September 28, 2018 - 2:00 AM EDT
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Andalas Energy and Power Plc - Rig contract signed

28 September 2018

Andalas Energy and Power Plc

(‘Andalas’ or the ‘Company’)

Rig contract signed with Ensco for a jack-up to drill the Colter well

Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company (AIM: ADL), is pleased to announce an update on its Colter prospect, in which it recently announced an agreement to earn an 8% interest. 

The operator, Corallian Energy Limited (“Corallian”), has signed a contract with UK based drilling contractor Ensco U.K. Ltd for the provision of the Ensco-72 jack-up drilling unit for its Colter well. 

The timing for drilling the well is dependent upon the receipt of the necessary regulatory approvals and consents.  Based upon the current estimates for receipt of these, Corallian is expecting to commence to drill the well during Q4 2018.

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: +62 21 2965 5800
Roland Cornish/ James Biddle Beaumont Cornish Limited
(Nominated Adviser)
Tel: +44 20 7628 3396
Colin Rowbury
Novum Securities Limited
(Joint Broker)
Tel: +44 207 399 9427
Christian Dennis Optiva Securities Limited
(Joint Broker)
Tel: +44 20 3411 1881
Stefania Barbaglio Cassiopeia Services Limited                                       (Public Relations) [email protected]

Source: PR Newswire (September 28, 2018 - 2:00 AM EDT)

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