Client NewsAdvance Energy plc: Buffalo Project Update
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.
· 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.
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