32nd Offshore Licensing Round Award

RNS Number : 1118Y

Advance Energy PLC

04 September 2020

 

4 September 2020

Advance Energy plc

("Advance Energy" or the "Company")

32nd Offshore Licensing Round Award

Advance Energy plc ( AIM:ADV ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce that the Company's wholly owned subsidiary Resolute Oil & Gas (UK) Limited and Holywell Resources Limited ("Holywell"), a company in which Advance Energy has a 25% interest, have each been awarded, subject to documentation, a 50% working interest in block 43/25 and part-blocks 43/29, 43/30, 48/4 and 48/5 in the Oil & Gas Authority's ("OGA") 32nd Offshore Licensing Round.

Block 43/25 and part-blocks 43/29, 43/30, 48/4 and 48/5 contain undrilled gas prospects and are located in the Southern North Sea and the Operator of the blocks is Holywell.  Accordingly, Advance Energy will hold a non-operated indirect 62.5% interest in the blocks. The Company will, whilst waiting for the formal documentation from the OGA confirming the license awards, review the technical information available on the blocks and seek to agree the next steps with Holywell; further updates will be provided as this process progresses.

Leslie Peterkin, CEO of Advance Energy, commented:

"We are pleased to be awarded 62.5% indirect interests in these blocks in the OGA 32^nd Licensing Round and we look forward to working with Holywell to assess their potential."

 

Enquiries:

Advance Energy plc

Leslie Peterkin (CEO) / Stephen West (CFO)  [phone]

Buchanan (Public Relations)

Ben Romney / Kelsey Traynor  [phone]

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish / James Biddle    [phone]

Novum Securities Limited (Joint Broker)

Colin Rowbury          [phone]

Optiva Securities Limited (Joint Broker)

Christian Dennis        [phone]

For further information, please visit www.advanceplc.com   and @advanceplc on Twitter

To register for Advance's email alerts, please complete the following form:  https://www.advanceplc.com/media-centre/news/#alerts

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

 

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