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Advance Energy hails progress on plans to drill Buffalo-10 well
StockMarketWire.com
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Energy company Advance Energy hailed progress on the planned drilling of the Buffalo-10 well expected to get underway in the fourth quarter of 2021.
'We are delighted to hear this progress from Carnarvon to ensure drilling of the Buffalo-10 well is on track for later this year,' the company said.
Petrofac, who are undertaking the drilling management services for the well, had identified the necessary long lead equipment, which is planned to be available before the end of the third quarter of 2021.
'The drilling of this well is transformational to Advance Energy, representing a material value catalyst for the Company and our shareholders,' the company said.
'In the success case, there is potential to deliver a gross production rate of around 40,000 barrels per day by the end of 2023, which in this current pricing environment would deliver exceptionally strong cash flow and compelling rates of return,' it added.
At 9:37am: (LON:ADV) share price was 0p at 0.24p
Story provided by StockMarketWire.com
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