Leslie Peterkin, CEO at Advance Energy (ADV) took the opportunity to give an operational update on progress at the East Timor Buffalo Field spud to London South East investors. He was disappointed to tell our Natural Resources audience the rig has been slightly delayed and is still with Jadestone, but happy that it will happen and that it will go well and will almost certainly be commercial when the well is actually drilled. 'Technically it is as good as you get' said Leslie.
Advance Energy was created by an experienced team of oil and gas specialists in February 2020. The first acquisition for Advance is a 50% farm-in for the B10 well on the Buffalo Field on Timor-Leste, an island close to Indonesia and off the North West coast of of Australia. Advance raised £22M pounds for the buy-in in April. This shallow water drill is in a previously producing field and has the potential to produce 40,000 bopd, 50% of which goes to ADV.
Leslie Peterkin the CEO joined us live from Geneva on the evening of 16 November to update us on the latest news from Buffalo.
