Andalas Energy & Power (LON: ADL). What’s going on within and out-side of the company? It would seem that there’s a very slow tick up of the SP underfoot. News has been reaching ‘Yours Truly’ that Andalas are the target company of at least one and possibly ‘others’ who are sniffing around to take full Board control of the Company. I won’t go into each individual group as they may or may not be in direct talks with ADL. What I will do is disclose my take on one of the groups who HAVE made an approach (I believe pre or during Colter drill) and are in contact with some of the Major Share-holders.
It could be about to hot up at Andalas Energy. Now the emphasis is on ‘could’. So I’d ask investors/traders to keep that word in mind. There’s reasons for that. The chief one being the corporate world of ‘wheels & deals’ doesn’t run to the time-line of you/me, it can get and does get snagged up in back-room compliance/negotiation. That is to say nothing is certain until it’s what’s known in corporate speak as ‘Inked‘. (Signed sealed & delivered).
What I do know from my research is that a group have approached the ADL Board, seeking a corporate takeover via the introduction of $10M of assets/cash. It’s known as a ‘Plug & Play’ package, if that deal happened then ADL would have rocketed upwards, probably over 1p. For whatever reason/s those talks petered out but I can now exclusively reveal that those talks have been reignited with ADL Major Shareholders. Whispers are again surfacing that Major shareholders are now aware and have been approached for the 1st time by well-known successful corporates with a proven track record not only with the drill bit but with increasing SP value for their share-holders.
Major shareholders were not informed by the Board of ADL on the first approach. I have an ‘idea’ of the names of those corporates having had many cagey conversations with various market sources. The asset/s from one of the groups are rumoured to be Cuban/Mexican. I can’t confirm that but what I can confirm is that predatory moves are almost certainly going on in the back-ground. At what stage they are and if they’ll ever come to fruition is as I said further up in this piece subject to ‘back-room compliance/negotiation’. Nothing is certain until it’s ‘Inked‘ .
Target ADL?
‘Plug & Play‘ as some will recall is what was used on a company called IRG which had a meteoric rise when the new board and initial investment/assets was announced. For a ‘plug and play’ to work any investment group have to find a relatively low value m/cap company £1-4M, to offer the financiers potential multiple returns on initial investment just as IRG did. ADL has a current m/cap of £1.5M , the listing on the exchange itself is worth £600/800K. Cash at hand is circa £500K. Ergo it doesn’t take much to realise why ADL are being targeted, either officially or unofficially. But ‘Target’ they are. Companies at shell value can, on a slither of good news spike, secondly there’s always predatory action in the back-ground that can also re-rate the shell. Hence why I took a ‘slug‘ of shares. Even on no news ADL will slowly tick up.
So, bearing in mind how convoluted and difficult it is to predict with any degree of certainty the outcome of back channel discussions, I think it’s well worth a small punt.
Take The Deal!
As I see it the main sticking point to any deal getting Inked is the current Board who like all corporates don’t want to get off the gravy train unless their nest is feathered with downy £50 notes. I’ve tried to contact the CEO Simon Gorringe many, many times, he has thus failed/refused to make contact. Contact I might add with one of his small Major share-holders. That tells me that Simon is the sticking point to any deal. If you’re reading this Mr Gorringe, then do the right thing for share-holders. Get in-touch with the Cuban/Mexican Plug & Play group and take the deal!
Right let’s get one thing straight before I get down to posting what is in all probability good news for Andalas Energy & Power (LON: ADL) share holders/traders etc.
This company has been run close to ruin by the previous Whitby management, which has been highlighted on here and on Shareprophets more times than I can remember, on that historical basis it isn’t one I recommend, post consolidation then hopefully for holders there could be a case. New Board, new assets (Real ones this time), new Nomad, PR, Brokers and a genuine strategy which ditches the Whitby ramptastic ethos of telling ‘tall tales’….. While delivering nothing. With my investors hat on, which is (caution) I’d wait post consolidation to see where the new Boards’ strategy takes them.
