Advance Energy PLC Buffalo Project Update (5480X)
06 January 2022 - 5:59PM
UK Regulatory
TIDMADV
RNS Number : 5480X
Advance Energy PLC
06 January 2022
6 January 2022
Advance Energy plc
("Advance Energy" or the "Company")
Buffalo-10 Well Drilling Update
Advance Energy ( AIM:ADV ), the energy company seeking growth
through acquisition or farm-in to non-operated interests in
discovered upstream projects, is pleased to provide an update on
the Buffalo-10 well being drilled offshore Timor-Leste.
The Operator, Carnarvon Petroleum Timor, Lda., has advised that
since the last announcement on 31 December 2021, the conductor has
been installed and cemented in place, and the 17 1/2 " hole has
been drilled down to planned section total depth of approximately
804 metres measured depth ("MD").
The rig is now setting and cementing the 13 (3) /(8) " casing
and installing the wellhead, before drilling ahead in the 12 1/4 "
hole section to approximately 2,800 metres MD and then setting the
9 (5) /(8) " casing, after which the target Elang reservoir
interval will be drilled and logged.
No hydrocarbons are anticipated to be intersected in the 12 1/4
" hole section of the well.
The Buffalo-10 well is being drilled offshore Timor-Leste within
the TL- SO T19-14 Production Sharing Contract in a water depth of
approximately 30 metres with a target depth of approximately 3,500
metres.
The well is being drilled to test for the presence of commercial
quantities of high-quality light oil that is expected to lead to
the early re-development of the Buffalo field.
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
About the Buffalo Project
The Buffalo Project objective involves redeveloping the Buffalo
oil field in the Timor Sea. The field resides in only 30 metres of
water with a reservoir depth between 3,200 and 3,300 meters below
the sea bed.
The previous field proved the existence of very high
deliverability reservoir containing high quality light oil that is
expected to sell at a premium to Brent in today's market.
RISC Advisory certified the mid case recoverable volume in the
Buffalo field to be 34 MMstb (gross, 2C contingent resource), and
the primary objective of the Buffalo-10 well is to demonstrate the
presence of a significant, previously undrilled attic oil
accumulation and for this resource to be converted to 2P
reserves.
Furthermore, the CPR developed by RISC in March 2021 has
demonstrated that an economic development of the 1C resource of 16
MMstb would be viable down to an oil price of $35. It is therefore
considered that there is a strong likelihood that the Buffalo-10
well will confirm an economic development project, with RISC's CPR
stating that: "RISC estimate the probability of development to be
86%."
For the above reasons, the Operator is working on plans to
compress the timeline to first production once the Buffalo-10 well
confirms a commercial oil resource. These plans include engaging
with industry for supply and installation of suitable equipment to
produce the oil.
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
UPDBAMITMTJMBMT
(END) Dow Jones Newswires
January 06, 2022 01:59 ET (06:59 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