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Advance Energy Plc please with progress as Buffalo well nears target

“The fact that we remain on prognosis is an encouraging indication that the geophysical interpretation is as we predicted,” Leslie Peterkin said

Advance Energy PLC (AIM:ADV) said operator Carnarvon Petroleum continues to move the drill-bit closer to the target zone at the Buffalo-10 well, offshore Timor-Leste.

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, a statement said.

Drilling continues in the well and observations to date appear to bode well, Advance Energy’s chief executive officer (CEO) Leslie Peterkin said.

“We are pleased with the progress reported by the operator, and the fact that we remain on prognosis is an encouraging indication that the geophysical interpretation is as we predicted,” Peterkin said.

“This bodes well as we prepare to drill ahead into the target Elang reservoir, and we look forward to offering further updates to the market in due course.”

Carnarvon successfully cemented in place the thirteen and three eighths inch casing and after a well head was installed, it was drilled deeper through the twelve and a quarter inch section, down to a measured depth of 2,707 metres, the statement added.

After another pause for further cement casing, the well will proceed down to the target zone and the well’s planned depth, down at 3,500 metres.

The target Elang reservoir is expected in this deepest section and it is anticipated wireline logging will be run and results will determine whether Buffalo-10 warrants completion as a future production well.

Read More: Advance Energy Plc please with progress as Buffalo well nears target

2022-01-14 03:44:00

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