Andalas Energy and Power: update on 2019 prospects

In November last year, UK-based Corallian Energy revealed its plan to commence a two-well work programme, starting with the drilling of the Wick well, followed by drilling of Colter scheduled for Q1 2019. All necessary approvals are in place. Among Coriallian’s joint venture partners, Andalas Energy and Power represent the best leverage play for the Colter prospects with its 8% interest.

Mapping of 3D seismic data by the operator Corallian indicates gross unrisked Mean Prospective Resources of 22 million barrels of oil recoverable (1.76 million bbls net) from this reservoir. Chances of success are over 50%.

Simon Gorringe, CEO of Andalas Energy and Power PLC said: “The drilling of the Colter well represents a key milestone for Andalas. Our interest in a fully funded well, which is targeting a significant oil prospect that is attractive due to its significant resource potential and also its proximity to the Wytch farm oilfield and its facilities, is very valuable to our companies and shareholders.”

Andalas’ portfolio also includes the highly attractive near-term oil producing Bunga Mas project in Indonesia. Bunga Mas will be one of the six licences that will be converted to gross split PSC’s by mid-February 2019. The announcement was made by Arcandra Tahar, Indonesia’s Deputy Minister of Energy and Mineral Resources. The Deputy Minister highlighted that the gross split PSC regime was created to make oil and gas licences efficient, uncomplicated, simple and with more secure processes.

Andalas has a conditional agreement to acquire an initial 25% (rising to 49% and then 100%) interest in the Bunga Mas PSC.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23012019/andalas-energy-and-power-update-on-2019-prospects/