Andalas Energy and Power Plc, the AIM listed Indonesian focused upstream oil and gas and power company (AIM: ADL), is pleased to announce the appointment of Dr Robert Arnott as Non-Executive Director with immediate effect. Dr Arnott is a pre-eminent figure in the international oil and gas industry and the Board is confident that he will be highly instrumental as the Company advances its strategy to become a leading Indonesian focused energy company.
Dr Arnott has over 30 years’ experience in the oil and gas industry, during which he has successfully executed a number of high profile transactions and sourced funding for several major development projects. Starting his career with Shell International, Dr Arnott subsequently moved into investment banking, working at both Morgan Stanley Dean Witter and Goldman Sachs International, where he established an extensive network of investment contacts. Moving back into the upstream industry he has distinguished himself as an active board member with high level involvement in the growth and success of numerous public and private energy related ventures.
As a Board member of Spring Energy AS, Dr Arnott rapidly grew the Norwegian Continental Shelf focused upstream oil and gas company ahead of its eventual sale to Tullow Oil in January 2013. He was since a director of Core Energy AS, an oil and gas company focused on the producing fields of the Norwegian Continental Shelf. During his career he has also held the role of Chairman at each of Petroceltic International plc, Global Petroleum Limited and Oyster Petroleum Limited and a non-executive directorship at Rocksource ASA. Dr Arnott is currently non-executive chairman of Hurricane Energy plc (AIM:HUR), the UK based oil and gas company.
Andalas Non-Executive Chairman, Paul Warwick, said: “Rob brings with him an unrivalled combination of industry knowledge and commercial expertise in the oil and gas industry and throughout his career he has demonstrated his ability to execute attractive value accretive transactions. I believe his appointment to the Board and support of our strategy is a clear signal to the market that Andalas is an emerging energy company with significant potential to make a material contribution to Indonesia’s energy industry, where new power sources are critically needed to keep up with current demand let alone future growth. His appointment follows our recent partnership agreement with Indonesia’s state oil company, PT Pertamina (Persero), and adds further gravitas to our already highly experienced and qualified board, as we look to commercialise our gas-to-power business concept and capitalise on the highly compelling opportunites inherent in the Indonesian energy market for the benefit of both the country and our shareholders.”
Commenting on his appointment, Rob Arnott said: “The gas and power supply/demand fundamentals in Indonesia are clearly evident – with a serious power crisis affecting many regions, and the economic development of the entire country, there is certainly an important opportunity for a company with the relevant technological expertise and in-depth knowledge of the country such as Andalas. I am joining a Board which already boasts significant industry and in-country experience, and I am excited at the prospect of using my expertise and contact base to further Andalas’ ambitions to realise the Board’s vision of delievering on its gas-to-power concept. Within the current remit of our partnership with Pertamina, which provides Andalas with unique access and depth of opportunity to small gas fields in our target areas, I believe we are in an excellent position to rapidly commercialise assets and generate real returns for our shareholders.”
The following information regarding Dr. Robert John Arnott, aged 58, is disclosed under Schedule 2(g) of the AIM Rules for Companies:
|Current directorships and/or partnerships||Former directorships and/or partnerships (within the last five years)|
|Hurricane Energy plc
Independent Oil Tools PLC
Independent Oil Tools AS
Brimham Resources Limited
Oyster Petroleum Ltd
Global Petroleum Limited
OPHL Investment Limited
Petroceltic International plc
Tullow Oil (International) Norge Limited
Spring Energy AS
Impax Environmental Markets plc
Core Energy AS
For further information, please contact:
|David Whitby||Andalas Energy and Power Plc||Tel: +62 21 2783 2316|
|Cantor Fitzgerald Europe
(Nominated Adviser and Joint Broker)
|Tel: +44 20 7894 7000|
Peterhouse Corporate Finance
Limited (Joint Broker)
|Tel: +44 20 7469 0930|
|Colin Rowbury||Cornhill Capital (Joint Broker)||Tel: +44 20 7710 9610|
|St Brides Partners Limited||Tel: +44 20 7236 1177|
Market Abuse Regulations (EU) No. 596/2014
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 Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.