Change of Name to Andalas Energy and Power plc

RNS Number : 9540H

CEB Resources PLC

03 December 2015

 



3 December 2015

CEB Resources plc ('CEB' or the 'Company')

Change of Name to Andalas Energy and Power plc ('Andalas')

CEB Resources plc, the AIM listed investing company, is pleased to announce its change of name to Andalas Energy and Power plc.    

The company's new ticker AIM: ADL and new web address (www.andalasenergy.co.uk) will go live tomorrow. 

Managing Director, Mr David Whitby, said "We are delighted to announce our change of name to Andalas Energy and Power plc.  Andalas is an ancient name for Sumatra.  We believe this new name reflects our vision for the Company which is focused on oil and gas production and gas to power projects in Sumatra, Indonesia.  We look forward to updating you all on our progress into 2016 and beyond."

**ENDS**

For further information, please contact:

David Whitby	CEB Resources plc	Tel: [phone]
Cameron Pearce	CEB Resources plc	Tel: [phone]
Lindsay Mair James Thomas	Sanlam Securities UK Limited (Nomad and Joint Broker)	Tel: [phone]
Lucy Williams Charles Goodfellow	Peterhouse Corporate Finance Limited (Joint Broker)	Tel: [phone]
Colin Rowbury	Cornhill Capital (Joint Broker)	Tel: [phone]
Frank Buhagiar	St Brides Partners Limited	Tel: [phone]

Notes:

Andalas Energy and Power plc is an AIM listed investing company focused on investing in and/or acquiring companies and/or projects within the natural resources and/or energy sector with potential for growth.  The Company entered into an agreement on 5 June 2015 whereby Corsair Petroleum (Singapore) Pte Ltd ('Corsair'), agreed to assign to Andalas its participating interest in a vehicle that intends to consider and, if applicable, invest in oil and gas concessions in Indonesia.   Over the past 18 months Corsair has identified and screened over 60 opportunities, high graded 12, and a detailed technical and commercial evaluation of 9 potential asset acquisition opportunities is well advanced.  The strategic plan is to target short-term cash flow from existing oil production and long-term value assets particularly focussed on the Indonesian gas market, where pricing is high relative to other gas markets.  A farm-in offer for one asset is now under consideration by its existing owners.

 

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