In this space I hear this saying, (Usually from P&Ders) “Know the game”. Let me tell each and every-one of you some thing! This isn’t a fu*king ‘Game’. This is hard-earned cash being invested to try to enhance the lives of the lowly private investor & their families. It’s money that has been earned (Usually) through months, if not years, of hard labour & graft, people have scrimped & saved.. It’s deadly serious. The consequences for small investors losing thousands of pounds should be the first thought in every CEO’s, Nomad and Brokers mind & the mind of you the investor. On this site and on my twitter feed I tell it as it is or as I genuinely believe it to be or could be. That gets me a lot of flak, (which I don’t give two hoots about) because most of the time it’s negative some of the time it’s positive, regardless of who runs the company or invested, but it is always based on well placed sources and fact.
So, here’s what we know and why we know it. I’ve been to Indonesia several times. I’ve built up good connections within Jakarta, Sumatra & Pertamina, have met plenty of Indo’ operators. Such as Fosters Oil. That’s a fact, like it or not. BMD isn’t an armchair commentator. I get about. I’ve had a site visit on two of these fields. ADL are in advanced negotiations, on several Indonesian assets. Bunga Mas, which contains real production upside, Ramok which is already producing 60bopd that could increase to 300bopd, Pilona TAC and the Deras field. They’ve coughed on BM and I’m fairly confident that they are in discussions on at least two of the other licenses mentioned, (whittling them down to 1/2 on their due diligence (DD), that’s because those who own BM also have an interest and knowledge on the above. I’m not going to release the Fosters oil info due to the fact that I don’t know if ADL have been talking to them. Fosters asset produces 600bopd with a workover potential of 2,000+ bopd, which seems unlikely ADL could get.
In comparison to BP they’re small fields but for a minnow oiler on the AIM, each one of them will bring significant oil & gas production to the company subject of course to a deal being struck on favourable/fair terms and percentage/s taken. Now remember the asking prices are what I call ‘Indonesian bluff’. That is to say that any final deal will be at a considerable discount to what is being asked. The structure of a deal could involve paper being issued (Stock) as well as cash tied into production Or a combination of debt/stock/placing or taking on a new director etc. The difference here post Whitby the dreamer, who not only destroyed value but also ADLs reputation within Indonesia, is that Gorringe and Jorgensen are pragmatists who are having to reach out and re-build bridges, while confronting the demons, fortunately they’re in discussions with companies I have talked with for a very long time. My information was gleaned well before ADL came knocking.
It was good to see Simon Gorringe come out with an (forced) RNS in such a way that down-played the potential. That bodes well for the future but at this stage it’s only 1 of 2 RNS’s that have been correctly formed without the usual Whitby ramptastic horse shit. These licences any 1 of the 4/5, I know about, have the potential to put significant production and exploration on their books. ADL haven’t turned the corner yet. They are at the corner. But they may, if they can turn the corner, have a future. Post consolidation they become a new company with no doubt a new name. It’s wait and see how it goes, not a throw the kitchen sink in moment. ‘Cautiously Optimistic’ should be the mind-set here.
Have a good read of the links below and then you’ll be much better placed to form a judgement than you were two days ago! BTW this shit doesn’t drop out of the sky. If you feel inclined Please make a donation £5, £10 to the Killer #YOMP that will probably leave me and ‘Winnie‘ incapacitated for several weeks 🙂 RogueBloggers4Woodlarks
It’s a worthy charity cause. A camp-site run by volunteers that gives disabled & severely mentally handicapped kids a camping adventure. Plus it’s good #Karma for you!
It really is game over for Dave Whitby and each and every share-holder of the bargepole stock/company that is Andalas Energy (LON: ADL).
The news here is that the so called agreement with PT PERTAMINA (Persoro) the national state Indonesian Oil Company, which actually was some kind of regional loose MOU with regional PERTAMINA Jambi Province has now ceased to exist! It has ‘Lapsed’ and not been renewed.
Sadly after just speaking to Cantor Fitzgerald they’re refusing to RNS this. Stating that under AIM Rules they don’t need too. Let me educate Cantors and Whitby. Here’s the general rule of thumb on RNS’s on AIM. If the signing of an agreement has to be RNS’d then the termination of that agreement MUST also be RNS’d. To deliberately seek to hide such market sensitive information away from share-holders is fraud & deception!
