Advance Energy NPV (ADV)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.090p
   
  • Change Today:
      0.003p
  • 52 Week High: 5.30
  • 52 Week Low: 0.085
  • Currency: UK Pounds
  • Shares Issued: 1,527.61m
  • Volume: 5,084,374
  • Market Cap: £1.37m
  • RiskGrade: 178

Advance Energy makes progress with Buffalo-10 well

By Josh White

Date: Wednesday 22 Sep 2021

LONDON (ShareCast) - (Sharecast News) - Energy investment company Advance Energy updated the market on the Buffalo project offshore Timor-Leste on Wednesday, ahead of the drilling of the Buffalo-10 well.
The AIM-traded firm said the well was on schedule to spud in early November in a shallow water depth of 30 metres, with a reservoir depth of between 3,200 and 3,300 metres.

It said the mid-case recoverable volume estimate was 34 million barrels of gross 2C contingent resource in the Buffalo field.

Buffalo-10 was considered by RISC Advisory to have an 85% probability of confirming a sanctionable development project based on the minimum economic field size, with the company adding that it would be retained as the first production well in its development programme.

Discussions were underway to facilitate accelerated first production, the directors added, with equipment currently being mobilised for drilling.

"Advance Energy is pleased to note that everything is on track for the Buffalo-10 well to spud in early November," said chief executive officer Leslie Peterkin.

"As noted in this update, the joint venture has been working hard to ensure everything is lined up to enable the safe drilling of this material well for the company."

Peterkin said the joint venture was "confident" of Buffalo-10 being both a geological and economic success, and was thus "laying the groundwork" to bring the field into production on an accelerated timeline.

"We look forward to providing a further update to confirm that the rig is in transit to location in due course."

At 1209 BST, shares in Advance Energy were up 3.8% at 3.14p.

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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 0.003p
% Change -2.70 %
52 Week High 5.30
52 Week Low 0.085
Volume 5,084,374
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
11.21% above the market average11.21% above the market average11.21% above the market average11.21% above the market average11.21% 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
51.79% below the market average51.79% below the market average51.79% below the market average51.79% below the market average51.79% 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 12-Aug-2022

Time Volume / Share Price
16:35 10,000 @ 0.085p
13:16 20,299 @ 0.090p
12:59 11,111 @ 0.090p
12:26 63,765 @ 0.086p
11:54 9,044 @ 0.090p

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