Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company (AIM: ADL) is pleased to provide an update following the completion of its acquisition of its interest in Eagle Gas Limited, which is the owner of 66 2/3% of Southern North Sea Licence P2112 (see announcement of 30 April 2018). The update is based on information supplied by the Operator and follows completion of the first phase of the work programme outlined by Andalas on 30 April 2018.
- Southern North Sea Licence P2112 contains the undrilled gas prospect known as Badger:
- The acreage is prospective for gas from multiple Carboniferous reservoirs.
- The prospect is geologically analogous to other producing fields in the Southern North Sea
- Phase one of the work programme is now complete.Petroleum Geo-Services ASA (“PGS”) has completed the pre-stack depth migration (PSDM) reprocessing of the 3D seismic data:
- The 3D Seismic data is based on two PGS multi-client surveys that were merged and reprocessed by PGS in 2015.
- Phase two of the work programme is now underway:
- Seismic interpretation has commenced that will estimate resource volumes and exploration well location.
- In parallel the operator has commenced the preparation of the farm-out material.
Simon Gorringe, CEO of Andalas Energy and Power PLC said:
“We recently attended a project review meeting with Eagle’s technical team, which confirmed the work programme is on schedule and during which the operator presented the latest results of the PSDM work by PGS.
“The work to date continues to validate our opinion that the licence has excellent gas prospectivity and we now look forward to the completion of the work programme, which will include the operator assessment of the resource volumes and the recommendation for the location of the potential exploration well. We look forward to announcing the results of Eagle’s work with further updates on this and on our other projects over the summer.”
For further information, please contact:
|Simon Gorringe||Andalas Energy and Power Plc||Tel: +62 21 2965 5800|
|Roland Cornish/ James Biddle||Beaumont Cornish Limited
|Tel: +44 20 7628 3396|
|Colin Rowbury||Novum Securities Limited
|Tel: +44 207 399 9427|
|Christian Dennis||Optiva Securities Limited
|Tel: +44 20 3411 1881|
|Stefania Barbaglio||Cassiopeia Services Ltd||Stefania@cassiopeia-ltd.com|