Demand answers phone Cantor Fitzgerald Sarah Wharry Direct Line 020-7894 8896
I’ll be contacting the AIM regulator as a matter of urgency and seeking another ‘Clarification’ RNS!
It really beggars belief that the Nomad here is assisting Whitby/Andalas to conceal material market sensitive information!
This is a real ‘shocker’ and I urge all Andalas Energy & Power (LON: ADL) holders to contact the Nomad and ask just what the fuck is going on?
My information which I wish to now place into the public domain has come directly from my Indonesian oil & gas contacts who have spoken several times and met in person, Mr. Adiatmo Sarjito,
Mr. Sarajito is the VP Corporate Secretary (communications) of PT Pertamina (Persoro). The National State Oil & Gas company of Indonesia.
Mr Adiatmo Sarjito is willing to speak to the Aim Regulator and the ADL Nomad and will confirm that there is no Agreement/s between Andalas Energy & Power and PT Pertamina (Persoro) at the National level there is no record of any such agreement as announced on the 1st September 2016, within the Head office. PT Pertamina (Persoro) have no knowledge of Mr David Whitby and were completely unaware of Andalas Energy, indeed Mr Sarajito has never heard of them and did not know of their existence.
Furthermore, Mr Sarajito has stated that Pertamina does not recogonize/make Joint Development Agreements. This is at odds with what Whitby stated in the 1 Sept’ 2016 RNS. You will find there are material in-accuracies in what Andalas have once again deliberately spoon-fed share-holders and the market. These are blatant lies. You can read that RNS HERE. Andalas have deliberately miss-lead. A suspension of the Company is needed to protect share-holders.
Mr. Sarajito has spoken to the General Manager of Pertamina Jambi . What was reported back to him : was thus: “Andalas has been in talks ( only ) with Pertamina EP Jambi to explore the possibility to buy Gas from one of various SMALL WELLHEADS, size around 5-77bcf, producing 1mmscfd! And, that is only for approx 5MW of Power generation the Wellhead in question is known as PUSPA. Again it is just ongoing discussions”
The talks were for ADL to BUY the Gas. So : ADL is aiming to negotiate a GasSales Agreement . So: 1mm Gas for a 5MW Power Gen. NOT 30MW. The company cannot get a Gas Sales Agreement because they do not have the facilities to store the gas. A gas storage facility costs between $2M-$3M.
The ‘agreement’ RNS’d on 1 Sept’ 2016 was not a PARTNERSHIP with PT Pertamina (Persoro) it was some kind of non-material loose regional Heads of Terms, that was for 12 months. That 12 months is now up. There has been no information on the current status of such. Why? It is my belief that they are deliberately with-holding the status of this HOT in-order not to cause problems for todays EGM where another 4,000,000,000 shares will be voted into existence.
The ‘Corporate Secretary’, Mr. Sarajito has agreed that I can officially disclose my discussion to parties in London. i.e Aim Regulation, The FCA and the ADL Nomad.
The above authorities have been updated and can contact via the address/email or telephone number provided. Once contacted I will connect them directly with the ‘Corporate Secretary’ Mr Sarajito. I can assure you all that this conference call will result in the suspension or censure of Andalas Energy.
It’s time for Andalas share-holders to get active and demand action and answers from the Board. Genuine share-holders have been lead a merry dance by the likes of CEO David Whitby and the directors. They been have mis-lead and lied too. It is now time for all, regardless of their personal feelings to put away their differences and band together in the spirit of unity to force change.
Everyone involved as a share-holder knows the many,many duplicitious deeds that the Charlatans running Andalas have perpetrated. The dilution, the destruction of share value, the lies, the syphoning off of shareholder cash and not least the so called assets that always vapourise into nothing!
The opportunity is now here for ALL genuine holders to join up, become active and agitate through share-holder activism for change.
If we don’t then there’s a real possibility that Andalas will delist and or go into administration. There’s no cash whatsoever left. They’ve fooked over £5,000,000 of cash. Where has it gone?
