Termination of Wessex Basin Licences

RNS Number : 5395O

Advance Energy PLC

10 February 2021

 

10 February 2021

Advance Energy plc

("Advance Energy" or the "Company")

Termination of Wessex Basin Licences

Advance Energy plc ( AIM:ADV ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, announces that offshore P1918 Colter & Colter South licence, and onshore PEDL 330 and PEDL 345 licences (together the "Wessex Basin Licences") have terminated with effect from 31 January 2021.

Offshore P1918 Colter & Colter South Licence

The Company's wholly owned subsidiary Resolute Oil & Gas (UK) Limited ("Resolute") held an 8% non-operated working interest in the P1918 licence. The second term of the P1918 Licence expired on 31 January 2021 without being renewed.

Onshore PEDL 330 & 345 Licences

The Company's wholly owned subsidiary Resolute held an 8% non-operated interest in the PEDL 330 and PEDL 345 licences.  In accordance with the Operator's recommendation, the PEDL 330 and PEDL 345 licences were relinquished with an effective date of 31 January 2021.

Accordingly, with effect from 31 January 2021 the Company no longer holds any interests in the Wessex Basin Licences.

Enquiries:

Advance Energy plc
Leslie Peterkin (CEO) / Stephen West (CFO)	[phone]
Strand Hanson Limited (Financial and Nominated Adviser)
James Harris / Rory Murphy / Georgia Langoulant	[phone]
Buchanan (Public Relations)
Ben Romney / Kelsey Traynor	[phone]
Tennyson Securities (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

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