StockMarketWire.com - Andalas Energy and Power said UK regulators had granted a five month extension for a licence containing the Badger prospect.

The extension was granted to Eagle Gas subsidiary Holywell Resources and its partner Atlantic Petroleum. Andalas owns 25% of Eagle Gas.

By no later than 31 March, the venture must advise the Oil & Gas Authority that it had either elected to drill one well and approved the necessary funding, or elected to terminate the licence.

'We are pleased that the Badger licence has been extended,' Anadalas chief executive Simon Gorringe said.

'It enables the operator, Holywell Resources, and Atlantic Petroleum UK to complete further work and optimise the technical and commercial appraisal and development plans.'


At 2:27pm: [LON:ADL] Andalas Energy Power PLC share price was -0.03p at 0.63p



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