Would you Adam & Eve it yes folks Andalas Energy & Power (LON: ADL) are already at the bolloxs trying to organise yet another ramptastic set of RNS’s to shore up their ever decreasing share-price which is now below 0.065p. This is being done to keep the SP up. If it stays below 0.065p then the placing is dead in the water it will have to be re-jigged downwards. That’s a fact.
News has also reached me that their bucket shop broker Beauforts time as ADL broker maybe coming to an end. Andalas are after yet another broker having exhausted the Beaufort clients (sucker list) they need a new brokers’ client list to rape. Hey Ho here we go. You can expect nothing other than total failure from CEO Whitby who has no regard whatsoever for the ‘Dumb British POMS’ and has rinsed huge amounts of cash out of ADL via Corsair Petroleum. ‘Fill ya pockets Dave’ one last time because your reign is coming to an end soon enough.
But that’s not all. Yesterdays kick in the balls, teeth and anus for the ‘Melts’ who’ve consistently been serially buggered by Whitby and Co’, yet refuse to accept the truth, are very telling. The RNS reads as if Directors are ponying up for 900,000,000 shares with £585k of their own money. Or are they? No they are not. Now here’s the heads up and BMD opinion the majority of those shares will NOT be paid for directly via cash from the Directors it would be in lieu of Director fees if they buy into or take part in the placing. Which they won’t. Hey Ho yet another good rodgering….
Yesterday I officially put Andalas Energy & Power to the sword. The CONpany were made to ‘fess up’ that ‘Jambi 1 IPP’ doesn’t exist in any way shape or form other than on a piece of Indonesian toilet paper and admit that they were desperately seeking cash (Placing) Both of those RNS’s came because of the official complaint lodged with the regulatory authorities.
The Nomad forced the clarification so that every single ADL follower & share-holder now knows exactly what Jambi 1 IPP is and more importantly the mine-field of regulatory and financial hurdles ADL have to navigate over a number of years before I repeat ‘BEFORE’ it can get onto the RUPTL Indonesian Electricity Plan. What the Nomad, Cantors, has done is very important. It allows them to say when ADL go tits up, “Everyone knew and we announced it to the market openly even via a ‘Clarification’ that Jambi 1 IPP was in actual fact a ‘Paper Project’ without the $15,000,000 of finances in place”. This allows them to walk away with legal coverage. That is exactly what yesterdays forced ‘clarification’ RNS was all about.
Moving on. I now expose exactly what in my opinion went on yesterday behind the scenes. I’d already contacted Beauforts and put them on notice that an expose was on the way, Sandabel had also been contacted. I knew this would force their hand re the placing and put pressure on the Aussie shysters. I now declare that I was actually in Indonesia Jakarta, and Sumatra last week gathering evidence. I have world class sources within PERTAMINA and the Indo’ oil & gas community. To all the ‘shrills’ Do not think that I make these things up in a drunken stupor. I get about and if it means going to Indonesia or any other place in the world, then I go.
Make no mistake the Andalas placing, should the idiots vote it through and the idiots taking part cough up, will leave them with circa £300k. That’s about 12 weeks before we’re at it yet again with the Hotpoint rinse repeat cycle. The next placing will be at yet another huge discount. The RNS’s only came because of two things. 1/ They had to get the placing out before their Nomad and the regulatory bods had made direct contact with the Indonesian authorities. Once the Indonesians are made aware of exactly what’s been going on in Andalas and declare exactly what the regulatory and financial progression is then ADL will be suspended. They had to get the placing announced asap. Otherwise it was dead. 2/ Cantor Fitzgerald hastily cobbled together a ‘Clarification’ which is crystal clear and gets them off the regulatory hook once ADL go tits up. They don’t want another African Potash shafting… That’s how I see it in fact that’s how it is.
