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Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company (AIM: ADL), notes the announcement today regarding Beaufort Securities Limited and Beaufort Asset Clearing Services Limited being placed into insolvency and that the Financial Conduct Authority has imposed requirements on BSL and BACSL to cease all regulatory activity.
BSL is joint broker to the Company. As a result of the requirements imposed by the FCA, BSL will no longer be able to provide broking services to the Company. Cantor Fitzgerald will continue as nominated adviser and will now perform the role of sole broker to the Company.
For Further Information:
|Simon Gorringe||Andalas Energy and Power Plc||Tel: +62 21 2783 2316|
|Nick Tulloch / David Porter||Cantor Fitzgerald Europe||Tel: +44 20 7894 7000|
Eland Oil & Gas Plc (ELA.L) is a UK-based independent oil and gas company. The Company focuses on the production and development in West Africa, primarily in the Niger Delta region of Nigeria. It focuses on building and developing a portfolio of producing upstream oil and gas assets in West Africa. Its core assets are the OML 40 license and the Ubima field, both onshore Nigeria. The OML 40 license is situated within the Niger Delta, approximately 75 kilometers northwest of Warri and covers an area of over 500 square kilometers. The environment in OML 40 consists of shoreline and coastal mangrove swamps. The OML 40 license includes Opuama, Gbetiokun, Polobo, Abiala and Amobe.
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On April 24th 2017, ELA published an operational update. The Company said Opuama is currently producing approximately 8,000 barrels of oil per day, from the Opuama-3 well only, with export through shipping ongoing. Since the last announcement, approx 120,000 barrels of oil have been delivered to the export terminal, with a further circa 40,000 to be injected imminently. The Company also confirmed its Reserves Based Lending facility at Standard Chartered stood at $24m, based on the production performance of Opuama-1 and Opuama-3, shipping export route and outlook. CEO George Maxwell said: “The successful borrowing base review with our bank, Standard Chartered, ensures we are funded for our upcoming work programme at Opuama-7 which we expect to commence in the near term. We are targeting bringing Opuama field’s gross production from Opuama-1, 3 and 7 up to 17,500 barrels of oil a day by early H2 2017.” “There is real momentum in the business as we focus on growing our production sharply and I look forward to updating all stakeholders on our drilling activities at Opuama-7 in the future.” In the run up to the full year results, brokers Peel Hunt, Panmure Gordon and Cantor Fitzgerald have reiterated buy ratings and raised target prices to 100p, 130p and 149p respectively.
As far back as December 2016, the VectorVest GRT (Earnings Growth Rate) metric flagged up the potential at ELA, driven no doubt by the growth in production at Opuama. The GRT reflects a company’s one to three year forecasted earnings growth rate in percent per year, and ELA currently shows forecasted GRT of 20.00%, which VectorVest considers to be very good. In addition, the VST – the VST-Vector master indicator for ranking every stock in the VectorVest database, logs ELA at 1.38, which is very good on a scale of 0.00 to 2.00. From a valuation standpoint, VectorVest is a little more conservative than the Peel Hunt, Panmure Gordon and Cantor Fitzgerald valuations, with a current rating of 81.46p per share. Even so ELA remains undervalued at its current 65p
The chart of ELA.L is shown above with the price in candlestick format. The trend (as defined by Charles Dow) is evident by the series of rising bottoms. Recently the share has broken upwards and then tested the breakout level (52) which is shown on the chart by the horizontal line. Tails on the candles at the support line invariably indicate institutional accumulation as it is mainly the latter that have the time, focus and emotional detachment to define the low of the day. After a period of accumulation which lasted from 20th April to the 24th May the share has again broken upwards and is on a BUY recommendation of VectorVest. Any pullback below 60 should be seen as a buying opportunity for those traders versed in position sizing and risk management.
Summary: Shareholders in this little oil and gas company have already seen the share price double over the past year, but it really does seem that the pace of growth in production at the Opuama well, as highlighted in the CEO’s statement, could continue to drive ELA into midcap territory in the not too distant future. Earnings growth expectations at VectorVest may be modest compared to the basket of City brokers featured here, but there is no doubt that ELA offers investors an exciting growth story to buy into. The opportunity is for aggressive traders only.
May 31st 2017
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On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.
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by Andreas Exarheas
Andalas Energy and Power Plc, in collaboration with Pertamina, has identified a further two gas fields in central Sumatra suitable for wellhead IPP (independent power project) development.
“The scalability of our gas-to-power offering in partnership with Pertamina is clear. In addition to the initial project, we have identified two additional fields within Pertamina’s unrivalled inventory of gas assets,” Andalas CEO, David Whitby, said in a company statement.
“All of this has been achieved within eight months of signing our partnership agreement with Pertamina and we look forward to updating shareholders as we continue to progress our cooperation with Pertamina,” he added.
The pace of the collaboration could potentially see Andalas become a “material player” in Indonesia’s gas to power outlook, according to Sam Wahab, oil & gas research analyst at Cantor Fitzgerald Europe.
“We therefore believe Andalas’ shares represent a unique investment opportunity to gain exposure to a compelling and established hydrocarbon province,” Wahab said in a research note sent to Rigzone.
The development is in line with Andalas’ strategy to develop a portfolio of wellhead IPPs totalling between 250MW and 500MW of installed capacity, fired with gas from existing fields, Andalas said in a company statement.
Link here for the full Rigzone story
Following the operations update and two further wellhead IPP projects announced this morning by Andalas Energy & Power (ADL), analysts at broker Cantor Fitzgerald have today reiterated their ‘Buy’ rating and 0.5p target price. According to the analyst this now indicates a potential increase of 426.32% from Andalas Energy & Power PLC’s current price of 0.1p.
There are currently 2,493,167,000 shares in issue with a current share value of 0.1 giving Andalas Energy & Power PLC a market capitalisation of £2.37m. ADL stock has a 50 day moving average of 0.12p and a 200 day moving average of 0.12p. The 52 week high for the share price is 0.45 while the 52 week low for the stock is 0.08.