StockMarketWire.com - Andalas Energy and Power Gas said Friday it would seek options to apply for a new licence covering the Badger prospect after Eagle notified the company that Holywell and Atlantic had elected to relinquish Sea licence P2112.

'We are disappointed that the Licence will be relinquished. However, whilst Holywell has undertaken discussion with a number of interested parties regarding participation in drilling the proposed well, it has been unable to secure a partner within the time permitted under the Licence and therefore it has no other practical course of action,' said Simon Gorringe, CEO of Andalas Energy and Power PLC.

'We remain interested in the Badger prospect and we will consider options to apply for a new licence. In parallel Eagle will continue to pursue various other opportunities it is developing.'

'We are continuing to assess new business opportunities and will make a further announcement as and when appropriate.'

Andalas held 25% of the equity of Eagle which wholly owned Holywell. Holywell owned a 66.67% stake in the licence and the remainder was held by Atlantic. At 9:15am: [LON:ADL] Andalas Energy Power PLC share price was -0.28p at 0.2p



Story provided by StockMarketWire.com