ADV Advance Energy Plc

TIDMADL

RNS Number : 8453R

Andalas Energy And Power PLC

01 November 2019

1(st) November 2019

Andalas Energy and Power Plc

('Andalas' or the 'Company')

UKCS 31(st) Round Update

Andalas Energy and Power Plc, the AIM traded upstream oil and gas company (AIM: ADL), is pleased to provide the following update on the Colter Area in relation to the UK Oil and Gas Authority (OGA) 31(st) Licencing Round.

In the 31(st) Licencing Round Andalas was provisionally awarded an 8% interest in Blocks 98/11b and 98/12 in the English Channel as part of a joint venture group operated by Corallian Energy Limited. At the time of the provisional award, Blocks 98/11b and 98/12 included an area adjacent to the Colter South discovery in Licence P1918. Subsequent to this provisional award, the OGA informed the joint venture group that the area included in the award would be amended, due to a recent change in the demarcation of the landward versus seaward licensing boundary. The revised Blocks being offered were no longer adjacent to the Colter South discovery and no longer included the primary targets that had been identified as part of the application process.

Blocks 98/11b and 98/12 as now offered do not fit with the partner's strategy for developing Licence P1918. As a result, Andalas, as part of the joint venture group, has decided not to accept the petroleum licence offered over the remaining, seaward parts of blocks 98/11b and 98/12. Note that this does not affect the existing Colter and Colter South Discoveries in Block 98/11a (Licence P1918).

Andalas Energy, CEO, Simon Gorringe said "We believe that the joint venture group's decision not to proceed with taking up the OGA's offer is the correct one. The joint venture may bid for the areas adjoining Colter South in the future in which case ADL will review the opportunity at the time."

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: +44 1624 
                                                                681250 
 Graham Smith                   FIM Capital Limited            Tel: +44 1624 
                                                                681250 
 Roland Cornish/ James Biddle   Beaumont Cornish Limited       Tel: +44 20 7628 
                                 (Nominated Adviser)            3396 
 Colin Rowbury                  Novum Securities Limited       Tel: +44 207 399 
                                 (Joint Broker)                 9427 
 Christian Dennis               Optiva Securities Limited      Tel: +44 20 3411 
                                 (Joint Broker)                 1881 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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