Buffalo Project Update

RNS Number : 9493T

Advance Energy PLC

30 November 2021

 

30 November 2021 

Advance Energy plc

("Advance Energy" or the "Company") 

Buffalo Project Update

Advance Energy ( AIM:ADV ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, provides the following update on the Buffalo project offshore Timor-Leste (the "Buffalo Project") ahead of the drilling of the Buffalo-10 well.

The Operator, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is in the final stages of its current operations with another operator, with rig handover expected within the next two weeks.

The operations team is waiting and ready to receive the Valaris JU-107 jack-up rig to commence drilling operations at the Buffalo-10 well-site.  Logistics teams are in place, and all appropriate support services and equipment have been contracted, with the last remaining regulatory approvals expected prior to receipt of the rig.

The Buffalo-10 well is designed to test the presence of a significant attic oil accumulation that remains after the original development was closed-in and convert the 2C certified resources of 34.3 MMstb to reserves following re-certification.

A further update will be provided upon mobilisation of the drilling rig to the Buffalo Project location.

Leslie Peterkin, CEO of Advance Energy, commented:

"We are pleased to note that the drilling preparations are all going smoothly and that the Operator has confirmed the rig handover will occur in a couple of weeks.  The drilling of the Buffalo-10 well is a major event for Advance Energy and we look forward to providing further updates at the appropriate operational milestones."

Enquiries:

Advance Energy plc Leslie Peterkin (CEO) / Stephen West (CFO)	[phone]
Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Harris / James Bellman	[phone]
Buchanan (Public Relations) Ben Romney / Jon Krinks	[phone]
Tennyson Securities Limited (Joint Broker) Peter Krens / Ed Haig-Thomas	[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 Energy's email alerts, please complete the following form:  https://www.advanceplc.com/media-centre/news/#alerts

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

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