Andalas Energy Pushes For Near Term Strategy
, recently released its corporate presentation to the public underlining its new ongoing strategy.
The oil and gas exploration and production company is exploring opportunities with assets in the UK and Indonesia.
In the UK it is developing the Colter well (license p1918) in the Wessex basin, an asset which has been overlooked, making for a non-competitive bid process.
It has secured a jack-up rig with a well planned for Q4 2018, with the asset containing prospective resources of 22mmbls and being located adjacent to the Wytch Farm, which produces over 450mmbls.
It is also developing the Badger prospect (license p2112) in the Southern North Sea, an asset with an estimated 566BCF of prospective gas and is close to existing infrastructure.
Over in Indonesia it is developing its South Sumatra asset, the Mawar Prospect with a near-term production potential of 0.6-7 mmbls via its 100% owned subsidiary Bunga Mas.
Currently, it has production sharing contracts in place and operation cooperation contracts with Pertamina, a state-owned Energy Company.
Indonesia is asset rich, however, it poses commercial and legal risks that need to be overcome.
The company has undergone reform, recently raising money to fund operations and significantly reducing costs.
Running a tight team lead by an experienced industry professional, Simon Gorringe, who was involved in the infrastructure in the North Sea during the 80s, it is now focused on delivering near-term returns for shareholders in conjunction with its long-term IPP strategy.
The company has recently stated that it is going to deliver news flow only when it is material and pertinent to avoid market speculation.
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