It’s with fits of laughter I write on the latest ‘hocus pocus’ now coming out of the beleaguered corporate shysters that are Andalas Energy & Power (LON: ADL). In response to my article this morning they’ve hastily clobbered together an RNS. You can read the bullshit HERE
In that RNS released at 1:32pm this afternoon Andalas confess that ‘Jambi 1 IPP’ is now a ‘Paper Project’. What that means is that it is an ‘idea’ or as I term it a ‘CONcept’. As proven today ‘Jambi 1 IPP’ does not exist in any way shape or form in any Indonesian government department or state run/controlled company! Of course the RNS Clarification is any thing but a ‘Clarification’ where are the costings and the funding?
This from the RNS is very telling:
* Jambi-1 is the name used by Andalas for the project. This is an admission that ‘Jambi 1 IPP’ doesn’t exist other than on paper. Take a bow Neville Chamberlain..
* The “key contractual, technical and financial project milestones to be achieved prior to the consortium making its final investment decision” referred to in the Announcement include: None of the ‘Milestones’ can be achieved as there is NO MONEY
+ completion of the front end engineering and design study: Can’t be paid for without a Placing
+ execution of gas sales and power purchase agreements: Can’t be progressed unless they have $12,500,000-$15,000,000 in the bank
+ execution of an engineering, procurement and construction contract: Can’t be executed as they have to have the funds in-situ
+ contracts for the purchase of the power packs and other equipment: Again can’t be executed as they do not have the funds
+ execution of debt finance agreements: No one is going to give this lot $12M-$15M. So it’s a massive diluted #Placing to keep the lights on
+ execution of operating and maintenance contracts: More pieces of ‘Paper’.. Can’t be executed as all of the above have to be paid
+ licences relating to the facility and transmission lines: Again licenses will not be granted as there is no cash.
* The consortium expects the project to be included in Indonesia’s electricity supply business plan (‘RUPTL’) prior to execution of the power purchase agreement.PLN nominates projects to the RUPTL annually.However, the Minister of Energy and Mineral Resources may direct PLN to include projects on the RUPTL at any time: The ‘CONsortium’ can’t expect the ‘Paper Project’ to be incorporated into the RUPTL as the conditions precedent can’t be foreseen 3-4 years hence. Not forgetting that little bug bear of zippo cash! Hocus Pocus! And none of the above can get onto the RUPTL before 2020 and that’s only if they’ve spent at least $15,000,000. Money they simply do not and never will have.
What todays RNS tells us is that Andalas are about as far away from an IPP as I am from going to the moon in my car and that Cantor Fitzgerald has got them to spell it out in ‘Corporate Speak’ terminology to try to get them off the hook and limit todays damaging expose by Yours Truly.
Make no mistake both AIM and The FCA as well as their Nomad will now be doing there own ‘Due Diligence’ on exactly how this ‘Paper Project’ can advance without financing. That will or should entail making direct contact with all the relevant Indonesian Authorities. Which will be most enlightening.
As for Andalas and their hoards of BB poltroons they’ll be screaming just how super dooper this RNS is and how a CONpany with less that $100k & circa $1,000,000 in liabilities is the best thing since sliced bread. Hey but hang on a ‘Nuttals Momento’ Except the one big fat question that none of them can and wont answer but needs answering.
Today I expose the truly dreadful deceits perpetrated by the well known Aussie’ Shysters Controlling Andalas Energy & Power (LON: ADL). I urge every ADL Muppet, Poltroon and ‘Melt’ as well as Genuine Investors/Traders to read this and take a look at the RUPTL Indonesian National Electricity Plan at the end of this article.
The sooner you all come to terms with the Truth the Better. You have been sold a ‘pup’.
At 8am today a full complaint was lodged with ALL the relevant authorities. The Nomad Cantor Fitzgerald, they of African Potash infamy, have failed once again to pick up on the true situation within ADL. The company are bust and attempting to artificially inflate their SP prior to placing.
Open Letter to Aim Regulation and The Financial Conduct Authority
The Andalas Energy & Power Fraud.
Dear Sir/Madam
I wish to bring to your attention what I believe and documentary evidence as well as Indonesian sources supports, a deception/fraud that is being perpetrated by Andalas Energy & Power (LON: ADL) a London listed Alternative Investment Company. This is very serious.
