ADV.L Share News (ADV)

(Sharecast News) - Advance Energy updated the market on the Buffalo project, offshore Timor-Leste on Monday, ahead of the drilling of the Buffalo-10 well.
The AIM-traded firm said the project's operator, Carnarvon Petroleum Timor, had been advised that the Valaris JU-107 jack-up rig was completing its final operation with another operator, with rig handover now expected to occur in late December, instead of the previously-guided mid-December.

Advance said the delays were not related to the performance of the rig, or preparation by the operator.

The Buffalo-10 well was designed to test the presence of a significant attic oil accumulation that remained after the original development was closed-in, and convert the 2C certified resources of 34.3 million stock tank barrels to 2P, or proved plus probable, reserves following recertification.

It said a further update would be provided on mobilisation of the drilling rig to the Buffalo location.

"These delays are part and parcel of the industry, and we look forward to a successful handover in late December," said chief executive officer Leslie Peterkin.

"Our excitement for the well continues to grow as we get closer to unleashing the value of the Buffalo Project."

At 1200 GMT, shares in Advance Energy were down 1.27% at 3.9p.