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 becomes cash shell as Buffalo licence lapses

By Josh White

Date: Friday 27 May 2022

LONDON (ShareCast) - (Sharecast News) - Advance Energy announced on Friday that Carnarvon Petroleum Timor has chosen not to enter the next period of the TL-SO-T 19-14 production sharing contract on the Buffalo licence.
The AIM-traded firm said that as a result, the licence would lapse on 27 May, resulting in the company becoming an AIM Rule 15 cash shell.

"As an AIM Rule 15 cash shell, the company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 within six months from 27 May," the board said in its statement.

"Alternatively, within such a time period, the company can seek to become an investing company pursuant to AIM Rule 8, which requires the raising of at least £6m and publication of an admission document."

Advance Energy said it was evaluating a number of oil and gas opportunities, with an "emphasis on materiality and cash flow generation", in line with its stated strategy.

"Further announcements will be made as and when appropriate."

At 1037 BST, shares in Advance Energy were down 24.32% at 0.14p.

Reporting by Josh White at Sharecast.com.

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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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