Advance Energy NPV (ADV)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 0.090p
   
  • Change Today:
      0.000p
  • 52 Week High: 5.30p
  • 52 Week Low: 0.085p
  • Currency: UK Pounds
  • Shares Issued: 1,527.61m
  • Volume: 2,584,588
  • Market Cap: £1.37m
  • RiskGrade: 178

Andalas says acquisition at Bunga Mas likely to fall through

By Josh White

Date: Monday 18 Feb 2019

LONDON (ShareCast) - (Sharecast News) - Andalas Energy and Power updated the market on its proposed acquisition of an interest in the Bunga Mas production sharing contract (PSC) on Monday, which it had initially announced on 29 August last year.
The AIM-traded firm noted that the long stop date for fulfilment of the conditions precedent to the sale and purchase agreement expired on 15 February, and the parties had not extended it.

It said the vendor had advised it that the Government of Indonesia had said that it intended to issue a letter terminating the PSC this week.

If, as is expected, the government issued the termination letter, Andalas would terminate the sale and purchase agreement.

As it advised on 12 February, the Government had asked the PSC contractors to deposit sums into an escrow account and lodge performance bonds as a condition of renewal of the PSC.

The escrow sum was understood to be around $5.8m, and the contractors had not satisfied that request.

Andalas said it had concluded that it would not be in its best interests to seek to raise funds sufficient to fulfil those requirements.

As it had previously indicated, to date Andalas had incurred direct costs of an estimated £0.2m of legal, professional and other direct costs in connection with Bunga Mas.

"We are disappointed by the recent developments at Bunga Mas," said Andalas chief executive officer Simon Gorringe.

"We could not ask shareholders for the funds to lock up $6m in addition to the capital required to develop the field."

However, Gorringe said Andalas would only terminate the agreement when it was certain that the licence had been terminated by the Government of Indonesia.

"Colter is currently drilling, and we look forward to providing shareholders with further news in the coming weeks both on Colter and the company's interest in Badger."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ADV Market Data

Currency UK Pounds
Share Price 0.090p
Change Today 0.000p
% Change 0.00 %
52 Week High 5.30p
52 Week Low 0.085p
Volume 2,584,588
Shares Issued 1,527.61m
Market Cap £1.37m
RiskGrade 178

ADV Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
11.25% above the market average11.25% above the market average11.25% above the market average11.25% above the market average11.25% above the market average
37.35% above the sector average37.35% above the sector average37.35% above the sector average37.35% above the sector average37.35% above the sector average
Price Trend
51.48% below the market average51.48% below the market average51.48% below the market average51.48% below the market average51.48% below the market average
88.51% below the sector average88.51% below the sector average88.51% below the sector average88.51% below the sector average88.51% below the sector average
Income Not Available
Growth Not Available

ADV Dividends

No dividends found

Trades for 17-Aug-2022

Time Volume / Share Price
15:48 120,991 @ 0.085p
15:21 1,000,000 @ 0.086p
12:57 160,000 @ 0.090p
10:01 167,037 @ 0.090p
08:37 400,000 @ 0.090p

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