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Andalas Energy & Pwr (ADV)

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Monday 25 February, 2019

Andalas Energy & Pwr

Colter Well Update

RNS Number : 9360Q
Andalas Energy And Power PLC
25 February 2019
 

25 February 2019

Andalas Energy and Power Plc

('Andalas' or the 'Company')

Colter Well Update

Andalas Energy and Power Plc, the AIM listed oil and gas exploration and development company, is pleased to provide the following update on the Colter appraisal well ('the Well' or 'Colter'), currently being drilled by Corallian Energy Limited ('Corallian') in the P1918 licence in the Wessex Basin.  Andalas holds an 8% interest in the licence.

The Colter well (98/11a-6) has been drilled as a vertical well with the Ensco-72 jack-up rig and has reached a Total Depth of 1870m MD in the Sherwood Sandstone. The Well is an appraisal of the 98/11-3 well, drilled in 1986 by British Gas, within the Colter Prospect. 

The 98/11a-6 well unexpectedly remained on the southern side of the Colter Prospect bounding fault but encountered oil and gas shows over a 9.4 metres interval at the top of the Sherwood Sandstone reservoir - a separate discovery to the original appraisal target.  A petrophysical evaluation of the LWD data has calculated a net pay of 3 metres. Similar indications of oil and gas were encountered in the 98/11-1 well, drilled in 1983 by British Gas, within the Colter South fault terrace.

Provisional analysis of the new data indicates that the two wells may a share a common oil-water-contact having both intersected the down-dip margin of the Colter South prospect. Corallian's most recent assessment of the Colter South Prospect prior to drilling the 98/11a-6 well had estimated a mean recoverable volume of 15 mmbbls. Further work will be required to refine this assessment with the new well data

The joint venture has commenced preparations to side-track the 98/11a-6 well. The side-track will be drilled directionally to a Sherwood Sandstone target within the Colter prospect on the northern side of the bounding fault and will take approximately two weeks to complete.

Andalas Energy and Power plc CEO, Simon Gorringe, said: "The initial results from Colter have delivered valuable information on the potential of an additional hydrocarbon structure called the Colter South Prospect.  This is an added bonus and offers opportunity for future appraisal to increase the overall value of the Colter licence area.   The oil and gas shows encountered in Colter South mean that we maintain our confidence levels for the side-track into the main the main Colter Prospect target.  We look forward to updating share  in the coming weeks."

Qualified Person's Statement

The technical information contained in this announcement has been reviewed and approved by Mr. Gregor Mawhinney. Mr. Mawhinney is consulting for Andalas, acting in the role of Vice President Operations. He has nearly 40 years experience in the oil and gas industry,  is a member of the Society of Petroleum Engineers (SPE) and a member of the Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL).

 

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]

 

 


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