Andalas Energy upbeat after first half

Indonesia-focused upstream oil, gas and power company Andalas Energy and Power announced its half-yearly report for the six months to 31 October on Wednesday - a period in which it was readmitted to AIM to focus on upstream oil, gas and power opportunities in Indonesia.

The AIM-traded firm noted its milestone cooperation agreement with Pertamina, Indonesia's national energy company, providing it with the opportunity to fast-track its strategy to transform into a significant power producer.

It had an initial target of 250-500MW of installed capacity on five initial fields located close to infrastructure and markets, and the submission of its first gas-to-power project of 2 x 30MW was to be included in the Republic of Indonesia’s Electricity Supply Business Plan.

Andalas said discussions were ongoing with equipment vendors, industry participants and finance specialists with regards funding options.

It also confirmed the appointment of Dr Robert Arnott as a non-executive director, to complement the existing board and management team.

“The signing of the cooperation agreement with Pertamina during the period provides third party validation of the high standing of Andalas’ management team within Indonesia’s energy sector,” said chairman Paul Warwick.

“Working closely with Pertamina, already much progress has been made and post period end we submitted our first 2 x 30MW gas to power project for inclusion in the RUPTL.

“Approval not only opens up multiple funding options for the development of the first project, but will also prove the model we have adopted to become a leading Indonesian focused energy company via the roll-out of an initial portfolio of 250-500MW of installed capacity.”