Beacon Energy plc

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BCE

IM00BKSCP798

Oil & Gas Exploration and Production

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Andalas Energy and Power : Review of Strategy

February 20, 2020 at 12:32 pm IST

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	Andalas Energy And Power PLC - ADL Review of Strategy Released 07:00 20-Feb-2020

RNS Number : 5136D

Andalas Energy And Power PLC

20 February 2020

For immediate release

20 February 2020

Andalas Energy and Power Plc

('Andalas' or the 'Company')

Review of Strategy

Andalas Energy and Power plc (AIM:ADL) is pleased to announce that, following the recent changes to the Board as announced on 4 February 2020, the Board and Management are to conduct a review of the business with a view to formulating a revised strategy.

This review will address the current assets in the UK and Indonesia as well as additional growth options in order to maximise the value of the existing platform.

The Board expects to complete its review within the next two weeks with further communications to follow soon thereafter.

It was earlier announced that the Company proposes a name change to Advance Energy plc subject to shareholder approval at a General Meeting scheduled for 26 February.

For further information, please contact:

Leslie Peterkin	Andalas Energy and Power Plc c/o FIM Capital Limited	Tel: +44 1624 681250
Graham Smith	FIM Capital Limited	Tel: +44 1624 681250
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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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Review of Strategy - RNS

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Andalas Energy and Power plc published this content on 20 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2020 07:01:01 UTC

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Company Profile

Beacon Energy plc is an international upstream oil and gas company. The Company is a full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly owned subsidiary, Rhein Petroleum GmbH. It holds a 100% interest in the Schwarzbach Production License, covering approximately 8.8 square kilometers (km2) in the Schwarzbach license, which sits in the German state of Hessen. It holds a 50% non-operating interest in the Lauben license covering 6.7 km2 in the German state of Bayern. The license is operated by ONEO, and is located in the Molasse Basin of southern Germany, around 200 kilometers (km) southeast of the Rhein Graben assets. The Steig discovery sits in the Graben-Neudorf license in the German state of Baden-Wurttemberg. The Graben discovery sits in the Karlsruhe-Leopoldshafen license in the German state of Baden-Wurttemberg.

Sector

Oil & Gas Exploration and Production

Calendar

01/11/2024 - Q4 2024 Earnings Release (Projected)

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