3 February 2016
Andalas Energy and Power Plc
(“ADL” or the “Company”)
Andalas Energy and Power Plc, the AIM listed investment company, is pleased to announce that Mr Paul Warwick, an existing non-Executive Director of ADL, has been appointed Chairman of the Board. Paul’s extensive industry experience, both globally and specifically in Indonesia, makes him ideally placed to help drive the strategic vision of the Board and in the process build a significant company focused on oil and gas production and gas to power projects in Sumatra, Indonesia.
In addition, the Company is pleased to announce the appointment of Mr Dan Jorgensen to the Board as Finance Director with immediate effect. Mr Jorgensen, a chartered accountant, brings a wealth of experience with him to his new position, including nearly 15 years’ working with international companies, with a particular focus on the resources sector.
Prior to his appointment, Mr Jorgensen was Finance Director of Northcote Energy Limited. During his tenure, he played an instrumental role in both the Admission of Northcote’s shares to the AIM market as well as its subsequent corporate transactions, which culminated in the acquisition of NAP USA, Inc., which doubled Northcote’s interest in its flagship Shoats Creek Field in Louisiana. In addition to Northcote, Mr Jorgensen has experience from senior management positions with a number of AIM-listed international resource companies. Between 2004 and 2011, he worked for BDO LLP in their Natural Resources team advising a large number of international AIM Companies. He is a chartered accountant and holds a BSC in Economics from Reading University.
Andalas CEO, David Whitby, said “We are pleased that Paul will be moving into his new position as Chairman of the Board. Thanks to his peerless track record in the Indonesian energy sector, in the short time since his appointment as a non-Executive Director, he has already made an important contribution to the successful implementation of our strategy thus far, and his familiarity with the Company will make this a seamless transition.
“We are delighted to have Dan join the Board as our Finance Director. Having already achieved a number of significant milestones since moving into the Indonesian energy sector, the Company is at a pivotal stage in its development and securing the best leadership team is instrumental to building on the progress already made. Dan brings with him the dynamism and experience that will be crucial to our continued success and we look forward to working alongside him as we further our strategy to enter the Indonesian energy market.
“With a strengthened leadership team and a clear vision for 2016, we are very excited about the next stage of our development and look forward to updating the markets in due course.”
Disclosures under Schedule 2 of the AIM Rules
Mr Daniel Bandholtz Jorgensen, aged 35, holds or has held the following directorships and/or partnerships in the previous five years:
||Northcote Energy Limited
Holtz Properties Limited
Mr Jorgensen does not hold any ordinary shares in the Company.
No additional information relating to Mr Jorgensen is required to be disclosed under Rule 17 or Schedule 2 paragraph (g) of the AIM Rules for Companies.
For further information, please contact:
||Andalas Energy and Power Plc
||Tel: +62 21 2783 2316
|Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker)
||Tel: +44 (0) 20 7894 7000
|Peterhouse Corporate Finance Limited (Joint Broker)
||Tel: +44 (0) 20 7469 0930
||Cornhill Capital (Joint Broker)
||Tel: +44 (0) 20 7710 9610
|St Brides Partners Limited
||Tel: +44 (0) 20 7236 1177