Advance Energy NPV (ADV)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

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

Advance Energy confirms drilling plans for Buffalo-10

By Josh White

Date: Tuesday 11 May 2021

LONDON (ShareCast) - (Sharecast News) - Energy investment company Advance Energy updated the market on drilling plans at Buffalo-10 on Tuesday, confirming that Carnarvon Petroleum was expecting to drill in the fourth quarter.
The AIM-traded firm said its payment of $20m (£14.16m) to acquire a 50% interest in the Buffalo production sharing contract (PSC) would be used for the drilling of Buffalo-10.

It said the procurement of long lead equipment had started and was progressing well, with the tender process for a drilling rig nearing completion.

Petrofac, which is undertaking drilling management services for the well, had identified the necessary long lead equipment to ensure the Buffalo-10 well was able to be drilled before the end of 2021, the board said.

As it said in April, following the completion of its recent placing, Advance Energy's wholly-owned subsidiary Advance Energy TL paid $20m to acquire a 50% interest in the Buffalo PSC, offshore Timor-Leste.

It added that Carnarvon had also begun the process of securing the necessary Timor-Leste government approvals for drilling the Buffalo-10 well.

"We are delighted to hear this progress from Carnarvon to ensure drilling of the Buffalo-10 well is on track for later this year," said chief executive officer Leslie Peterkin.

"The drilling of this well is transformational to Advance Energy, representing a material value catalyst for the company and our shareholders."

Peterkin said that in the success case, there was potential to deliver a gross production rate of around 40,000 barrels per day by the end of 2023, which in the current price environment would deliver "exceptionally strong" cash flow and "compelling" rates of return.

"We are very excited for what the next six months may bring and will continue to provide updates to the market as we approach the various milestones of drilling activity on the Buffalo-10 well."

At 1135 BST, shares in Advance Energy were down 2.13% at 2.3p.

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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 5.30p
52 Week Low 0.085p
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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