Between 2004 and 2011, he worked for BDO LLP in their Natural Resources team advising a large number of international AIM Companies. He is a chartered accountant and holds a BSC in Economics from Reading University.Andalas CEO, David Whitby, said "We are pleased that Paul will be moving into his new position as Chairman of the Board. Thanks to his peerless track record in the Indonesian energy sector, in the short time since his appointment as a non-Executive Director, he has already made an important contribution to the successful implementation of our strategy thus far, and his familiarity with the Company will make this a seamless transition.We are delighted to have Dan join the Board as our Finance Director. Having already achieved a number of significant milestones since moving into the Indonesian energy sector, the Company is at a pivotal stage in its development and securing the best leadership team is instrumental to building on the progress already made. Dan brings with him the dynamism and experience that will be crucial to our continued success and we look forward to working alongside him as we further our strategy to enter the Indonesian energy market. With a strengthened leadership team and a clear vision for 2016, we are very excited about the next stage of our development and look forward to updating the markets in due course."
wahlberg
01 Feb 2016
Re: Cheatedit They've done their job helping to transform a cash shell and now hold millions of shares and options. The same will happen at GWIK.Now ADL can bring in who they want.
freddie007
01 Feb 2016
Re: Cheatedit Allowing for my "dillusioned pessimistic " personslity trait , Iam finding it difficult to find anything optimistic about 2 main board directors resigning , one of which was the Chairman.
wahlberg
29 Jan 2016
Re: Cheated Honestly, I'm becoming very suspicious of the intent of your postings nowThere's about 50 people on LSE who have emailed DW multiple times, and received prompt responses- usually minutes or hours after. I have emailed and spoke to him too. And the Finance Director. So I don't believe you.You either have an agenda have become a delusional pessimist.
freddie007
29 Jan 2016
Re: Cheated Thanks for your response .I admire your belief in ADL.I have tried to contact DW on numerous occasions by phone and email .No answer via either .Facts remain this company is now at the mercy of cash flow and timings.With the best will in the world , without an imminent asset announcement this company will become insolvent in the next two months .
wahlberg
29 Jan 2016
Re: Cheated I've replied to it. Freddie, you seem to be way way too susceptible to this "scaremongering" by crooks such as TW and his cronies who propegate it. Rather strange that woodfromthetrees makes his first post and basically repeats word for word the same rubbish. I think you should be thankful it is suspended, for your own benefit.It is clear DW cares not one bit for this drivel either.I wonder, did you completely disregard 2 posters sharing a recent reply from DW himself? Why not get in touch yourself and hear it from the man himself - he will even call you from Indonesia. "Hi steve, we have been working with our new director, Paul Warwick who is truly a wold class player in our industry. We have been reviewing the projects with him and he is rather excited about what he saw. We will be releasing our financials shortly which will have an update of our work. As you know, I will rely solely on the RNS process to inform the market when it is timely to do it. I fully appreciate the nervousness that you and the rest of the ADL London family have however we have the right people in place, the projects in the pipeline and have been pleased that our presence in the country that has been instrumental in having new projects come to us on almost a daily basis. We are in the right place at the right time, a bit of luck I must admit but I will accept that as a gift. Hope you are well, as always, please keep the faith and keep in touch. Cheers D"So, Paul Warwick himself is rather excited about these projects. It is so obvious that everything is under complete control and in their hands. Everyone knows a placing will occur to fund these deals, DW himself has stated it! But it will be value adding and from day 1 we will be a profitable, cash-generative business.This will only get bigger.
freddie007
29 Jan 2016
Re: Cheated Please check the post on LSE this morning from woodfromthetrees.A FACTUAL based review of ADL's current financial position .
wahlberg
26 Jan 2016
Re: Cheated It's a half year report, but a comprehensive and positive one.I thought you had kissed goodbye to your investment already?
freddie007
26 Jan 2016
Re: Cheated Quite happy to discuss any new salient facts derived from today's RNS other than the half yearly loss, with you , as long as you can refrain from making it personal .
wahlberg
26 Jan 2016
In summary... " Initiated strategy to build a significant energy company"
wahlberg
26 Jan 2016
RNS- Half Yearly Report Andalas Energy and Power Plc('ADL' or the 'Company') Half Yearly Report Andalas Energy and Power Plc, the AIM listed investing company, is pleased to announce its half yearly report for the six months ended 31 October 2015. Highlights:· Initiated strategy to build a significant energy company to capitalise on Indonesia's strong domestic demand fundamentals and an attractive pricing environment - changed name to "Andalas Energy and Power Plc" post period end to reflect this change of strategy· Implemented farm-in strategy with stringent investment criteria to ensure high quality assets are pursued: screened over 70 individual opportunities, carried out a detailed assessment of 17 high graded targets and completed due diligence on four· Lodged farm-in offers for three assets which are currently being considered by the existing owners· Secured an exclusive agreement post period end to negotiate a material interest in the Siak project, which currently produces approximately 1,700 bopd gross· Assembled a leading team of industry professionals to execute the defined strategy alongside local partnerso The Board and operational teams have been strengthened and the team now boasts over 250 years of oil & gas experience of which 70 years have been spent in Indonesia. The Report and Accounts will be available from the Company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP and on the Company's website www.andalasenergy.co.uk shortly. CEO of Andalas Energy and Power, Mr David Whitby, said "ADL has already achieved a number of significant milestones as we implement our defined strategy to build a significant energy company focussed in Indonesia. From the outset we needed to differentiate ourselves from the crowd by blending deep country knowledge with a commitment to identifying and implementing investment decisions which have the potential to still deliver shareholder value despite low commodity prices. Our expert team who have evaluated numerous opportunities in Indonesia and have subsequently lodged offers to farm-in to three high quality projects in addition to securing an exclusive agreement to negotiate a material interest in the currently producing Siak project. "Importantly we have identified and developed relationships with local partners - which is critical to executing a successful investment strategy. I believe we are ideally placed to weather the current turbulence we are experiencing in the global markets, and furthermore, we can use this volatility to our advantage in securing high quality assets on competitive terms." CHIEF EXECUTIVE'S STATEMENTI was appointed CEO in June 2015 to build a company focused on oil and gas production and gas to power projects in Sumatra, Indonesia. Since then I am pleased to report that much progress has been made towards achieving this goal. From a standing start we now have a highly experienced and first rate team in place, both at the corporate and operational level on the ground in Indonesia; we have screened and carried out due diligence on multiple opportunities that match our criteria; lodged offers to farm-in to three projects, which remain live today; and secured an exclusive agreement to negotiate a material interest in the Siak project, which currently produces approximately 1,700 bopd. We have even found time to change our name to Andalas Energy and Power which more fully reflects our vision for the Company. I do not doubt that Indonesia represents a major opportunity to generate significant value for shareholders. The country is the seventh largest producer of LNG in the world and the 28th in terms of oil production. To date, 128 basins have been identified and the government estimates that the country's remaining reserves total 7.9bn bbls and 159 TCF of gas. Within Indonesia, Sumatra is the engine room of the oil and gas industry with in excess of 70 oil companies operat
