Advance Energy PLC Buffalo-10 Well Drilling Update (9389Y)
19 January 2022 - 6:50PM
UK Regulatory
TIDMADV
RNS Number : 9389Y
Advance Energy PLC
19 January 2022
19 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, provides the following update on the
Buffalo-10 well.
The Operator, Carnarvon Petroleum Timor, Lda., has advised that,
since the last announcement on 14 January 2022, the 9 (5) /(8) "
casing has been successfully cemented in place and drilling has
reached total depth of around 3,415 metres Measured Depth ("MD") in
the 8 1/2 " hole section.
Observations from Logging While Drilling ("LWD") tools have
identified that the primary reservoir has been intersected, with
indications of hydrocarbons as anticipated in the Elang.
The top Elang reservoir was intersected at a depth of around
3,338 metres MD, which was approximately 80 metres low to prognosis
and outside the pre-drill range of expectations.
The interpretation from the LWD tools and drilling information
is that an approximate 12 metre gross oil column was encountered.
Wireline logging results will be used to determine the reservoir
properties (porosity, net to gross) and to confirm a net oil
column.
The information to date indicates that the seismic processing
techniques employed on this project have not resolved the
underlying seismic velocities or imaging resolution issues that are
present in this field.
The Buffalo-10 well is being drilled offshore Timor-Leste in the
TL-SO-T 19-14 PSC in which Advance Energy holds a 50% interest.
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, as amended.
Qualified Person's Statement:
Mr Leslie Peterkin, CEO at Advance Energy, has reviewed and
approved the technical information contained within this
announcement in his capacity as a qualified person, as required
under the AIM rules. Mr Peterkin studied Physics at St. Andrews
University achieving 1(st) Class Honours followed by a PhD. Mr
Peterkin has over 30 years' experience in the oil and gas
industry.
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END
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