11th May 2021 19:41
Advance Energy PLC - upstream oil and gas company - Notes that Buffalo-10 well, offshore Timor-Leste is planned to be drilled in the fourth quarter of 2021, with Advance Energy's payment of USD20 million to acquire a 50% interest in the PSC will be used towards drilling.
The procurement of long lead equipment has started, and the tender process for a drilling rig is nearing completion.
"The drilling of this well is transformational to Advance Energy, representing a material value catalyst for the Company and our shareholders. In the success case, there is potential to deliver a gross production rate of around 40,000 barrels per day by the end of 2023, which in this current pricing environment would deliver exceptionally strong cash flow and compelling rates of return," notes Chief Executive Officer Leslie Peterkin.
Current stock price: 2.33 pence
Year-to-date change: down 10%
By Dayo Laniyan; [email protected]
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