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Advance Energy acquires 50% stake in Carnarvon Petroleum Timor
StockMarketWire.com
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Energy company Advance Energy said it had completed the acquisition of a 50% stake in Carnarvon Petroleum Timor Unipessoal Lda.
Carnarvon Petroleum Timor, hold a 100% working interest in, and is the contractor of, the Buffalo PSC, offshore Timor-Leste. Under market rules, the acquisition constituted a reverse takeover of the company.
On admission - of the 840,100,000 placing shares used to fund the subscription by Advance Energy for equity in Carnarvon Petroleum Timor - completion of the Buffalo subscription agreement would become effective in escrow following completing of the acquisition, expected in 21 April.
At 9:52am: (LON:ADV) share price was 0p at 0.24p
Story provided by StockMarketWire.com
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