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Andalas Energy now “in a good position” - chairman

Published: 07:39 03 Jul 2018 BST

oil and gas operations
Badger is seen to have “significant gas potential”

Andalas Energy and Power Plc (LON:ADL) chairman Dr Robert Arnott, in final results released today, told investors that the company is now in a good position to reap the benefits of its new strategy which focusses on the upstream oil and gas sector.

“The company’s strategy has a renewed focus on its core competency of oil and gas exploration and production (E&P) and has broadened its geographical focus to include areas outside its existing operations in Indonesia,” Arnott said.

READ: Andalas Energy responds to speculation on social media

He added:” In parallel with working on the existing projects we have undertaken detailed due diligence on a number of assets, in Indonesia and elsewhere, and at the end of the financial year made our first purchase of an indirect interest in the P2112 Badger prospect in the UK Southern North Sea.”

Badger, in the Southern UK North Sea, is an exploration project that’s believed to have “significant gas potential” and it is currently the subject seismic data reprocessing. Andalas expects to report findings this summer.

Meanwhile, in Indonesia, the company said it has been screening a number of opportunities which would be available with attractive entry prices.

Looking ahead, Arnott highlighted: “We believe that over the next twelve months the company will be participating in new and exciting upstream E&P opportunities, alongside existing opportunities, that will deliver value.”

In terms of financial results, Andalas reported a US$1.33mln loss for the twelve months ended April 30, and, confirmed at that time it had US$38,000 of cash and equivalents - subsequently supplemented with a US$827,000 equity raise in the current reporting period.

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