ADV Advance Energy Plc

TIDMADV

RNS Number : 9493T

Advance Energy PLC

30 November 2021

30 November 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, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is in the final stages of its current operations with another operator, with rig handover expected within the next two weeks.

The operations team is waiting and ready to receive the Valaris JU-107 jack-up rig to commence drilling operations at the Buffalo-10 well-site. Logistics teams are in place, and all appropriate support services and equipment have been contracted, with the last remaining regulatory approvals expected prior to receipt of the rig.

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 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:

"We are pleased to note that the drilling preparations are all going smoothly and that the Operator has confirmed the rig handover will occur in a couple of weeks. The drilling of the Buffalo-10 well is a major event for Advance Energy and we look forward to providing further updates at the appropriate operational milestones."

Enquiries:

 
 Advance Energy plc                                +44 (0)1624 681 
  Leslie Peterkin (CEO) / Stephen West (CFO)                   250 
 
 
 Strand Hanson Limited (Financial and Nominated 
  Adviser)                                          +44 (0)20 7409 
  Rory Murphy / James Harris / James Bellman                  3494 
 
 
 Buchanan (Public Relations)                        +44 (0)20 7466 
  Ben Romney / Jon Krinks                                     5000 
 
 Tennyson Securities Limited (Joint Broker)         +44 (0)20 7186 
  Peter Krens / Ed Haig-Thomas                                9030 
 
 Optiva Securities Limited (Joint Broker)           +44 (0)20 3411 
  Christian Dennis                                            1881 
 
 

For further information, please visit www.advanceplc.com and @advanceplc on Twitter

To register for Advance Energy's email alerts, please complete the following form: https://www.advanceplc.com/media-centre/news/#alerts

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDUKOWRAKUAUAA

(END) Dow Jones Newswires

November 30, 2021 02:59 ET (07:59 GMT)

Advance Energy (LSE:ADV)
Historical Stock Chart
From Mar 2024 to Apr 2024

Advance Energy (LSE:ADV)
Historical Stock Chart
From Apr 2023 to Apr 2024