13 Dec 2021 07:00
13 December 2021
Advance Energy plc
("Advance Energy" or the "Company")
Buffalo Project Update
Advance Energy (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, provides the following update on the Buffalo project offshore Timor-Leste (the "Buffalo Project") ahead of the drilling of the Buffalo-10 well.
The Operator of the Buffalo Project, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is completing its final operation with another operator, with rig handover now expected to occur in late December 2021, instead of mid-December as previously guided.
The Company notes that the delays are not related to the performance of the rig or preparation by the Operator.
The Buffalo-10 well is designed to test the presence of a significant attic oil accumulation that remains after the original development was closed-in and convert the 2C certified resources of 34.3 MMstb to 2P (proved plus probable) reserves following re-certification.
A further update will be provided upon mobilisation of the drilling rig to the Buffalo Project location.
Leslie Peterkin, CEO of Advance Energy, commented:
"These delays are part and parcel of the industry, and we look forward to a successful handover in late December. Our excitement for the well continues to grow as we get closer to unleashing the value of the Buffalo Project."
Enquiries:
Advance Energy plc Leslie Peterkin (CEO) / Stephen West (CFO) | +44 (0)1624 681 250 | ||
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Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Harris/ James Bellman | +44 (0)20 7409 3494 | ||
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Buchanan (Public Relations) Ben Romney / Jon Krinks | +44 (0)20 7466 5000 | ||
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Tennyson Securities Limited (Joint Broker) Peter Krens / Ed Haig-Thomas | +44 (0)20 7186 9030 | ||
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Optiva Securities Limited (Joint Broker) Christian Dennis | +44 (0)20 3411 1881 | ||
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For further information, please visit www.advanceplc.com and @advanceplc on Twitter
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.