Advance Energy NPV (ADV)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 0.090p
   
  • Change Today:
      0.000p
  • 52 Week High: 5.30
  • 52 Week Low: 0.085
  • Currency: UK Pounds
  • Shares Issued: 1,527.61m
  • Volume: 2,584,588
  • Market Cap: £1.37m
  • RiskGrade: 178

Advance Energy confirms drilling contract on Buffalo field

By Josh White

Date: Monday 15 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Advance Energy updated the market on the Buffalo oil field on Monday, reporting that Carnarvon Petroleum has awarded a drilling management services contract to Petrofac for the B-10 appraisal well, which was expected to be drilled in the second half of 2021, subject to funding, rig availability and government approvals.
The AIM-traded firm entered into a subscription agreement with Timor-Leste Petroleum, a subsidiary of Carnarvon, to obtain up to a 50% equity interest in Carnarvon Petroleum Timor in December.

Carnarvon Petroleum Timor holds a 100% working interest in the Buffalo oil field, with the subscription conditional on raising the necessary funding.

It said the company was currently making drilling preparations for the B-10 appraisal well, which was designed to drill the crest of the structure, with the objectives of re-certifying resources into reserves and finalising the development plan for this proven oil field.

Following a tender process, Carnarvon made the decision to award the drilling management services contract to Petrofac, which would include completion of detailed well design, procurement of long lead items and contracting the drilling rig and associated services, including a shore-based location.

Under the subscription agreement, Advance Energy provided approval for the contract award.

"We are pleased to note the award of this contract to Petrofac given their established reputation as a leading services provider," said chief executive officer Leslie Peterkin.

"Their skills and expertise will complement Carnarvon's experience, as well as our own to ensure the delivery of a safe and cost-effective well.

"The B-10 well is a material catalyst for the joint venture which in the success case will enable us to finalise the development plan and take FID shortly thereafter, with a view to first oil being achieved in 2023."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ADV Market Data

Currency UK Pounds
Share Price 0.090p
Change Today 0.000p
% Change 0.00 %
52 Week High 5.30
52 Week Low 0.085
Volume 2,584,588
Shares Issued 1,527.61m
Market Cap £1.37m
RiskGrade 178

ADV Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
11.25% above the market average11.25% above the market average11.25% above the market average11.25% above the market average11.25% above the market average
37.35% above the sector average37.35% above the sector average37.35% above the sector average37.35% above the sector average37.35% above the sector average
Price Trend
51.48% below the market average51.48% below the market average51.48% below the market average51.48% below the market average51.48% below the market average
88.51% below the sector average88.51% below the sector average88.51% below the sector average88.51% below the sector average88.51% below the sector average
Income Not Available
Growth Not Available

ADV Dividends

No dividends found

Trades for 17-Aug-2022

Time Volume / Share Price
15:48 120,991 @ 0.085p
15:21 1,000,000 @ 0.086p
12:57 160,000 @ 0.090p
10:01 167,037 @ 0.090p
08:37 400,000 @ 0.090p

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