Buffalo Project Update

RNS Number : 3358V

Advance Energy PLC

13 December 2021

 

13 December 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 of the Buffalo Project, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is completing its final operation with another operator, with rig handover now expected to occur in late December 2021, instead of mid-December as previously guided.

The Company notes that the delays are not related to the performance of the rig or preparation by the Operator.

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 2P (proved plus probable) 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:

"These delays are part and parcel of the industry, and we look forward to a successful handover in late December. Our excitement for the well continues to grow as we get closer to unleashing the value of the Buffalo Project."

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.

 

END

 

 

UPDURUNRASUUAAA