| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Advance Energy provides update on Buffalo oil field
StockMarketWire.com
|
Advance Energy provided an update on the Buffalo oil field, reporting that Carnarvon Petroleum has awarded a drilling management services contract to Petrofac for the B-10 appraisal well.
The B-10 appraisal well is expected to be drilled in the second half of 2021, subject to funding, rig availability and government approvals. Advance Energy 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 holds a 100% working interest in the Buffalo oil field. It is currently making drilling preparations for the B-10 appraisal well, which is 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 awarded the drilling management services contract to Petrofac, which will include completion of detailed well design, procurement of long lead items and contracting the drilling rig and associated services.
Leslie Peterkin, chief executive at Advance Energy, said: We are pleased to note the award of this contract to Petrofac given their established reputation as a leading services provider. 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.
At 2:51pm: (LON:ADV) share price was 0p at 0.24p
Story provided by StockMarketWire.com
|
|
|
|
|
|