On the 8th August 2017 Andalas released an RNS to the market and investors that contained material inaccuracies regarding a Jambi 1 Independent Power Plant (IPP) to be constructed in the Indonesian province of Jambi, termed ‘Jambi 1 IPP’.
On investigation by myself and others it is apparent that no ‘Jambi 1 IPP’ exists in Indonesia at any government, national or regional level or within any state-owned company in any way shape or form. In order for one to exist it has to be registered on the RUPTL which is the Indonesian Government National Electricity Plan. A copy of the National Electricity Plan is attached, you’ll note that there is no ‘Jambi 1 IPP’ listed. Indeed, there is no entry on the Regional (Jambi) Electricity Plan which must follow the National Electricity Plan.
There is only one 30 MW IPP listed and that is PAYOSELINCAH which is owned by the state run Electricity company PLN. The date of construction is 2020.
The agreement trumpeted out on 8th August was, like other RNS’s released by Andalas, an attempt to artificially inflate their share price so that they could raise cash. The number of shares traded on 8th August was circa 1,000,000,000, the share price rose some 65%. This also needs to be investigated.
Investors daft enough to have bought stock have been misled in many respects insofar as how an IPP is progressed to its ultimate conclusion. The deliberate omissions of the structure, regulatory and funding requirements of progressing an IPP in Indonesia as well as the inferences of how this agreement would bring value to shareholders and the company is wholesale market abuse. The CEO of Andalas, Whitby, has stated that the construction of ‘Jambi 1 IPP’ can bring in revenues of $10,000,000 per annum for the next 20yrs. This is yet another desperate attempt by Andalas to mislead investors so that they can get away a placing.
RUPTL Indonesian National Electricity Plan up to 2026. Where is ‘Jambi 1 IPP?’
I repeat no ‘Jambi 1 IPP’ exists in any way shape or form on official government registers, national plans or state-owned companies, other than the newly formed small subsidiary PPE which has just started into Upstream Investments. The agreement isn’t with the State-Owned Construction Company, PT PP (Persero) Tbk, it’s with a very and I mean a very small newly formed subsidiary. It has been confirmed to me that Indonesian Due Diligence performed by the ‘Sub’ has only considered that Andalas are a London listed company. That is, it. The subsidiary and the national state-owned construction company as well as Pertamina and PLN the state-owned electricity company, are not aware that Andalas Energy do not have the funds to progress a sweetie shop, let alone 49% of a $25,000,000-$30,000,000 IPP funding requirement.
The progression of the non-existent ‘Jambi 1 IPP’ in Indonesia is wholly dependent on funding. No deal struck with PPE can advance because their partner Andalas Energy has no cash. Andalas must have known this.
At the time of writing ADL have less than £100,000. As well as an outstanding £600,000 loan note that keeps having to be extended at £50,000 per ‘pop’ to keep the holder of the Loan Note, Sandabel Capital, at bay, not to mention the usual costs incurred by an AIM listed company. For any company to enter into an agreement that they do not and never will have the finances to fund is fraud. Andalas are insolvent.
A 49% funding requirement for the ‘project that doesn’t exist’ is $12,500,000- $15,000,000. Money that ADL simply do not have and never will have. Ergo it is a bogus RNS specifically designed, like many other ADL RNS’s, to artificially inflate their share price adding momentum to the SP so that they can raise cash. It is disingenuous and highly misleading for the company to suggest that this is a ‘Value trigger’. Andalas know full well that this is not the case.
The regulatory hoops in Indonesia require a KSO contract with Pertamina as well as a bank guarantee and a down payment to Pertamina. In-order to get the KSO Andalas have to prove that they have their 49% of funds in place. If ADL can’t get a KSO agreement with Pertamina then they have to obtain a Gas Trading Licence from SKKMIGAS to buy gas from Pertamina. Again, proof of funds is needed, as is a gas storage facility costing $2M-$3M. With no funds, they can’t approach Pertamina to buy gas, which again is dependent on proof of their funding as well as a fully funded completed feasibility study. No funding means, no KSO, no deal with Pertamina, no deal with PPE, no deal with PTPP, no gas sales licence and certainly no deal with PLN. That is the stark reality of the situation as of today. Andalas deliberately misled by omission on the above.
