Business
Half-year Report
Half-year Report.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4652A Andalas Energy And Power PLC 21 January 2020 \n\nAndalas Energy and Power Plc\n('Andalas' or the 'Company')\nInterim Results\nAndalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company (AIM: ADL), is pleased to announce its half-yearly report for the six months ended 31 October 2019. \nFor further information, please contact:\n \n\n\n\n\nSimon Gorringe\n\n\nAndalas Energy and Power Plc\n\n\nTel: +44 1624 681250\n\n\n\n\nGraham Smith\n\n\nFIM Capital Limited\n\n\nTel: +44 1624 681250\n\n\n\n\nRoland Cornish / James Biddle\n\n\nBeaumont Cornish Limited\n(Nominated Adviser)\n\n\nTel: +44 20 7628 3396\n\n\n\n\nThe Interim Report will be available from the Company's website www.andalasenergy.co.uk \n \n \nChairman's Statement\n \nDear Shareholders,\n\nOverview of the period\n \nAs described in the Company's Annual Report and Accounts to 30 April 2019, the Company is seeking to develop an international E&P business focused on developing upstream assets in Indonesia and the UK.\nIn the UK there are two opportunities being pursued, Colter and Southern North Sea.\nThe investment into Eagle Gas Limited, which holds an indirect interest in the Southern North Sea licence, was written off in the year to 30 April 2019. There have been no further developments regarding this licence since the issuance of the annual report.\nA reconciliation of the costs for the Colter well and sidetrack was completed in August 2019 and resulted in a refund of c£44k. The Company has made a contribution of 8% towards the cost of the post well review and a review of future seismic options for Colter South. Also included are licence fees for the next 12 months for P1918, PEDL330 and PEDL345 and the recent work on the Purbeck Anticline (PEDL345), including new petrophysics and fracture analysis for the Southard Quarry-1 well. The Company will provide a further update on this work in due course.\nIn Indonesia, there has been no movement in the stalled Bunga Mas deal. \nDuring the period the Company has entered into an operating services and option agreement in respect of the producing Betun-Selo KSO in Sumatra. The Company commenced the workover program. At the period end, there is a fee debt of $687,000 which Andalas is entitled to ...