Andalas Energy and Power plc, the AIM listed upstream oil and gas and energy company (AIM: ADL), announces that Mr David Whitby will retire from his role as Chairman and Director of the Company and that Dr Robert Arnott, currently a Non-Executive Director, will step up to the role of Non-Executive Chairman. The changes are with immediate effect.
Commenting, Dr Arnott, the Company’s new Chairman, said: “With renewed focus on upstream opportunities and with the addition of the Badger prospect, in the UK North Sea, to our portfolio, I was pleased to become non-executive chairman as we enter a new chapter of the Company under the leadership of Simon Gorringe. I look forward to assisting the team as it executes its strategy to build a broader portfolio that can deliver in the short, medium and longer term, whilst in parallel seeking to realise value from its existing Indonesian IPP opportunity.
“On behalf of the board, I would like to extend our thanks to David for his service to the Company, he brought passion for Indonesia to Andalas and we wish him well in his future endeavours.”
David Whitby, outgoing Chairman, said “I am proud of what the team has achieved in Indonesia, whilst the Company has not done enough to show the market that the foundations built over the past few years will generate shareholder value, I am confident that I leave the Company full of opportunity. I wish the team and shareholders all the best as Andalas executes its new focused strategy, which has the potential to make 2018 a significant and exciting year for all involved.”
For further information, please contact:
|Simon Gorringe||Andalas Energy and Power Plc||Tel: +62 21 2965 5800|
|David Porter/Nick Tulloch||Cantor Fitzgerald Europe
(Nominated Adviser and Joint Broker)
|Tel: +44 20 7894 7000|
|Colin Rowbury||Novum Securities Limited
|Tel: +44 207 399 9427|
|Christian Dennis/ Tejas Padalkar||Optiva Securities Limited
|Tel: +44 20 3411 1881|