IN BRIEF: Advance Energy Cancels Agreement For Betun-Selo Field

Advance Energy PLC - upstream oil & gas company - Enters into a deed of termination and release with PT Petroenim Betun-Selo and PT Celebes Artha Ventura in relation to the June 2019 operating services and option agreement for production on the Betun-Selo KSO field in Sumatra, Indonesia. Disappointing production performance of the field means Advance Energy did not realise any incremental production from the service agreement beyond April 2020. "The company views the Betun-Selo KSO as non-core and not in line with the company's forward strategy. The company continues to progress a number of new venture opportunities and, whilst it is yet to agree commercial terms in respect of such opportunities, the board is encouraged by its initial due diligence and the multiple, positive funding discussions it has initiated," Advance Energy says.

Current stock price: 0.32 pence

Year-to-date change: up 100%

By Ife Taiwo; ifetaiwo@alliancenews.com

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