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Advance Energy Plc awaits rig arrival for Buffalo-10 well

“The drilling of the Buffalo-10 well is a major event,” said chief executive Leslie Peterkin.

Advance Energy PLC (AIM:ADV) told investors that the operations team for the upcoming Buffalo-10 well, offshore Timor-Leste, expect to receive the Valaris JU-107 jack-up rig in the next two weeks.

The company, in a statement, said that the logistics teams are in place, and all appropriate support services and equipment have been contracted. The last remaining regulatory approvals are expected before the rig arrives.

“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,” said Advance Energy chief executive Leslie Peterkin.

“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.”

Advance noted that 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.

It is expected to convert 2C certified resources of 34.3 MMstb to reserves following re-certification.

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2021-11-30 07:21:00

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