Client News

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 project offshore Timor-Leste (the “Buffalo Project”) ahead of the drilling of the Buffalo-10 well.

Highlights:

·    Buffalo-10 well on schedule to spud in early November 2021

·    Shallow water depth of 30 metres, with reservoir depth between 3,200-3,300 metres

·    Mid case recoverable volume estimate is 34 million barrels (gross, 2C contingent resource) in the Buffalo field

·    Buffalo-10 considered by RISC Advisory to have an 85% probability of confirming a sanctionable development project based on the minimum economic field size

·    Buffalo-10 to be retained as first production well in development program

·    Discussions underway to seek to facilitate accelerated first production

·    Equipment currently being mobilised for drilling

The Buffalo Project, in which Advance Energy holds a 50% working interest, involves the redevelopment of 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.

https://www.londonstockexchange.com/news-article/ADV/buffalo-project-update/15143853