Furthermore, if Andalas won the euro millions and were awash with cash and could progress the fantasy that is ‘Jambi 1 IPP’ on passing and jumping through all the hoops the project would then, under Indonesian National laws go out to public tender. That is to say that ADL would then have to openly bid against any and all other companies to secure the rights to the ‘Non-existent Jambi 1 IPP’.
Whitby has stated that ‘The project is expected to qualify for direct appointment (i.e. without public tender) under Regulation No. 11/2017’ this is sheer fantasy and highly misleading as regulation No 11/2017 has four prior conditions which must be met in-order to avoid Public Tender which are thus;
1/ The natural gas price shall not exceed 8% ICP/MMBTU;
2/ The period of the guarantee of availability of natural gas should be equal to the period included in the SPA’s sale and purchase provision;
3/ Power plant investment cost calculation shall be depreciated with a minimum period of 20 years;
4/ Efficiency of the electric power and the specific fuel consumption (SFC) shall be equivalent to a high-speed diesel (HSD) of 0,25 liter/kWh.
None of those four conditions can be extrapolated several years ahead. Especially the natural gas price NOT exceeding 8% ICP/MMBTU. If you could extrapolate this one condition alone with any degree of certainty several years prior you’d be a multi billionaire! The ‘project’ cannot be “expected to qualify”, that is subjective supposition and yet again highly misleading, based on a crystal ball mentality. Andalas must know this and have not declared it.
As for the timeline of 2019, it’s my understanding from very well placed Indonesian sources, that this could not happen in 2019. It would be after 2020 at the very earliest. The reason for this is that it doesn’t exist on the RUPTL and could never get on the RUPTL until at least 2020. Andalas must have known this.
I now turn to the role of the Nominated Advisor (Nomad) Cantor Fitzgerald. Firstly, I must make it clear that I do not seek to apportion blame, merely to assist Cantor in understanding why they failed to pick up on all the above. I believe that just like the shareholders, the Broker and the Loan Note Holder Sandabel Capital, Cantors have been spoon fed misleading information that could only have been discovered by a ‘physical presence’ in Indonesia, Jakarta and Sumatra as well as the correct contacts within the Indonesian oil & gas community. Cantor Fitzgerald are on the whole victims of a complex series of deliberate manipulations.
Nevertheless, you as the regulators need to compel Cantors to explain why their safeguards and due diligence failed to pick up that ‘Jambi 1 IPP’ does not exist and has never existed as well as the deliberate misleading claims by Andalas. The questions are myriad and I do not propose to go through them, suffice it to say that a full in-depth investigation by the Nomad with the appropriate action taken to safeguard not only shareholders but the integrity of the AIM is now warranted.
At the very least Cantor Fitzgerald should make direct contact with the State owned Indonesian companies; Pertamina, PLN, PT PP (Persero) Tbk and their subsidiary PPE to seek clarification. Not least informing each party that Andalas Energy & Power does not have the funds and will never have the funds to build an IPP.
They should also clarify exactly what each company does or does not know about a ‘Jambi 1 IPP’ and what Indonesian regulatory National procedures with finances and timelines required to advance an IPP.
At the same time action needs to be taken to protect stakeholders and shareholders against further “Neville Chamberlain” pieces of paper of which there have been many, promising the earth and delivering nothing, as well as a thorough re-visitation and examination of all past agreements that have never amounted to anything other than failure to deliver, not so much as a ‘Hill of Beans’ but have facilitated highly dilutive capital raisings which have allowed the corporate shysters controlling Andalas to fill their pockets with UK share-holder cash.
My conclusion and opinions on Andalas Energy are well known. What we have here is a bunch of Aussie’ corporate shysters who think they are smart enough to manipulate and fool the Indonesian Authorities as well as the UK London Stock Market using deceptions and highly misleading claims.
Daniel Levi
RUPTL Indonesian National Electricity Plan up to 2026 Where is ‘Jambi 1 IPP?’
