Business
Interim Report
Interim Report.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nAndalas Energy and Power Plc\n\nInterim Results\n\nAndalas Energy and Power Plc\n\n(‘Andalas’ or the ‘Company’)\n\nInterim Results\n\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 2017. \n\nHighlights:\n\n\nFirst Pertamina power project consortium for the development of the Puspa-1 project entered into with Siemens AG. Each partner has an equal interest in the project.\n\nJambi-1 power project consortium formed with PT PP Energi (51%). \n\nSumatra-1 power project consortium formed for the development of a power project. \n\nEquity subscription of £500,000 by Volantis.\n\nEntered into flexible convertible loan note agreement with Volantis, with no penalties should the Company not utilise the facility. First potential draw down on or after 1 March 2018.\n\n\nAndalas Chief Executive Officer, Simon Gorringe, said:\n\n“I was appointed as CEO in October 2017. Since then I was pleased to be able to diversify our project portfolio further with the addition of Sumatra-1 and immediately start the work required to obtain PLN approval. Furthermore to be successful in realising value the Company needs to ensure that it has the finance in place to support the realisation of these opportunities and I was delighted to be able to welcome a new major institutional shareholder to the business.\n\n“Looking forward, the Company’s existing medium to longer term projects have significant potential but I believe to be successful the Company must have a balanced portfolio of opportunities. I therefore have started the work necessary to expand our activities into upstream or fast power opportunities that have the potential to generate nearer term cash flows. I firmly believe that adding a project with nearer term potential would have the effect of rebalancing the risk profile of the Company and delivering value to shareholders in the near and longer term.â€\n\n-ENDS-\n\nFor Further Information:\n\n\n\nDavid Whitby / Simon Gorringe\nAndalas Energy and Power Plc\nTel: +62 21 2783 2316\n\n\n\n\n\n\n\n\n\nNick Tulloch / David Porter\nCantor Fitzgerald Europe\nTel: +44 20 7894 7000\n\n\n\n\n\n\n\n\n\nThe Interim Report will be available from the Company’s ...