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Andalas Energy & Power #ADL – Colter Well Spud

Andalas Energy and Power Plc is pleased to announce that it has been notified by Corallian Energy Limited (‘Corallian’), the operator of the P1918 licence in the Wessex Basin, that the Colter 98/11a-5 appraisal well (‘the Well’ or ‘Colter’) spudded at 10:10hrs on February 6th 2019.  The drilling is expected to take three weeks.

Andalas holds an 8% interest in the Well which will appraise a historic discovery that lies immediately to the south of Europe’s largest onshore oil field at Wytch Farm.  The discovery was made in 1986 by well 98/11-3, which encountered a 10.5m oil column in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mmbbls have been produced to date.

The Ensco-72 jack-up drilling unit has been contracted to drill the Well to an intended total depth of 1,830m metres, with drilling expected to take approximately three weeks.  Colter will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data.  Colter will evaluate a prospect that has been assessed to contain gross unrisked Mean Prospective Resources of 22 million (1.76 net) barrels of oil (“MMBO”) recoverable (Operator estimate) and a further 1 million (0.08 net) barrels of oil equivalent (“MMBOE”) as gas.

Andalas Energy & Power PLC CEO, Simon Gorringe, said: “We are delighted to announce the spud of the Colter appraisal well, which we invested in because of its attractive risk return profile.  The well is targeting a historic discovery that lies close to existing infrastructure and is immediately south of Europe’s largest onshore oil field at Wytch Farm Field. 

“Colter is the first well to be drilled in which Andalas has an interest since I became CEO and we look forward to announcing the results of this well, whilst the Andalas team continues to work on the other opportunities in our portfolio.” 

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
Stefania Barbaglio Cassiopeia Services Limited                                       (Public Relations) Stefania@cassiopeia-ltd.com

Andalas Energy & Power #ADL – Update on Colter well programme

Andalas Energy and Power PLC, is pleased to report that Corallian Energy Limited (“Corallian”), the Exploration Operator for Licence P1918, has informed the joint venture partners that the Ensco 72 rig has commenced mobilisation to the Wick drilling location.

This milestone represents the commencement of the planned two well programme, as announced on 13 November 2018, that will include Colter (in which Andalas has an 8% interest) which is now scheduled to be drilled in Q1 2019.  Andalas will provide further updates on the Colter well programme in the new year.

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
Stefania Barbaglio Cassiopeia Services Limited                                       (Public Relations) Stefania@cassiopeia-ltd.com

Andalas Energy & Power #ADL – Update on Colter well programme

Andalas Energy and Power PLC, is pleased to report that Corallian Energy Limited (“Corallian”), the Exploration Operator for Licence P1918, has informed the joint venture partners that the Department for Business, Energy and Industrial Strategy, Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) has advised the Oil and Gas Authority of its in principle agreement to the issue of the relevant consent for the Colter well, in which Andalas has an 8% interest.

There are several regulatory approvals and notifications still required before the consenting process is completed for the work programme.  When all the necessary approvals have been obtained, Corallian expects to commence a two-well work programme, with the drilling of the Wick well (in which Andalas does not have an interest) expected to commence during December 2018.  Following completion of the Wick well, the rig will be mobilised from the Moray Firth to the English Channel to drill the Colter well.

No further announcements are expected from Corallian until all the approvals are in place and the drilling programme has commenced.

Simon Gorringe, CEO of Andalas Energy and Power PLC said “We are pleased with the continued progress of the operator towards the commencement of the proposed well, which follows today’s announcement and the recent announcement of the contracting of the Ensco-72 rig to execute the Wick and Colter drilling programme.

“The drilling of the Colter well will expose Andalas shareholders to an exciting period of drilling activity, whilst we continue to work with our partners to complete the acquisition of Bunga Mas and to provide updates on the Badger licence.  I look forward to keeping the market informed as we continue to progress our portfolio.”

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
Stefania Barbaglio Cassiopeia Services Limited
(Public Relations)
Stefania@cassiopeia-ltd.com
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