Andalas Provides Results of Work Programme and Completion of Acquisition of Additional Interest
Tuesday 21 August 2018
Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company, provides an update on its investment in Eagle Gas Limited. Eagle’s operating subsidiary Holywell Resources Limited (“Holywell” or “Operator”) now has the results of the 2018 seismic interpretation work programme on Southern North Sea Licence P2112, which contains the gas prospect known as Badger.
Highlights:
- 2018 technical work programme completed thereby completing the Licence commitment.
- Following the interpretation of the reprocessed 3D seismic covering the block, Holywell has assessed the resource potential of the Badger gas prospect:
- Four seismic horizons mapped to represent prospective sandstone reservoir objectives: Base Ketch, Westphalian B (Murdoch equivalent), Westphalian A and Namurian (Trent equivalent) layers.
- Gross mean prospective resources assessed to be 399 Billion cubic feet (Bcf) of recoverable gas (net of inerts and liquids) and 3.9 million barrels of natural gas liquids.
- Potential exploration well location identified to target 2 of the 4 objectives.
- The well would be drilled in water depth of circa 45 metres (148 feet) to a total depth (TD) of circa 4,200 metres (13,800 feet).
- Proposed well location is approximately 35 kms from local infrastructure, including the Perenco operated Eagles Transport System (ETS) pipeline that could, subject to negotiation, be the evacuation route for the produced gas to the Bacton terminal, North Norfolk.
- Completion of acquisition of increased interest in Eagle (announced 25 July 2018):
- Andalas now has a 25% interest in Eagle.
- Andalas has issued 2,941,176 consideration shares to Eagle.
- Simon Gorringe appointed to the board of Eagle.