TIDMADV

RNS Number : 3358V

Advance Energy PLC

13 December 2021

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                                +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

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END

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December 13, 2021 01:59 ET (06:59 GMT)

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