Advance Energy PLC - Isle of Man, UK-based oil and gas company - Says operator Carnarvon Petroleum Timor Lda has decided not to enter the next period of the TL-SO-T 19-14 production sharing contract. As a result, the Buffalo licence offshore Timor-Leste in south east Asia, lapses, and Advance Energy becomes an AIM Rule 15 cash shell on Friday. As a cash shell, it has to make an acquisition that constitutes a reverse takeover, or become an investing company within the next six months. The second would require the raising of at least GBP6 million. Should it do neither, shares will be suspended, and then potentially cancelled six months later.
Advance Energy says it will continue to evaluate oil and gas opportunities, with an emphasis on materiality and cash flow generation in line with its strategy.
Current stock price: 0.15 pence, down 19% on Friday
12-month change: down 93%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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