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Advance Energy plc: Buffalo Project Update
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Advance Energy (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, provides the following update on the Buffalo project offshore Timor-Leste (the “Buffalo Project”) ahead of the drilling of the Buffalo-10 well.

The Operator, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is in the final stages of its current operations with another operator, with rig handover expected within the next two weeks.

The operations team is waiting and ready to receive the Valaris JU-107 jack-up rig to commence drilling operations at the Buffalo-10 well-site.  Logistics teams are in place, and all appropriate support services and equipment have been contracted, with the last remaining regulatory approvals expected prior to receipt of the rig.

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 and convert the 2C certified resources of 34.3 MMstb to reserves following re-certification.

A further update will be provided upon mobilisation of the drilling rig to the Buffalo Project location.


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