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Pin to quick picksAdvance Energy Share News (ADV)

Share Price Information for Advance Energy (ADV)

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Share Price: 0.185
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Change: 0.005 (2.78%)
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Advance Energy starts operations at Buffalo-10 well after delay

Fri, 31st Dec 2021 08:51

(Alliance News) - Advance Energy PLC on Friday said that the Valaris JU-107 jack-up drilling rig has started operations at the Buffalo-10 well after a delayed handover of the rig.

The Buffalo-10 well is being drilled offshore Timor-Leste, an island country in southeast Asia, within the TL- SO T19-14 production sharing contract.

Drilling of the well was previously delayed to late December, instead of mid-December, due to a late handover of the Valaris JU-107 jack-up rig.

Nonetheless, the well's operator, Carnarvon Petroleum Timor Lda, said the drilling rig has "successfully" concluded the ready to operate process and has drilled the surface hole and installed the surface casing.

Buffalo-10 is being drilled to test for the presence of commercial quantities of high-quality light oil that is expected to lead to the early redevelopment of the Buffalo field, Advance Energy said.

The water depth of the well is around 30 meters with a target depth of about 3,500 meters.

"We are delighted to hear this progress from the operator as we hit another operational milestone," Advance Energy Chief Executive Leslie Peterkin said.

"The joint venture is working hard to conclude the drilling program in the coming weeks and remains confident that the Buffalo-10 well will be a geological and economic success. We look forward to providing further updates in due course."

Shares were down 2.7% at 4.14 pence each on Friday morning in London.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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